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The African Development Bank invites SOLARKIOSK to attend “Off-Grid revolution”

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SOLARKIOSK has attended the “The Off-Grid Revolution” meeting as one of the few key private sector players. The invitation-only event brought together stakeholders across the off-grid energy sector at the African Development Bank’s (AfDB) headquarters in Abidjan.

The president of AfDB, Dr. Akinwumi Adesina, stressed in the opening remarks of his speech that AfDB is eager to provide sustainable access to energy to 75m people in Africa who live off the grid. He pledged that AfDB would provide 12b USD in the next 5 years to the African energy sector, seeking leverage of 40-50bn USD from the private sector. “To stay in power you have to give power. We have to move faster and we have to move smarter.”

Henry Macauley, the Energy Minister of Sierra Leone, stated that Africa currently produces only 2% of the global energy. He pointed out that the cost of providing energy is high, but the cost of not providing energy is actually much higher, due to the loss of productive capacity. Not only can demand create supply, but also supply create demand.

SOLARKIOSK provided insights on the most pressing challenges of the private sector, in particular access to finance, smart business models, rules and regulations, human capacity and operational execution.

CEO Andreas Spieß: “It was a promising start. It is the first time at AfDB that the realization that off-grid private sector companies have developed both disrupting technology and business model seems to be followed by a factual readiness to deploy substantial financing into the sector.”

Read the full article here.