Investment in African renewable energy hits $3.6bn
4 January 2012
Investment in renewable energy in Africa rose to $3.6 billion (£2.3 billion) in 2011, according to a leading bank.
Evelyn Oputu, managing director of Nigeria's Bank of Industry (BOI), said that total investments in the sector rose to the figure from $750 million 2011. In context, worldwide investment in renewable energy his leaped from $33 billion in 2004 to $211 billion in 2011.
According to OilPrice, the industry is expected to grow further over the coming years, with expected investment of $57 billion put forward for 2020, an incredible 1,583 per cent increase in nine years.
A Frost & Sullivan report, entitled Mega Trends in Africa: A bright vision for the growing continent, claims that 'the key growth sectors will be wind power, solar power, geothermal power and foreign direct investment into energy and power infrastructure'.
The European Investment Bank recently agreed an £86 million fund to help finance renewable energy projects in South Africa.