Israel will soon join US’s Power Africa initiative to pave way for energy ties to Africa. This is after the two countries sign a memorandum of understanding scheduled for next week. The Power Africa program that is led by the US aims to connect 60m households in Africa to the electricity grid by 2030.
As part of the program, Israeli energy firms will be able to make use of the tools provided by Power Africa to promote electricity generation projects on the continent. Furthermore, this could lead to billions of dollars of deal-flow for Israeli firms. This is according to Israeli solar energy pioneer Yosef Abramowitz. Mr. Abramowitz’s firm Energiya Global Capital is one of the founding partners of Power Africa. Energiya is already working with the US and Israeli government to deploy US $2bn in solar and wind installations in 10 countries in Africa over the next five years.
Also read: Power Africa initiative to invest $1.1m in Africa’s energy sector
Advantages
Following the agreement, Israeli companies will be able to take part in the Power Africa initiative. They will also receive resources to enable them promote electricity generation. This is inclusive of increased access to local government bodies, financial grants, contacts with financing entities, professional and legal advice and feasibility surveys.
70% of the population of sub-Saharan Africa are without electricity. Power Africa, started its activities in 2013 with the aim of addressing poverty in Africa. This is through addition of more than 30,000 MW of cleaner, more efficient electricity generation capacity. It also includes 60m new home and business connections.
