Clean energy project to power 30 million people in Africa gets EIB backup

The European Investment Bank (EIB) is providing 9 million to support the implementation of a clean energy project that will benefit people in the DRC, Rwanda and Burundi.

The funding unlocks final preparatory works for the Ruzizi 111 hydropower project which will provide reliable electricity to 30 million people of whom 70% are living under the poverty line. Only 6% of the 30 million people have access to electricity.

The EIB is supporting the project via the EU-Africa Infrastructure Trust Fund.

The project is being developed by IPS/SN Power and will double current electricity generation capacity in Burundi, increase installed capacity in Rwanda by 33% and provide much-needed baseload power in Eastern DRC.

The project will support regional integration and reduce reliance on expensive thermal generation and reduce the local dependence on wood fuel and charcoal.

EIB has supported the project since 2009.

Preparatory works for the project have started over the past decade.

“The long-standing support of international financial partners and close cooperation with regional governments has been crucial to enable technical, political and environmental planning to progress. Today’s agreement with the European Investment Bank will enable project financing to be agreed in the coming months and the Ruzizi III project to finally begin. Burundi thanks all partners involved for their dedication to transforming access to clean energy in the Great Lakes” said Domicien Ndihokubwayo, Finance Minister of the Republic of Burundi.

African Utility Week and POWERGEN Africa will feature innovative companies accelerating decarbonisation at the African continent’s largest gathering of companies driving and leading the energy transition. Are you going to be there? Click here to join us in Cape Town.