{{The multi-billion dollar project titled Power Africa begins with solar and wind installations, and seeks to double electricity access in sub-Saharan Africa in the next five years.}}<\/p>\n
Of 800mn people in sub-Saharan Africa, two-thirds have no access to electricity.
\nAndrew Herscowitz, coordinator for Power Africa, said, \u201cPower infrastructure in sub-Saharan Africa suffers from massive degrees of under-investment as compared to the developed world.”<\/p>\n
Power Africa, which was announced last summer, is coordinating efforts on six countries- Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania to add 10 gigawatts of electricity generation capacity. <\/p>\n
This is meant to increase electricity access by at least 20 mn households. Wind farms in Kenya and Tanzania, and a solar project in Tanzania are among the first few projects earmarked.<\/p>\n
Based on findings by the International Energy Agency, sub-Saharan Africa needs more than US$300bn to achieve universal electricity access by 2030. <\/p>\n
The six countries shortlisted for Power Africa have averaged a combined investment of just over US$3bn a year in their electricity infrastructure, according to statistics by the World Bank.<\/p>\n
However, the US electric power industry, in 2012, recorded capital spending of US$90.5bn, according to the Edison Electric Institute. <\/p>\n
The White House stated that the Obama administration will provide more than US$7bn in financial support and loan guarantees, as well as the support and expertise of 12 US government agencies.<\/p>\n
Private investors have agreed to contribute more than US$14bn in loans, loan guarantees, and equity investment.<\/p>\n
Power Africa is being projected as a new model of foreign aid by fostering collaborations between US government agencies and corporations. \u201cWe\u2019re taking all our tools and working together on common goals,\u201d said Herscowitz. <\/p>\n
For example, Tanzania\u2019s standard power purchasing agreement was for 15 years, but in order to obtain financing, one solar power deal needed a 20-year agreement. Power Africa helped convince the government to make a 25-year deal, claims Herscowitz.<\/p>\n
The initiative is also rooting for financial transactions to push key reforms to stimulate private sector investments in these six countries.<\/p>\n
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