The Accelerated Partnership for Renewables in Africa (APRA) has announced the opening of applications for its inaugural Investment Forum (IF). This forum aims to foster a conducive environment for investments while connecting project developers with potential financiers, ultimately advancing APRA's mission of bolstering energy access, promoting green industrialization, and bolstering economic resilience.

Comprising a consortium of African governments and stakeholders, including Kenya, Ethiopia, Ghana, Namibia, Rwanda, Sierra Leone, and Zimbabwe, with support from Denmark, Germany, UAE, and the US, APRA is spearheading efforts to expedite the deployment of renewables-based energy systems. Acting as the secretariat, the International Renewable Energy Agency (IRENA) is facilitating the initiative.

The APRA Investment Forum is set to play a pivotal role, serving as a platform to showcase projects aligned with APRA's objectives. Project developers operating within APRA member countries are invited to submit their proposals for evaluation under either the Climate Investment Platform (CIP) or the Energy Transition Accelerator Financing (ETAF) Platform, with a deadline set for July 31, 2024.

Projects eligible for consideration span a wide spectrum, including renewable energy power generation, infrastructure, e-mobility, green industrialization, and renewable energy supply chain initiatives. To qualify for the CIP, projects must be beyond the conceptual stage and align with sustainable development goals and national climate action priorities. Meanwhile, the ETAF caters to larger-scale projects requiring substantial capital investment, with criteria including completed feasibility studies and financing readiness.

The ETAF boasts over US$ 4 billion in pledged support, aiming to propel 5GW of renewable energy installations by 2030 through a blend of debt, equity, and de-risking mechanisms from its 13 partner entities.

Key characteristics enhancing project investment appeal include a sustainable business model, significant sustainable development impacts, secured project sites, preliminary off-take agreements, and substantial equity commitments from developers.

IRENA emphasizes that only projects meeting eligibility criteria will be showcased at the Investment Forum.