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Britain to help renewable energy development in Africa and Asia

Britain today pledged to spend several hundred million pounds to finance a series of private sector green energy initiatives intended to bring electricity to some of the poorest African and Asian households….In Asia the project could generate 5GW of new renewable energy and create 60,000 jobs,”

Government to fund private sector renewable energy schemes for Africa Global development | guardian.co.uk, 18 Nov 10, The international development secretary, Andrew Mitchell, pledges to finance green energy projects proposed by industry that could raise £9 for every £1 of government money  guardian.co.uk,  18 November 2010

Britain today pledged to spend several hundred million pounds to finance a series of private sector green energy initiatives intended to bring electricity to some of the poorest African and Asian households.

The international development secretary, Andrew Mitchell, said the money, which would come from funds promised at the Copenhagen climate summit last year, would go to projects proposed by industry and could be expected to raise £9 for every £1 committed by government.

“In Africa, a potential new fund could see up to 500MW of renewable energy per year from 2015 – enough to provide for over 4 million rural households. In Asia the project could generate 5GW of new renewable energy and create 60,000 jobs,” he said.

The projects – or the countries – have not been decided, but are expected to include wind, solar and hydro-electric power. Companies will be invited to come forward with proposals.

It is understood that rather than investing directly in renewable projects, British money will be funnelled in the form of grants through private equity funds, creating a market that would then invest in low carbon private sector projects.

Government to fund private sector renewable energy schemes for Africa and Asia | Global development | guardian.co.uk

November 19, 2010 - Posted by Christina Macpherson | AFRICA, renewable | antinuclear, climate change, global warming, renewable energy, renewables, solar, water, wind