European Investment Bank Will Provide 25 Million Euros to Africa’s Solar Energy

The European Investment Bank will support the use of solar energy in Africa’s rural areas with an investment of 25 million euros.

With this high-budget investment, innovative solar systems will provide sustainable energy for rural communities of Africa. San Francisco-based company D. Light will run this project, which includes the development of a kits of solar energy that will consist of panels, lamps and low-energy equipment such as radio or television.

The main application areas of the project will be in Ethiopia, Kenya, Nigeria, Tanzania and Uganda. With the scope of this comprehensive project,10 million kits will be installed in the determined regions within the next five years.

This project of the European Investment Bank will have great economic and social impact on local people and micro entrepreneurs. The Bank is one of the biggest supporters of renewable energy projects, especially solar energy projects that are designed to reduce poverty and combat climate change in developing countries.

The European Investment Bank, which aims to implement the Paris Climate Agreement and provide sustainable development, has financed solar energy projects worth € 6.3 billion over the last 15 years.