Search Results for: "EU-Africa Infrastructure Trust Fund"
The countries situated along the East Africa Rift Valley have geothermal potential of more than 15,000 MW, which is equivalent to roughly three times the current capacity of Eastern Africa's power plants. However, due to considerable obstacles to investment - primarily the significant start-up risks and cost of harnessing geothermal energy - it has so far only been used in Kenya (250 MW) and Ethiopia (4 MW). Reliable information about whether a site is suitable can only be obtained through elaborate and expensive drilling processes, which are often unsuccessful. Up until now, many developers have been unwilling to take this risk. The East African states hope to overcome these obstacles by adopting a regional approach. In June 2009, the energy ministers of eleven countries along the East African Rift Valley signed the Addis Ababa Declaration on Geothermal Energy. This declaration calls on the African Union Commission to devise a strategy for regional cooperation to harness Eastern ŒAfrica's geothermal potential, develop innovative financing mechanisms and set up a regional database.The project aims to attract public and private developers for the construction of geothermal power plants which will feed a clean and reliable source of energy into power grids in Eastern Africa. ŒThe Geothermal Facility provides financial contributions for exploring geothermal sites in Eastern Africa. Governmental or parastatal organisations and private companies can apply for support from the facility. The project measures will deliver high-quality, sound information about the potential of geothermal sites in Eastern Africa, serving as a basis for private investment in new geothermal power plants. In addition, drillings at various sites in the region will improve knowledge about the resources, thereby helping to reduce site development risks when developing future geothermal energy projects in the region.
To improve the natural and social environment in the Middle East and North Africa (MENA) region through low carbon, climate resilient development contributing to enhanced employment.