Power Africa, President Barack Obama’s initiative to install power plants in Sub-Saharan Africa, announced $1 billion of new funding.
The program was founded in 2013 to support the growth of energy access across region and is on track to fulfill its plan to commit $7 billion over five years, according to an e-mailed statement. The plants are expected to operate using both renewable-energy sources and fossil fuels.
As part of the $1 billion of new commitments, the Overseas Private Investment Corp. will lend $250 million to South Africa’s Standard Bank Group Ltd. for a power and infrastructure facility. Wells Fargo & Co. also committed $50 million.
Power Africa has mobilized $52 billion in total to date, including $40 billion from the private sector.