France to Fund $2.2 Billion of African Renewable Projects

  • Funding to help goal of installing 10GW of capacity in Africa
  • Hollande meets with African leaders at COP21 in Paris

France will fund 2 billion euros ($2.2 billion) of renewable energy projects in Africa through 2020, a 50 percent increase on the previous five years, French officials said.

France’s financing should cover about a fifth of the cost of a goal agreed on this year to install 10GW of power capacity in Africa by 2020, the officials said.

The financing was announced as President Francois Hollande hosted talks with African leaders at the COP21 climate talks near Paris. The meeting was focused on electrification, preventing desertification and rehabilitating Lake Chad.

“If there is no financing, there is no action in these areas,” Hollande said in opening comments at the meeting.

The extra funding means that France will be financing a total of 6 billion euros of power projects across Africa in the coming five years, Hollande added.

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