The ECOWAS Energy Ministers’ meeting held on Friday November 1, 2024 in Abuja, Nigeria, reviewed and adopted the ECOWAS Renewable Energy and Energy Efficiency Facility (EREEEF); and the ECOWAS Guidelines on the Promotion of Grid-Connected Solar Photovoltaic Projects. This follows the recommendations of the ECOWAS Energy Experts Meeting, held on October 30 and 31, 2024 in Abuja, Nigeria.
The ECOWAS energy ministers applauded the progress made towards the development of sustainable energy in the ECOWAS region. In this regard, they commended the establishment of EREEEF, which aims to create a new blended financing mechanism with an initial amount of 75 million dollars. EREEEF addresses the urgent need for additional investment in renewable energy and the environment in West Africa. It will provide grants, loans and guarantees through regular demand-driven competitive calls for proposals providing clean energy solutions for the ECOWAS region.
The Facility is implemented by the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE), in collaboration with the ECOWAS Bank for Investment and Development (EBID), and with technical assistance from the Global Green Growth Institute (GGGI).
The ECOWAS energy ministers also welcomed the development of an ECOWAS guideline on the promotion of grid-connected solar photovoltaic projects, model Electricity Purchase Agreements (PPAs), Concession Agreements (CAs) for solar photovoltaic projects including Battery Energy Storage Systems (BESS), aimed at strengthening the regulatory and institutional framework to increase investment in the region’s renewable energy sector. The guidelines will contribute to achieving the objectives of the West Africa Clean Energy Corridor (WACEC) initiative, adopted by the ECOWAS Authority of Heads of State and Government in June 2017, which aims to support the development of large-scale renewable energy projects. The WACEC initiative, supported by GIZ-ProCEM and the International Renewable Energy Agency (IRENA), was launched by ECREEE, in collaboration with the West African Power Pool (WAPP), and the ECOWAS Regional Electricity Regulatory Authority (ERERA).
These regional initiatives, which aim to contribute to the ECOWAS region’s sustainable energy objectives, will be recommended to the ECOWAS Council of Ministers for adoption.
Source: ecreee.org
