The Regional Emergency Solar Power Intervention Project (RESPITE), which received approval for a total funding amount of $311 million from the International Development Association (IDA), is expected to benefit current and potential electricity customers in the countries of Chad, Liberia, Sierra Leone, and Togo.
To facilitate future regional power trade and improve the institutional and technical capabilities of the West Africa Power Pool to carry out its regional mission, the new initiative includes a $20 million grant.
In Sub-Saharan Africa, West Africa has one of the lowest rates of electrification and some of the highest power prices. Additionally, growing energy costs have raised the liabilities of electrical utilities, and nations are now facing a severe power supply problem that might derail their economic expansion. "The new project's solutions are multifaceted and offer significant advantages for the nations and the area." "Initiating the development of competitively tender grid-connected clean energy will ease the current power supply crisis, positively address climate change by assisting countries to move away from expensive and polluting fuels, and help synchronize the WAPP network, which will increase regional integration in the energy sector, among other things," said Rhonda Jordan-Antoine, World Bank Task Team Leader.
The RESPITE program's primary goals are to boost regional integration in the participating nations and quickly enhance the capacity of renewable energy sources that are linked to the grid. Approximately 106 megawatts of solar photovoltaic systems with battery energy and storage systems will be installed and put into operation, along with a 41-megawatt increase in hydroelectric capacity. It will also support interventions for electricity distribution and transmission across the four countries.
The project has created a regional strategy to increase the potential of power commerce in West Africa, in addition to enhancing the dependability of energy supply in each of the beneficiary nations. According to Ms. Boutheina Guermazi, Regional Integration Director for Sub-Saharan Africa, the Middle East, and Northern Africa at the World Bank, "RESPITE provides benefits that spill over country boundaries and complements existing regional integration efforts in the energy sector involving all member states of the Economic Community of West African States (ECOWAS)." By investing in transmission and generating infrastructure to physically link the markets, it "provides economies of scale, boosts possibilities for regional commerce, and fosters regional public goods by promoting knowledge exchange and capacity development."
The new initiative is a component of the World Bank Group's reaction to the energy crisis in West Africa and aims to hasten the deployment of additional renewable energy sources in the area on an urgent basis. In addition to demonstrating the feasibility of competitively tendered grid-linked solar and battery storage in participating nations, the initiative will inspire top worldwide commercial companies to penetrate smaller and more vulnerable economies.
The World Bank's fund for the most vulnerable people is called the International Development Association (IDA). It was founded in 1960 and offers grants and low- or no-interest loans for initiatives and programs that advance economic development, lessen poverty, and enhance the lives of the poor. 39 of the world's 76 poorest nations are in Africa, and IDA is one of their main sources of aid. The 1.6 billion individuals who reside in the nations that qualify for IDA assistance see significant changes in their lives because of the resources provided by the organization. 113 nations have benefited from IDA's assistance for development efforts since its founding. Over the previous three years, annual pledges have averaged $21 billion and have increased year over year, with around 61% going to Africa.
Play audio
No comments