Standard Chartered has committed to financing more than $2 billion in energy projects under the Power Africa Initiative, a five-year partnership between the United States, six African governments and the private sector.
The partnership represents a coordinated cross-border effort to build the regulatory, economic and policy foundation in order to double access to power in Sub-Saharan Africa.
The governments of Nigeria, Ghana, Tanzania, Kenya, Ethiopia and Liberia and a group of private-sector firms are taking part in the initiative to improve access to clean, reliable power in Africa. Power Africa will add more than 10,000 megawatts of cleaner, more efficient electricity generation capacity – equivalent to 250% of Nigeria’s current power generation.
Standard Chartered is committing $2 billion of new financing, more than 20% of the initial private sector contribution to Power Africa, alongside the US Government’s provision of $7 billion of financial support.