The European Investment Bank (EIB) is banking $46.5 million in the development of renewable energy in Burkina Faso

The European Investment Bank (EIB) will be pouring in $46.5 million to Burkina Faso to facilitate the development of clean energy projects and other projects that shape the country for the minimization of emissions into the atmosphere. This funding will accelerate the adoption of renewable energy sources into the country’s power grids, propelling it towards economic development. Moreover, these clean energy projects will preserve the country’s capital, Ouagadougou, from imminent flooding problems. This program will start the development of a solar power plant that will expand the power supply from 37MW to 50MW. The project will be operating under a public electricity firm called SONABEL.

With electricity demand growing by 10% per annum, Burkina Faso is experiencing a low electricity supply because the resources required to transfer imported power from Ivory Coast are few. This challenge forces the country to depend on the neighbor because its energy utilities are scarce and can’t meet their demand. The Minister of Economic, Finance, and Development in Burkina Faso, H.E. LassanĂ© KaborĂ©, stated that new investment for upgrading the accessibility of energy and preserving the energy sources from generating environmental problems. KaborĂ© added that if these projects kick-off, they will align the country towards economic development. The EIB has been essential to Burkina Faso, especially in the financial help and providing international technical expertise for the expansion of projects in the country, for over five decades.

The European Investment Bank (EIB) started helping Burkina Faso in its projects in 1970 and has continued to help the country in achieving its projects and plans without ceasing. The vice president of EIB, Ambroise Fayolle, explained that their bank is ready to help SONABEL in developing the solar power plant to realign renewable energy production in Burkina Faso and preserve the lives of the people in Ouagadougou from flood problems.

Fayolle pointed that the partnership between Burkina Faso and entities like the AFD, the European Union, and the EIB is unraveling the country’s potential that investors can pursue. This pursuit will bring profits to the investors and inform the economic and social development of Africa to prepare it to overcome climate change problems. Moreover, these projects can spill over and take up the citizens’ employment opportunities to improve their lifestyle and open remote and rural areas for electricity and health care services. All these activities are possible if the people are ready for change.