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Power Africa initiative

Barclays has committed a minimum of US$500m to a pipeline of proposed clean power projects across the continent that form part of the Power Africa initiative launched last year by US President Barack Obama to improve access to electricity on the continent.

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Several countries across Africa, including Kenya, Tanzania, Nigeria, Ghana, Liberia and Ethiopia, are taking part in the initiative to improve access to clean, reliable power for about 20 million new households and companies by 2018. According to recent reports, the scale of investment needed to achieve universal energy access in sub-Saharan Africa is about US$15bn a year, every year through to 2030.

Over the past few years, Barclays has played a leading role as a partner to developers and to other banks on energy projects that span almost all the countries where it has a presence across the continent.

“Barclays’ extensive experience, gained over many years, positions the firm well to support the expected growth in the energy sector on the continent,” says Stephen Van Coller, Chief Executive of Corporate and Investment Banking, Africa.  

Barclays has a long-standing reputation in Africa, playing a significant role in realising African governments’ ambitions of sustainable and independent power supply.
Stephen Van Coller, Chief Executive of Corporate and Investment Banking, Africa

In November last year, Barclays secured mandates to provide ZAR10.8bn (US$1bn) worth of debt funding to a total of six projects, including wind, solar PV and concentrated solar power under the South African government’s third Independent Power Producer Procurement round. The breadth of projects demonstrates Barclays sector expertise.

Philip Lindop, Head of IBD, Africa, adds: “We expect the energy sector to continue to grow further in the coming decade.”

“Given the need for power on the African continent, combined with increasing knowledge of and experience in how to execute these transactions, we expect that Barclays will remain well positioned to partner with our clients in realising their ambitions.”

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