Empowering Africa's Renewable Energy Future: Renew2030

The African Climate Foundation played a pivotal role in supporting the $500 million Renewables Investment Platform for Limitless Energy (RIPLE) initiative poised to revolutionise clean power generation across Nigeria. As a ReNew2030 partner, this initiative falls part of the bold objective to scale solar and wind capacity fivefold by 2030.

The Renew2030 Goal

Africa stands at the brink of an energy revolution, and the African Climate Foundation (ACF) is proud of its partnership with Renew2030, a coalition committed to propelling this transformation. At the heart of Renew2030’s mission is a bold objective: to scale global wind and solar capacity fivefold by the year 2030. This ambitious goal is not merely aspirational but represents a tangible commitment to ushering in a new era of sustainable energy.

Renew2030 brings together a formidable network of regional climate foundations and transnational organisations, including the ACF, the Energy Foundation China, the U.S. Energy Foundation, and the European Climate Foundation. Through collaboration and collective action, Renew2030 aims to transcend borders and leverage expertise to drive meaningful change.

The $500 Million Initiative

The Nigeria Sovereign Investment Authority (NSIA) has embarked on a transformative journey with the launch of the Renewables Investment Platform for Limitless Energy (RIPLE), a groundbreaking $500 million initiative. This initiative, announced at a prestigious ceremony in Abuja, signifies a significant step towards sustainable energy transition in the country. The strategic partnership agreement with the International Finance Corporation (IFC) further underscores NSIA’s commitment to advancing renewable energy projects throughout Nigeria. With a focus on expanding energy access, enhancing energy efficiency, and ensuring energy security, RIPLE represents a pivotal milestone in Nigeria’s renewable energy landscape. Through strategic initiatives and innovative solutions, NSIA and IFC aim to reduce greenhouse gas emissions, foster economic growth, and deliver reliable power supply for commercial, residential, and industrial use, thereby improving the quality of life and driving sustainable development in Nigeria.

The ACF played a pivotal role in supporting the RIPLE initiative through various strategic endeavours. This included facilitating contract negotiations, reviewing partnership agreements , and creating innovative business models that aim to redefine the energy landscape. Additionally, the ACF identified promising pipelines for investment opportunities which are being undertaken by RIPLE.

“The ACF has been instrumental in refining the RIPLE concept and offering crucial strategic assistance to bring this ambitious project to life. The ACF’s contributions encompass technical support, the establishment of vital partnerships, and continuous facilitation throughout the implementation process. Their invaluable involvement has played a pivotal role in advancing the mission of RIPLE, which seeks to revolutionise renewable energy in the region,” says Yusuf Umar, RIPLE Programme Lead.

Looking ahead, we remain committed to furthering the success of RIPLE by continuing to review existing project pipelines, expanding the NSIA pipeline of renewable energy projects, conducting thorough due diligence on potential investments, and sourcing partnerships for co-investments and collaboration, both in equity and debt investments.

Underpinning our partnership with Renew2030 is a shared belief in the power of collaboration. Together, we are poised to unlock investments, mobilize resources, and build the capacity of key stakeholders. Through initiatives such as the Solar Power Plant investment and the expansion of the NSIA pipeline of renewable energy projects, we remain steadfast in its commitment to driving sustainable change.

More information on the ReNew 2030 partnership here.

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