Mission 300 is Powering Africa
We're #PoweringAfrica together
The Distributed Access with Renewable Energy Scale Up (DARES) Platform leverages collaboration across the World Bank, IFC, MIGA and development partners to significantly accelerate decentralized renewable energy (DRE) access in Sub-Saharan Africa through private sector engagement. It also supports climate, food security, and human capital development goals. In Western and Central Africa, Nigeria DARES will benefit over 17.5 million Nigerians, or 20% of the country’s currently unserved population, while replacing over 250,000 polluting and expensive diesel generators.
Innovative financing and de-risking facilities for energy access are being piloted, including a new equity vehicle to capitalize Distributed Renewable Energy companies. IFC together with the WBG Guarantees team, housed within MIGA, and the World Bank are working on integrating guarantee solutions into the equity vehicle design, streamlining access to de-risking solutions to attract private sector investment in DRE.
Reaching our goal will require: governments to do more on sector reforms and make electricity utilities financially viable; the private sector to step in and scale up investments in distributed energy solutions, as well as grid-connected power generation and new models for transmission and distribution; and partners including other multilateral development banks and philanthropies to mobilize more public and concessional financing for both on-grid and off-grid electrification.
The Distributed Access with Renewable Energy Scale Up (DARES) Platform leverages collaboration across the World Bank, IFC, MIGA and development partners to significantly accelerate decentralized renewable energy (DRE) access in Sub-Saharan Africa through private sector engagement. It also supports climate, food security, and human capital development goals. In Western and Central Africa, Nigeria DARES will benefit over 17.5 million Nigerians, or 20% of the country’s currently unserved population, while replacing over 250,000 polluting and expensive diesel generators.
Innovative financing and de-risking facilities for energy access are being piloted, including a new equity vehicle to capitalize Distributed Renewable Energy companies. IFC together with the WBG Guarantees team, housed within MIGA, and the World Bank are working on integrating guarantee solutions into the equity vehicle design, streamlining access to de-risking solutions to attract private sector investment in DRE.
Reaching our goal will require: governments to do more on sector reforms and make electricity utilities financially viable; the private sector to step in and scale up investments in distributed energy solutions, as well as grid-connected power generation and new models for transmission and distribution; and partners including other multilateral development banks and philanthropies to mobilize more public and concessional financing for both on-grid and off-grid electrification.
Partners
