A new platform to help fast-track sustainable energy development projects in Africa will be officially introduced today in Nairobi, Kenya at the 7th Africa Private Sector Forum.

The Forum chaired by the NEPAD Agency in association with the African Union Commission and the EU Africa Business Forum, gathers key agencies and industry leaders from the energy sector, to review progress and challenges in developing knowledge and investment opportunities for energy projects.

The Africa Sustainable Energy Incubator Platform is an initiative led by the NEPAD Agency in collaboration with the ACP Business Climate Facility (BizClim); a programme of the ACP Group of States funded by the European Union.

It supports project preparation and development through access to experts and potential investors and serves as a knowledge hub for the fast-growing energy sector.

As risk financing is a key hurdle in getting energy projects off the ground, the platform will help project developers to submit and structure their business proposals in order to better engage with the private sector for investment.

NEPAD CEO, Dr Ibrahim Mayaki, says that NEPAD’s vision for a sustainable and inclusive approach to empowering Africa is complimented by frontline energy project developers who are delivering appropriate energy and fuel solutions.  Africa needs dynamic investors who can help to accelerate the expansion of affordable and sustainable energy, Dr Mayaki notes.

“The Platform will be used by the NEPAD Agency for coordination with African Governments and Agencies and promote this platform as an exchange to build common equity for developers and investors.  We can and will bridge the investment gaps that have for too long restricted growth,” Dr Mayaki says.

The Platform is a culmination of 5 years of consultation on early stage energy project development and a year-long pilot phase in 2014. 20 projects have been supported so far, of which seven are being promoted with a combined seed capital requirement of $12 million.