Washington D.C. to Showcase African Energy Opportunities to U.S Investors at the 9th Powering Africa Summit (PAS24) this March

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Feb 21, 2024, 07:00 ET

The Honorable Judith Pryor, First Vice President & Vice Chair, Export-Import Bank of the United States (EXIM) will join the U.S. Government-led partnership, summit sponsor and PAS24 co-host, Power Africa, as well as ministers, government organizations, regulators and DFIs between 5-6 March at The Mayflower Hotel in Washington D.C.

LONDON, Feb. 21, 2024 /PRNewswire/ -- Government stakeholders, institutional investors, private financiers, service, and technology providers from across the U.S. will meet in Washington D.C. this March to explore new opportunities on the continent. They will unite with ministers and government participants from over 15 African countries, under the summit's theme: Capital Flows Underpinning the Energy Transition.

H.E. Honorable Judith Pryor delivering Opening Remarks at 9th Powering Africa Summit in Washington D.C.

Ministers and government officials from across Africa will be seeking investment for their energy projects. U.S.-based investors, meanwhile, will be exposed to new opportunities across Africa, ensuring the continent receives the right level and model of finance needed for those projects.

High-level boardroom sessions will explore challenges and themes including lowering Africa's cost of debt, the Sovereign Guarantee Impasse, and a more suitable future finance roadmap.

Summit sponsor and PAS24 co-host, Power Africa will help to drive much of the collaborative discussion. The organization has allocated more than $575 million to strategic investments in the energy sector since its inception. Investments have since surpassed $25 billion, generating more than 14,000MW on the continent.

"PAS24 will provide our organization with the chance to expand our connections with both public and private sectors. Since 2013 we have harnessed the collective resources of 12 U.S. government agencies and over 200 public and private sector partners to end energy poverty in sub-Saharan Africa, helping to deliver new or improved electricity services to nearly 200 million people across that region," Power Africa Deputy Coordinator Chris Foley said.

"However, African countries will need $200 billion annually until 2030 to achieve their energy-related development goals, which is far more than the funding available from African governments and foreign donors," Foley said "With this in mind, and in line with the event's theme, one of our main goals this year is to explore more innovative financing models to help the more than 590 million people in sub-Saharan who live without access to electricity."

Other speakers include Abebe Selassie, Director, African Department, International Monetary Fund (IMF), who will make opening remarks at a key ministerial roundtable. From the private sector, companies including Marathon Digital Holdings, Absa, ACWA Power, Three Cairns Group and Sun Africa will also host boardroom sessions and discussions.

"Sun Africa is dedicated to shaping the future of sustainable power in Africa, and PAS24 will be an important catalyst for transformative discussions on energy innovation and policy on the continent," added Sun Africa's CEO, Adam Cortese.

This year's event will build on progress made in 2022 by Power Africa initiatives, like the U.S.-Africa Clean Tech Energy Network (CTEN). Now a PAS24 sponsor, the initiative, that is facilitating an ecosystem of cleantech companies, innovators and researchers is fully active, identifying trade and business opportunities, as well as market analysis, to facilitate around $350 million in deals in its first five years.

More success stories and new agreements will be discussed in March as we bring together thought leaders, investors, and decision-makers to work towards a common goal: accelerating Africa's just energy transition.

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SOURCE EnergyNet; Power Africa