08 Jan '12, 2am

Investment in African Renewable Energy Grows 5 Fold in 7 Years

Investment in African Renewable Energy Grows 5 Fold in 7 Years

According to the Managing Director of Nigeria's Bank of Industry (BOI), Evelyn Oputu, total investments in renewable energy in Africa rose from $750 million in 2004 to $3.6 billion in 2011. To put this in a global context, worldwide investment in renewable energy has risen from $33 billion in 2004 to $211 billion in 2011. And the future? According to a report issued in August 2011 by Frost & Sullivan entitled "Mega Trends in Africa: A bright vision for the growing continent," investment in renewable power in Africa is set to grow from the 2011 total of $3.6-billion in 2010 to $57-billion by 2020, a staggering 1,583 percent increase in nine short years. According to the document, "The key growth sectors will be wind power, solar power, geothermal power and foreign direct investment (FDI) into energy and power infrastructure." The reason for the spectacular projections? Afri...

Full article: http://www.celsias.com/article/investment-african-renewab...

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