The International Renewable Energy Agency (IRENA) and Sierra Leone’s government launched the second Accelerated Partnership for Renewables in Africa (APRA) Investment Forum this week in Freetown, bringing together ministers, investors, and developers to unlock financing for renewable energy across the continent, IRENA announced. The two-day forum, running October 22-23, aims to connect African energy projects with global financiers at a time when the continent still accounts for less than 2% of new renewable capacity worldwide.
Despite renewable energy becoming the cheapest power source globally, Africa continues to lag far behind in deployment. A recent IRENA report showed the continent installed just 1.6% of the world’s new renewable capacity in 2024, exposing a stubborn gap between Africa’s enormous potential and what’s actually being built on the ground.
IRENA Director-General Francesco La Camera says financial barriers remain the main problem. “We must act urgently and collaboratively to remove persistent financial barriers and ensure affordable capital reaches viable projects,” he said. The forum provides matchmaking sessions and project exhibitions where African developers can pitch directly to investors and lenders looking to fund clean energy.
Sierra Leone’s Energy Sector Lead, Dr. Kandeh Yumkella, called APRA crucial for African nations working toward universal energy access. Sierra Leone recently signed a $2.2 billion Mission 300 Compact and plans to boost its renewable energy share from 46% to 52%. Last year’s inaugural forum in Nairobi generated a pipeline worth $2.7 billion and about 1 gigawatt of potential capacity—results organizers hope to match or beat this time around.
Follow-up work after the forum will focus on getting identified projects ready for investment and helping APRA member countries push implementation forward.
