The Economic Community of West Africa States (ECOWAS) and Israel have signed a Memorandum of Understanding (MoU) of a billion dollar investment to advance green energy power projects across 15 ECOWAS member states over the next four years.
Country Director, Energiya Global, Israelâ€™s leading solar developer,Â Remy Reinstein, stated this in a statement made available to newsmenÂ on Friday.
Reinstein said the MoU was signed in Liberia by the Israeli PrimeÂ Minister Binyamin Netanyahu and ECOWAS President, Marcel de-SouzaÂ along with Yosef Abramowitz, CEO Energiya Global, the firm that willÂ execute the project.
â€œWe are prepared to finance and build the first National Demonstration Solar Projects in all ECOWAS-affiliated countries to promote political stability, social and economic development, and to advance knowledge transfer,â€ Abramowitz said Abramowitz said Energiya Global and its associated companies developed the first commercial scale solar field in sub-Sahara Africa in Rwanda, which is supplying six per cent of the countryâ€™s power,
He said the group broke ground on a similar power plant in Burundi,Â which will supply 15 per cent of the countryâ€™s power by the end of theÂ year.
According to him the solar group has fields at various stages ofÂ development in 10 African countries and expects to announce its fullÂ program at the Israel-Africa Summit in Togo at the end of October.
Knesset Neguise, Chairman of the Israel-Africa Caucus of the IsraeliÂ Parliament, who accompanied the Prime Minister, said the firstÂ investment of 20 million dollars would be executed in Liberia byÂ Energiya Global.
â€We look forward to working with ECOWAS to deploy $1 billion over theÂ next four years, starting with this first investment of $20 million inÂ Liberia by Energiya Global.â€
â€œThe 20 million dollar investment comes as Israel and ECOWAS sign Sunday an historic MoU to promote investments, technology and cooperation. With 600 million Africans without electricity, the State of Israel can literally help African heads of state bring power to the African people,â€ Neguise said.
He said Israel humanitarian and diplomatic goals were supported by the private sector as well, which could work quickly and efficiently to improve the lives of millions of people.
â€œA working session between ECOWAS, representatives of the State of Israel and Abramowitz will take place Monday in Monrovia. The session is to plan for the deployment of the green energy investments in fulfillment of the MOU signed by Netanyahu and the President of ECOWAS,â€ he said.
U.S. Power Africa Coordinator Andrew Herscowitz was quoted as saying, â€œas a founding Power Africa partner, Energiya Global continues to demonstrate its industry leadership with this important investment in Liberia.
â€œIncreasing access and power generation is the foundation for economic prosperity and human development. We look forward to Energiya Globalâ€™s transformative impact on the lives of the Liberian peopleâ€.