African solar installations are projected to grow by 42 percent this year, according to an industry group.
The surge in solar power is due in part to several delayed projects now coming online, according to a report from the Global Solar Council. While South Africa and Egypt are the biggest markets for solar, West Africa is now seeing rapid growth — installations in Ghana nearly quadrupled last year. In southern Africa, locals have turned to solar to cope with recurrent blackouts after an intense drought sapped hydropower. Zambia doubled its solar capacity last year, the report said.
Analysts project that between now and 2028, Africa as a whole will more than double its total solar capacity. But the report warns that the solar buildout could be slowed by the steep capital costs, which are three to seven times higher in Africa than in developed countries.
“Many projects are struggling to secure financing because of high interest rates, currency risks, and lack of guarantees,” said Léo Echard, of the Global Solar Council. “If we can reduce the cost of capital, Africa could become one of the fastest-growing solar markets in the world.”
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