Speaking on a panel discussion during African Energy Week: Invest in African Energies’ Pre-Event Technical Workshops, Mackay said the high cost of renewables in Africa could be lowered by enhancing local manufacturing capacity, making vital technologies more accessible for project developers.
“Egypt is currently leading in solar manufacturing, but other African governments should work to attract investments and implement policies that incentivize manufacturers to establish operations on the continent,” stated Mackay.
Carlos Torres Diaz, Senior Vice President & Head of Gas and Power Markets Research, Rystad Energy highlighted Africa’s youthful workforce as a strategic advantage in developing innovative solutions required to harness the continent’s 30% share of global critical minerals. According to Diaz, the focus is no longer solely on replacing fossil fuels but on integrating all energy resources and using digital tools to stabilize the power grid.
“Gas-to-power solutions remain essential for stability alongside renewables,” he noted.
Despite holding 40% of the world’s total solar potential, Africa currently utilizes only 35% of its capacity, according to Nivedh Das Thaikoottathil, Senior Analyst – Renewables & Power at Rystad Energy. Thaikoottathil pointed out that Africa’s ability to add value to its critical minerals will shape its potential to produce over 100,000 TWh of solar energy annually, potentially increasing the share of solar and wind from 8% today to 60% by 2040.
Commenting on high-growth renewable energy markets in Africa, Thaikoottathil said South Africa, Morocco, Egypt, Tunisia, Mauritania and Mozambique are the key players.
“We are seeing growing financing for renewable projects and new interconnectors between North Africa and Europe, with 24 GW of proposed capacity aimed at linking the regions,” he said.
AEW: Invest in African Energy 2024 is held alongside the Critical Minerals Africa Summit which will run from November 6 – 7 November in Cape Town, offering delegates access to the full scope of energy, mining and finance leaders.
Africa Fact: African Continental Free Trade Agreement went into force May 30th 2019. As of July 2019, 27 African countries had ratified the agreement and all African countries besides Eritrea had signed the CFTA.
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