ECOWAS Renewable Energy Investment Initiative (EREI)

The ECOWAS Renewable Energy Investment Initiative (EREI) aims at mitigating financial barriers to investments in medium and large-scale renewable energy projects and businesses in the ECOWAS region. It assists member countries to make use of their individual RE potentials by providing support to develop a technical and economic feasible pipeline of projects and attracts the interest of possible investors and financiers. To this end, ECREEE, in collaboration with financial institutions and other private companies set up EREI for the numerous RE projects identified in the region…More

Notwithstanding the abundant RE resources within the ECOWAS region, it is generally acknowledged that without major investments in sustainable energy frameworks and infrastructure in West Africa, the region energy access, energy security and climate objectives cannot be achieved simultaneously in the forthcoming decades. Major investments are required to enhance the development of renewable energy markets in the ECOWAS region.

The issue of RE investment and business promotion plays a prominent role in ECREEE’s activities. Previous studies conducted and experiences of the private sector have shown that the main obstacle for the development and implementation of RE investment projects in the ECOWAS region is not their technical feasibility or economic viability, but the difficulty to access low-risk capital and long-term financing.

EREI is part of the effort to fulfill ECREEE’s mandate to attract investments in Renewable Energy (RE) as outlined in the ECOWAS White Paper on improving access to energy services in the region.

The mid-term objectives of the EREI are:

• To foster and endorse investments to promote RE infrastructure projects in West Africa;
• To facilitate the execution of RE investment projects in the region;
• To link up different stakeholders involved in the financing and development of RE infrastructure projects in West Africa;
• To decrease the misperceptions on investment of RE projects in West Africa through the appraisal from ECREEE;
• To become a meeting point for stakeholders interested in  the RE sector within  West Africa;
• To finance preparatory and feasibility activities of RE Infrastructure projects in the region;
• To show case the RE power sector in West Africa as being more attractive for Foreign Direct Investment (FDI);
• To provide reliable and updated information about existing and identified RE projects in the region.

The ECOWAS RE Investment Forum  is organized within the  EREI framework where periodic meetings are held to bring together  investors, lenders and promoters of RE projects in West Africa under the umbrella and sponsorship of ECOWAS Governments, through its specialized agency ECREEE.