Africa Finance Corporation (AFC) and Japan Bank for International Cooperation (JBIC) have signed a Memorandum of Understanding (MOU) to collaborate on infrastructure projects that contribute to accelerating energy transition in Africa and promoting economic sustainability on the continent.

The agreement was signed on Tuesday on the side-lines of the 58th Annual Assembly of the African Development Bank in Egypt.

Priority projects include renewable energy technologies/systems (including green and blue hydrogen and ammonia), highly energy-efficient powerplants and carbon capture and storage (CCS) technology amongst others.

AFC recently closed the acquisition of Lekela with Infinity Power, making AFC and its partners the largest renewable energy provider in Africa, with a combined gross capacity of 1.27 gigawatts (GW), powering over one million homes and offsetting 2.7 million tonnes of CO2 per annum.

(Writing by Senthil Palanisamy; Editing by Anoop Menon)