Yemisi Izuora
Africa’s renewable energy development is about to get a boost as the World Bank Group prepares to support more than $1.65 billion in investment for renewable energy projects across emerging markets through a new partnership with UAE-based developer AMEA Power.
In a statement, the Multilateral Investment Guarantee Agency (MIGA) announced a framework agreement to back up to 23 projects across Africa, the Middle East, and Central Asia.
The agreement marks a shift in how MIGA operates. Instead of issuing guarantees on a project-by-project basis, the agency is moving to a portfolio approach aimed at speeding up approvals and scaling investment.
“ By partnering with MIGA, we are able to deploy capital efficiently, mitigate sovereign and political risks, and accelerate the delivery of critical energy infrastructure at scale,” said Hussain Al Nowais, chairman of AMEA Power.
The framework includes up to $1.48 billion in guarantees designed to secure financing for renewable energy and battery storage projects, covering equity, quasi-equity, and shareholder loans.
The first phase focuses on Côte d’Ivoire, Djibouti, Egypt, South Africa, Togo, and Uganda. Together, these projects are expected to deliver 2,766 MW of generation capacity and 2,729 MWh of storage, while creating more than 17,000 direct jobs during construction. Allocations by country have not been disclosed.
The structure is particularly important in markets where financing remains a key bottleneck. In its 2025 report on electricity access in Africa, the International Energy Agency highlights the role of guarantees in lowering perceived risk and attracting private capital to projects in emerging economies.
For developers like AMEA Power, the mechanism is critical. Many of its African projects are still in the financing stage. In January 2026, the company said it was moving toward financial close on a 300 MW wind project in Ethiopia valued at $620 million.
The agreement with MIGA is designed to support this type of project earlier in the process, allowing multiple developments to move forward in parallel rather than one at a time.