Fostering the rise of photovoltaic and the energy transition in Africa

Access to renewable energy, essential to the development of the African continent, is a real challenge. According to the International Renewable Energy Agency (IRENA)*, considering its unparalleled potential for renewables, Africa’s starting point for the transformation of the energy sector is strong. This said, electricity supply in Africa is lagging considerably. Less than half of the population had access to electricity in 2018. In the same year, only 20 per cent of the electricity generated in Africa was from renewable sources. Compared with the rest of the world, investment is low, even though forecasts indicate that Africa could double its energy demand by 2040.

To help tackle these economic and environmental challenges and support the transition of its corporate and institutional clients in Africa, Societe Generale has developed the "Solar Pack", a comprehensive solution designed to facilitate the installation of photovoltaic panels. Clients can benefit from a clean and more economical alternative energy source.

A turnkey solution

Initially launched in Senegal and Morocco, the "Solar Pack" is a turnkey solution for corporates and institutions in Africa, designed to facilitate the installation of photovoltaic panels: identification of the need, analysis and estimation of the feasibility of the project, connection with local reference partners, adapted financing solution... From diagnosis to implementation and financing, clients are supported at every stage in the development of their project.

Corporate and institutional clients thus benefit from access to a source of clean and sustainable energy, the cost of which has become competitive, allowing medium and long-term savings on electricity expenses, while contributing to the decarbonisation by reducing greenhouse gas emissions.

“In line with Societe Generale Group’s ambition, the Solar Pack offer meets, in a responsible and innovative manne, our Corporate and Institutional clients’ expectations on the African continent, as they are looking for practical support in their environmental and energy issues. Thanks to the expertise of trusted partners, we advise our clients in the implementation of their energy transition projects,” declares Philippe Dubois, Director of Corporate within the International Banking Networks, Africa, Mediterranean Basin & Overseas of Societe Generale Group.

*Source: The Renewable Energy Transition in Africa (irena.org)

Read the Press release (in French only)