President Obama Commits to Solar Power Investments

President Obama discusses about solar power to the audience during a stop in Nevada. Solar power will be part of a new initiative to bring electricity to millions of people in sub-Saharan Africa.

          Along with more than $9 billion in private investments, the United States will be committing more than $7 billion in the next five years towards bringing electricity to millions of people in sub-Saharan Africa, President Obama had said on Sunday in South Africa. "Access to electricity is fundamental to opportunity in this age," Obama said in announcing the solar initiative, known as Power Africa. "It's the light that children study by, the energy that allows an idea to be transformed into a real business. It's the lifeline for families to meet their most basic needs. And it's the connection that's needed to plug Africa into the grid of the global economy."
        Sub-Saharan Africa compromises 48 nations. Among the countries to be targeted initially are Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania. "These countries have set ambitious goals in electric power generation and are making the utility and energy sector reforms to pave the way for investment and growth," the White House said. The more than $7 billion in United States investment will include up to $5 billion in support from the United States Export-Import Bank.
       "More than two-thirds of the residents of sub-Saharan Africa lack access to power," the president said. "In rural areas of the region, more than 85% of people don't have electricity. Power Africa will deliver electricity to cities, villages, and farms throughout sub-Saharan Africa." According to the International Energy Agency, sub-Saharan Africa will need more than $300 billion in investment to provide power for everyone by 2030. "Power Africa will supply electricity to at least 20 million households and businesses," the White House said.