By: Energy capital & power

The World Bank has approved a $400 million loan to support Ethiopia’s Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) Program-for-Results (PforR) initiative.

The program aims to strengthen the country’s clean energy portfolio, improving grid reliability, lowering energy costs and expanding access to electricity for six million underserved and low-income households.

The ASCENT Ethiopia program reflects our dedication to supporting Ethiopia’s pursuit of universal energy accessstated Maryam Salim; Director for Eritrea, Ethiopia, South Sudan, and Sudan; World Bank.

The program will connect new households, non-residential customers and towns to the medium-voltage grid over the next five years. It also includes reforms to energy policies and the revitalization of key initiatives such as the National Electrification Program.

Led by Ethiopia’s Ministry of Water and Energy in partnership with the Ethiopian Electric Utility, ASCENT will integrate digital technologies to modernize utility operations and reduce connection costs for 480,000 new customers.

The funding, which includes a $24 million grant from the Danish government, comes at a time over 71 million people in Ethiopia’s rural and peri-urban areas lack access to basic energy services.