Hussain Jasim Al Nowais on AMEA’s $5bn Africa power initiative

The Africa Climate Summit held in Nairobi recently highlighted the continent's potential to become a global green hydrogen hub. CNBC Africa's Terryanne Chebet had an exclusive conversation with Hussain Jasim Al Nowais, Chairman of UAE-based AMEA Power, which has a $5 billion power initiative in Africa. Al Nowais emphasized Africa's abundant natural resources such as wind, solar radiation, and geothermal energy, all of which are renewable sources that can drive major power projects and spur economic growth on the continent. However, he stressed the need for significant investments, a robust regulatory framework, and collaboration among stakeholders to accelerate progress in the power sector. Al Nowais pointed out that while investors are eager to tap into Africa's potential, the pace of development has been hindered by bureaucratic hurdles and sluggish processes. He cited a successful example in Togo, where AMEA Power completed a solar power project in record time with strong support from the government. Al Nowais urged other African countries to streamline decision-making processes to attract more investments and replicate similar success stories. Green hydrogen emerged as a key focus during the summit, with Al Nowais affirming its importance as a future energy source. AMEA Power has already ventured into green hydrogen development in Egypt, leveraging green power sources like wind and solar, along with battery storage systems to stabilize the grid. Al Nowais highlighted the need for a conducive regulatory framework and quality infrastructure, including ports, for Africa to become a global green hydrogen hub. Climate finance gaps remain a challenge for the continent's energy transition, according to Al Nowais. While financing is available for viable projects, investors seek assurance on currency convertibility and investment protection. Al Nowais outlined the UAE Finance Initiative, spearheaded by entities like Abu Dhabi Fund, Mazdar, and Emirates Credit Insurance, to bolster investments in Africa. The initiative aims to provide a safety net for investors, ensuring their interests are safeguarded in the continent's evolving energy landscape. Al Nowais reiterated the UAE's commitment to supporting Africa's energy needs and emphasized the importance of international cooperation in bridging the energy gap. As EMEA Power gears up to participate in COP28, Al Nowais shared his expectations for the Africa Climate Summit, envisioning it as a platform for fruitful dialogue between government officials and potential investors. He commended the UAE's efforts in hosting COP28 and predicted a successful outcome that would catalyze energy investments in Africa.