Off-grid solar energy in Africa could offer economic opportunities worth $24 billion (£18.4bn) per year.
That’s the prediction from Kleos Advisory, which in a new report stresses the importance of harnessing the potential of the continent and strengthening ties with UK businesses – currently, fewer than half of people across Africa are connected to the grid.
With more than 120 million African households currently existing without power, and with each household with access to electricity spending an annual average of $200 (£153.5) on it, this adds up to $24 billion (£18.4bn) of potential commercial value.
The report notes this figure only represents displacing fossil fuel spending and does not take into account the value of new markets for additional products and services that would also be opened up.
Azuri CEO Simon Bransfield-Garth said: “For African countries, energy is a critical need to support rapid economic development.
“Solar power has the ability to reach the most isolated households and deliver life-changing technology that connects homes to the modern digital economy.”