A first-of-its-kind consortium forms to secure 5 GW of BESS commitments by 4Q 2024

10+ countries join 5 GW BESS consortium: Over 10 countries have joined a first-of-its-kind consortium to secure 5 GW of battery energy storage system (BESS) commitments by the end of 2024 as first-mover countries, according to a statement from our friends at Infinity Power. The joining countries include Egypt, Ghana, India, Kenya, Malawi, Mauritania, Mozambique, Nigeria, and Barbados.

What we know: The move comes as part of the Global Energy Alliance's efforts to reduce the cost of renewable energy in low and middle-income countries, and reach 400 GW of renewables by 2030 to alleviate energy poverty. The consortium is also deploying USD 1 bn in concessional finance and will expedite project deployment, establish a favorable market for BESS, and unlock commercial and public financing.

The partners: The consortium has major resource regional and international partners including Infinity Power, Masdar, Amea Power, the COP28 Presidency, the African Development Bank, the World Bank, Inter-American Development Bank, Asian Development Bank, Agence Française de Développement, Rocky Mountain Institute, GIZ, Africa 50, Net Zero World, and Sustainable Energy for All.

All on board the BESS train: Infinity Power signed an agreement last month with Senegalese national utility Senelec for a 40 MW BESS system. Schneider Electric also signed an MoU last week with the UAE's energy storage system manufacturer Volts to establish a BESS industrial facility in Abu Dhabi.