East Africa rebrands energy summit to attract investments

Arusha. Potential energy investments in the East African Community (EAC) region will be rebranded under a recently signed deal.

The partnership is intended to bolster the key economic sector through a platform that will increase the visibility of available opportunities.

The deal was signed between the EAC and EnergyNet Limited, an entity based in London that profiles energy projects in the region. The EAC deputy secretary general in charge of infrastructure, productive sectors and political affairs, Andrea Maleuth, signed on behalf of the community.

The inking of the partnership comes nearly two months after the Tanzania Energy Cooperation Summit (TECS), which took place in Arusha.

The summit, organised by EnergyNet with the support of an array of donors, was aimed at wooing more energy investors to Tanzania and other eastern African states.

The partnership signed in Washington during the March 5th to 6th Powering Africa Summit gave TECS more responsibilities for energy development in the region.

“TECS will rebrand to a broader regional investor summit in 2025 under the title ‘The East Africa Energy Cooperation Summit (EA-ECS),” said Ms Sarah James, EnergyNet’s marketing manager.

“The partnership has a primary objective of bolstering the region’s energy sector and enhancing collaboration among and between the East African countries,”  the statement said.

The move, she said, aligns perfectly with the EAC priorities for 2022–2025, which include increasing visibility, stakeholder knowledge, and awareness around the region’s power challenges.

“Energy is a pillar for development and growth and is crucial for the functioning of the economies of the EAC partner states.“The East Africa Energy Cooperation Summit will serve as the ideal platform for advancing projects and bringing tangible changes to the industry,”  Mr Maleuth said.

He added that energy was a crucial sector of the regional economies and a catalyst for the EAC’s industrialization strategy for 2012–2022.

“A reliable supply of energy would enhance industrial production and boost the EAC economies through wealth creation,”  he pointed out.

Mr. Malueth further added that the EAC region was keen on energy investments that would make power supply cost-effective, efficient, and environmentally friendly.

Speaking during the signing of the agreement in Washington, DC, EnergyNet managing director Simon Gosling said:

“The EAC was ideal for a massive influx of investments because it is one of the fastest-growing economic blocs in the world. He urged the EAC partner states to unite in the implementation of the energy projects, noting that they can lift “tens of millions of people into the middle-income and above brackets.

During the regional energy conference (TECS) held here recently, Tanzania appealed for increased investments to meet the increasing power demand, currently estimated at 10 to 15 percent a year.