Ouagadougou, Burkina Faso, February 24, 2020 – IFC, a member of the World Bank Group, signed an agreement with Burkina Faso''s Ministry of Energy to assess how private investment in energy storage can contribute to higher levels of solar power production while enhancing grid stability and dispatch issues.
Burkina Faso Battery Energy Storage Market (2024-2030) | Outlook, Growth, Share, Industry, Companies, Revenue, Analysis, Trends, Forecast, Value, Size & Segmentation
Burkina Faso could drastically increase the use of renewable energy in its power mix by developing battery storage solutions through public private partnerships, according to a roadmap supported by IFC. The roadmap was produced by Burkina Faso''s Ministry of Energy and the national utility, Société Nationale d''Electricité du Burkina (SONABEL
This renewables readiness assessment (RRA) for Burkina Faso presents key recommendations to accelerate the country''s energy transition, with a view to securing a sustainable, affordable energy supply, increasing rural energy access, diversifying the economy and addressing climate change.
The report found that by deploying 60-70MW (160-220MWh) of independent battery energy storage solutions (i-BESS) the energy sector could potentially save between 800 million and 1.8 billion FCFA ($1.5 million to $3.3 million) annually, while reducing carbon emissions.
Burkina Faso Battery Energy Storage market currently, in 2023, has witnessed an HHI of 3723, Which has increased slightly as compared to the HHI of 3229 in 2017. The market is moving towards concentrated. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
Burkina Faso could drastically increase the use of renewable energy in its power mix by developing battery storage solutions through public private partnerships, according to a roadmap supported by IFC.
The roadmap was produced by Burkina Faso''s Ministry of Energy and the national utility, Société Nationale d''Electricité du Burkina (SONABEL), with IFC''s support. It outlines how Burkina Faso could reduce its reliance on fossil fuels and energy imports by taking advantage of its fast-growing solar power sector.
"This roadmap is a key milestone to support Burkina Faso''s strategy to integrate a larger share of renewable energy into the country''s energy mix. IFC is proud to support Burkina Faso''s transition towards a more sustainable energy future," said Ronke Ogunsulire, IFC Country Manager for Burkina Faso.
Battery storage systems are helping countries worldwide better integrate renewable energy into their power systems by enabling energy from solar, wind, and other renewable sources to be stored until customers need power most. According to the International Renewable Energy Agency (IRENA), energy storage deployment in emerging markets is expected to increase by over 40 percent annually from 2020 until 2025.
IFC''s engagement has provided Burkina Faso''s government with insights on developing private sector-backed battery storage in Burkina Faso, contributing to national ambitions and policies regarding both energy access and climate change. Working with Burkina Faso''s government highlights IFC''s 3.0 and Upstream strategies to create markets and unlock opportunities for added private sector participation.
The roadmap benefitted from the support of the Governments of Denmark and Japan and IFC''s Conflict Affected States in Africa (CASA) Initiative, which is supported by Ireland, the Netherlands, Norway, and Sweden.
IFC, a member of the World Bank Group, signed an agreement with Burkina Faso''s Ministry of Energy to assess how private investment in energy storage can contribute to higher levels of solar power production while enhancing grid stability and dispatch issues. This assessment will lead to the definition of a storage investment roadmap based on PPP models in Burkina Faso. It will be jointly supervised by IFC, the Ministry of Energy and the grid utility Société Nationale d''Electricité du Burkina (SONABEL).
Under this agreement, IFC will assess the economic benefits of storage to integrate solar capacities to the grid and decrease the overall generation costs, review the country''s legal and regulatory frameworks and compare private and public storage project development and financing models. IFC will also provide recommendations regarding various aspects of Public Private Partnerships in energy storage, based on a review of international best practices.
"This assessment is an important step to help successfully integrate a larger amount of solar power into the country''s energy mix, as planned by the government" said Ronke-Amoni Ogunsulire, IFC''s Country Manager for Burkina Faso, Benin, Ghana, Niger and Togo.
Burkina Faso''s power sector is characterized by a high reliance on expensive thermal capacities and imports. While the target is to achieve universal access to electricity by 2025, the country''s present electrification rate is approximately 20 percent. The Burkinabe government has launched an ambitious renewable energy strategy to valorize large available solar resources and decrease both electricity generation costs and exposure to oil price fluctuations.
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