By Dipo Olowookere
A new report by the International Energy Agency (IEA) has found that the amount of power from solar grew by more than 50 percent, and has officially increased energy output globally at a faster rate than any other fuel. The report specifically highlights off-grid solar as a ‘dynamic’ sector set to accelerate this growth.
According to the IEA, off-grid capacity in Africa and Asia is set to reach “over 3000 MW in 2022.”
Chief executive of Lumos Nigeria, Yuri Tsitrinbaum, noted that, “This is the latest evidence that off-grid solar is providing the answer to growing energy demand in Africa.”
He added that, “There is no other option available that can provide energy that is as affordable, reliable, and clean.”
The new report, which confirmed that solar is now the fastest growing energy source in the world, indicates that the source of power is making a major impact in Africa.
The IEA 2017 report on renewables forecasts that off-grid solar capacity in Africa is set to almost triple in the next five years, saying that it will “bring basic electricity services to almost 70 million more people in Asia and sub Saharan Africa.”
Lumos, a company that offers one of the fastest growing off-grid solar services in Africa, is at the forefront of this expansion.
Lumos launched its Mobile Electricity Service and the Y’ello Box in partnership with MTN in Nigeria earlier this year. The device transforms the sun’s energy into electricity and is paid for via mobile phone.
The IEA report projects that over the next five years, services like Lumos will be the catalysts and drivers of innovative payment solutions that can allow low-income populations access to electricity.
Speaking further, CEO of Lumos Nigeria, Yuri Tsitrinbaum, disclosed that, “We are changing the way people access electricity, and this is only the beginning. Mobile phones improved millions of lives, and now we are seeing the same thing with mobile electricity.”
more recommended stories
NSE Reports Positive Performance Across Asset Classes
By Tenebe Anthonia The Nigerian Stock.
Seplat, Okomu Oil Hold AGMs Today in Lagos
By Dipo Olowookere Shareholders of Seplat.
One-Year Treasury Bills Rate Rises to 4.02%
By Dipo Olowookere Stop rate of.
Naira Gains Against Dollar After Eid-el-Fitr Break
By Adedapo Adesanya Normalcy returned to.
NASD Exchange Equity Market Size Falls to N499.11bn
By Adedapo Adesanya It was a.
Oil Sheds 4% as US Prepares Actions Against China
By Adedapo Adesanya Oil futures tumbled.
Nigerian Breweries, 30 Others Drive 0.07% Market Rally
By Dipo Olowookere Gains printed by.
Expect 45% Hike in Air Fares—FAAN
By Adedapo Adesanya The Federal Airports.