TAMFI’s involvement in the SOARING-TAREA event.

On the 19th October, 2023 TAMFI and its members had an opportunity to engage and dialogue during the Renewable Energy Financing Platform Event organized by TAREA and SOARING-REEEP in Dar es Salaam. The event brought together a good number of key stakeholders from Government Ministries, Energy Authorities, Development Organizations, Researchers, Learning Institutions, Financial Institutions, Non-Governmental organizations, Renewable Energy technology suppliers etc.

Various opportunities within productive renewable energy, clean energy and energy efficiency were presented and discussed. The Energy Agencies and Regulators from the Government (EWURA, REA, Ministry of Energy) shared important information for the investors who want to put their funds on renewable energy. Among the shared information include the opportunities under REA, possible and eligible places to set an investment and the desk for sourcing detailed information about renewable  energy that is available at the Ministry.

Six TAMFI members from Mara, Dar es Salaam, Kilimanjaro and Arusha who have already put their foot on financing renewable and clean energy were provided a panel platform to share their practices and experiences around financing renewable investments and end-users. One important note that came up from the panelists, was that the sub-sector is profitable and has a positive impact on people’s lives and well being. The panelists assured the audience that, when done well, a financial institution is most likely to expand its portfolio and therefore have profits. And at the same time, products and services associated with renewable energy may brand a financial institution since it is not offered by the majority. However, renewable energy in Tanzania, is still considered being at an infant stage. Therefore, there are complexities in adoption by both the supply and demand side in order to scale up. Continuous sensitization, awareness and capacity building programs are required to tap into the massive jungle of opportunities. Most of the panelists pointed out that agriculture and housing are the most potential areas in accelerating renewable energy financing. 

In essence, TAMFI’s active participation in the event has not only enriched the discourse on renewable energy financing, but has also set the stage for concerted efforts towards the sector’s sustainable growth. Moving forward, TAMFI remains committed to playing a pivotal role in the microfinance sector, in advancing the adoption of renewable energy solutions in Tanzania, contributing to both economic prosperity and environmental sustainability.