NAIROBI, Oct. 7 (Xinhua) -- Spurred on by improved policy and regulatory frameworks and technological innovations, the size of the mini-power grid market in sub-Saharan Africa is estimated at 391 billion shillings (about US$3.6 billion), said on Wednesday the  African Development Bank (AfDB).

Wale Shonibare, Director of Energy Finance Solutions, Policy and Regulation at the AfDB, stressed at a virtual meeting that the cheapest way for the continent to have full access to electricity by 2030 and demand of newly connected households be satisfied is to accelerate the deployment of mini-grids and autonomous systems.

"So far, 1,890 mini-grids have been installed in the region and the Democratic Republic of Congo, Ethiopia and Nigeria have the greatest potential in terms of the mini-grid market," Shonibare said at the webinar on energy prospects. dedicated to financing and regulatory trends in the electricity sector in Africa.

The pan-African bank is currently implementing a number of different initiatives, such as market delineation and financing solutions to support the creation of a sustainable mini-grid market in Africa, Shonibare noted.

With an estimated 600 million Africans without access to electricity, there is a strong need to accelerate Africa's regional integration and develop electricity infrastructure at the regional level so that countries with surpluses of electricity can sell it to those who do not have enough, he stressed.

Africa's regional power pools are characterized by investment deficits in power generation and transmission at the national level, the AfDB official said.

"Other challenges they face include lack of trust between member states, weak willingness to liberalise markets, dominance of national energy suppliers as well as the preference of bilateral agreements over regional agreements," said Mr. Shonibare.

The AfDB noted that the use of auctions for the licensing of energy projects is a well-established trend in Africa to ensure the most transparent and competitive process that will accelerate the downward trend in costs and tariffs for renewable energy projects.