News Update - July 2023: Part 1

July 17, 2023

Nigeria

Rensource signs $15M USD debt finance agreement for C&I projects
Afrigreen Debt Impact Fund SLP provided the debt facility which is a mix of USD and NGN to fund 30 MW of C&I solar projects. More

Zinox in $250M USD renewable energy Nigeria investment push
The company is looking to go into renewable energy with a partnership plan involving Chinese, United Kingdom, South Africa and Dubai companies. More

The Nigeria Solar Investment Report 2022 provides funding landscape insights
Includes listed investors, debtors and relevant information for the top 50 project. For anyone that wants insights in the investment / funding solar landscape in Nigeria. More

Nigeria’s Royal Power and Energy plans solar entry in DRC
The aim is to start operations in Kinshasa in the current quarter. More

Standard Bank partners with solar company GoSolr
Standard Bank acted as Sole Sustainability Coordinator, Sole Mandated Lead Arranger, and Equity Investor in the transaction. More

Cennergi Holdings achieves financial closure for 68 MW solar project
Cennergi Holdings, a subsidiary of Exxaro Resources, announced the achievement of financial close of 68 MW Lephalale Solar Energy Project. More

CCSA approves Volo’s acquisition of Solar Capital De Aar (SCDA)
Volo, an investment holding company, sought to acquire shares in SCDA from the Public Investment Corporation (PIC). More

NERSA approves 5 preferred bidders under REIPPPP Bid Window 6
The 5 preferred bidders are: Doornhoek PV, Boitumelo Solar Power Plant, Kutlwano Solar Power Plant, URSA Energy (RF), Antlia Energy (RF). More

Municipalities grant BioPower approval for 1GW solar project in South Africa
$2.5B USD is required. Signet Capital is the project’s lead financial advisor and is working on initial $450M USD investment for the project. More

Atlantis Foundries partners with Energy Partners for 13.5MW project
Atlantis Foundries has entered into a Power Purchase Agreement with Energy Partners for the installation of a ground-mounted solar energy system. More

Magnora ASA and Globeleq sign agreement
The agreements paves the way for renewable energy projects in South Africa. Globeleq is acquiring a permitted site from Magnora. More

Angola - Standard Chartered extends $1.4B USD to build 48 mini-grids
Of the $1.4B USD total, $1.39B USD is supported through Euler Hermes and the remaining $0.1B USD is a commercial loan. More

DRC - Nuru raises $40M USD for solar electrification
Nuru's raised a series B round from International Finance Corporation (IFC), Proparco and several other investors. More

Discover Kenya's funding landscape in the Solar Investment Report 2022
Includes listed investors, debtors and relevant information for the 50 top projects. For anyone that wants insights in the investment / funding solar landscape in Kenya. More

Madagascar - NextSource completes 2.6 MW solar energy project
The Solar Hybrid Plant is owned and operated by Cross Boundary Energy under a 20-year power purchase agreement. More

Niger - Inauguration of $33.7M USD solar power plant
The 50 MW plant was financed by the European Union which provided $5.8M USD, AFD allocated $26.5M USD debt and the State of Niger $2.3M USD More

Africa50 signs MoU with International Solar Alliance (ISA)
The MoU includes capacity-building, leveraging each other's networks for funding and raise awareness of African solar projects in foreign markets. More

CEI Africa signs co-financing partnership with Trine
Trine can access a credit facility of $3.37M USD to co-finance qualified companies next to European retails investors who invest via its platform. More

Universal Energy Facility (UEF) is awarding $10.4M USD in grants
UEF will give $10.4M USD in grants to six companies via solar mini-grids in the Democratic Republic of Congo (DRC), Madagascar and Sierra Leone. More

How to get pension funds to invest in renewables in Africa
Pension fund money is the 'holy grail' for many renewables investors in Africa, but there remain profound challenges around accessing it. More

AfDB approves $7.88M USD for Just Energy Transition programme
AfDB has approved a $7.88M USD grant from the Sustainable Energy Fund for Africa (SEFA) for the Africa Energy Transition Catalyst Programme. More