News Update - March 2023: Part 2

April 01, 2023

Nigeria

Nigeria breaks ground on $171M USD solar cell production plantThe financing comes from the China Africa Development Fund through the Bank of China. This project is a partnership with the China Great Wall Industry Corporation. More

The Nigeria Solar Investment Report 2022 provides funding landscape insightsIncludes 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

REA looks to increase mini-grid connectivity in rural communitiesNigeria’s Rural Electrification Agency (REA) plans to build more than 1,000 mini-grids in rural communities across the country. More

Universal Energy Facility (UEF) to subsidise solarisation of 3,500 small businessesThe businesses will benefit from performance-based grants from the Universal Energy Facility (UEF), a financing mechanism managed by Sustainable Energy for All. More

Teraco is investing in solar farms in eastern JohannesburgThe funding for the solar farms will come partly from a recent $678M USD loan the company secured. Development timelines of the solar farms were not shared. More

Exxaro and Enertrag to build $85M USD solar plant in LephalaleExxaro, the South African mining company, is expected to reach financial close as soon as possible for the construction of a 68 MW solar power plant in Lephalale. More

Rand Merchant Bank (RMB) acquires 25% in Remgro’s Ubiquity Energy platformUbiquity is the holding company of Energy Exchange of Southern Africa (Energy Exchange), a NERSA licensed electricity trader. More

Tender launch for floating, ground-mounted PV for Department of Water and SanitationThe tender is to design, build, finance, and operate renewable energy projects across 19 locations, including government waterworks buildings and dams. More

DPA to provide 12 MW of solar power to ADAC’s data centresADAC has signed a 20-year PPA with DPA Southern Africa (DPA SA), a JV between renewable energy provider DPA and the Electricité de France (EDF) group. More

Kisumu Solar One, the $52M USD solar plant is planned for 2024 operationsThe 40 MW Kisumu Solar One is developed and entirely owned by Ergon Solair Africa Limited, a company with US-European-Kenyan ownership. More

Ignite Power acquires Pawame, expanding its presence to the Kenyan solar marketThe fund SIMA is the lead arranger of this deal, which is the largest lender to Pawame. 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

Consortium led by IBL Group to purchase majority stake in Equator EnergyCompletion of the transaction is subject to fulfillment of certain conditions, including the obtention and satisfaction of relevant legal and regulatory requirements. More

Botswana - Launch of $1.1M USD funded agrivoltaic solar parkIt is the first agrivoltaic solar park in the country in use by University of Agriculture and Natural Resources (BUAN). Dutch company AAAS energy provided the funding. More

Cape Verde - Call for expressions of interest for solar energy projectsThe tenders of the project involves construction of four solar plants on four islands of the archipelago. More

DR Congo - U.S. Trade And Development Agency awards grantThe grant is for a feasibility study for solar and storage to advance the clean energy transition in the city Mbandaka. More

Ghana - AfDB approves $28.49M USD grant for electrification goalThe financing will come from the Climate Investment Funds (CIF) – Scaling Up Renewable Energy Program in Low Income Countries (SREP). More

Namibia - The Development Bank of Namibia (DBN) financed three new companiesDBN is expanding its role in C&I financing to overcome shortages in the Southern African Power Pool and Namibia's reliance on electricity imports. More

Malawi - Request for proposal for Malawian off-grid energy businessesThe $20M USD Malawi Off-Grid Market Development Fund , World Bank-funded Malawi Electricity Access Project (MEAP), has launched an RFP. More

Mozambique - Solgenics update on off-take Discussions for 100 MW Tete Solar ProjectSolgenics has signed several NDAs with potential power off-takers for the first phase of the project, demonstrating remarkable progress toward its development. More

Niger - Receives $3M USD funding from AICS for solar PV electrification projectThe initiative involves the installation of two mini solar photovoltaic networks that will supply four localities. More

Tanzania - Astra Energy Inc. acquires land renewable energy park ZanzibarAstra has received a commitment letter from the government of Zanzibar to supply approximately 200 acres of land for 42.5 MW of solar generation. More

Togo - President breaks ground on 20 MW expansion West Africa’s largest solar plantThe financing comes from Abu Dhabi Exports Office (ADEX), that has provided the Togolese Ministry of Economy and Finance with a loan of $25M USD. More

Uganda - BGFA opens funding opportunity up to $6.6M USDBGFA aims to incentivise Energy Service Providers (ESPs), the indicative individual contract size is expected to be between $1.2M USD and $4.3M USD. More

Zimbabwe - China Energy proposes $1B USD floating solar plantThe company proposed the construction of a 1 GW floating solar plant on Zimbabwe's Kariba Dam at a cost of nearly $1B USD. More

Infrastructure Climate Resilient Fund gets $253.7M USD from Green Climate FundThe Infrastructure Climate Resilient Fund is the first offering by Nigeria-based Africa Finance Corp.’s asset management unit, AFC Capital Partners. More

Mirova announces the first $171M USD closing of the Mirova Gigaton FundThe blended finance debt fund aims to accelerate the clean energy transition in emerging countries such as Africa. The fund’s target size is $500M USD. More

First succesfull close of Yellow’s Series B equity roundYellow raised the funds for closure from the Energy Entrepreneurs Growth Fund (EEGF), represented by Triple Jump. More

Launch of Gaia Energy Impact Fund II by Gaia Impact, Schneider Electric and moreThe fund specialising in the energy transition in Africa targets an initial closing of $45M in 2023 and a final closing at the first half of 2024 for a total target amount of $87M. More