News Update - September 2023: Part 2

Nigeria

AfDB to disburse $250M USD into Nigeria’s off-grid energy sector
AfDB confirmed readiness to disburse a previously approved $250M USD fund for the NEP under the REA. 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

All On, Enerplaz PayGo sign $200K USD clean energy investment deal
The investment will expand Enerplaz PayGo’s infrastructure to support the scaling of its EaaS model and deployment of its solar systems. More

ENGIE Energy Access impacts 3,000 lives through mini-grids projects
Households, businesses, schools and healthcare centres are given access to renewable energy through the construction of its mini-grid projects. More

South Africa

AIIM increases equity commitment to NOA Group with $90M USD
AIIM doubles their investment from late 2022 to $180M USD, financing is sourced from AIIM’s IDEAS Fund and USD-denominated fund AIIF4. More

IPP Red Rocket receives new capital injection of $160M USD
Investors include Bill Kilgore Investments and an consortium of clean energy investors such as Evolution II and III Funds, STOA and FMO. More

Oya Energy’s 128MW hybrid renewable project advances
The project achieved legal close in South Africa’s RMIPPPP and secured a 20-year power purchase agreement with Eskom. More

African Rainbow Minerals and SOLA Group reach agreement with banks
The project is owned by SOLA Group and African Rainbow Energy with senior lending from ABSA, Standard Bank, DBSA, and Nedbank. More

British American Tobacco (BATN) commissions 1MW power plant
The 1 MW grid-tied solar panel system at the Ibadan factory is capable of generating an average of 2,800 KWh per day. More

South Africa’s solar panel imports from China skyrocket
During the first half of 2023, South Africa quadrupled its imports of solar panels from China to 3.4 GW. More

Absa Bank partners with Sun Exchange
Absa Bank facilitated the funding of the solar-with-battery system for the Bizweni Campus. More

Kenya

Private firms are now able to sell power in 9 Nairobi slums
Private distributors are able to sell power, as Kenya Power moved to delegate its power distribution role. Parties can express intest before October 18. More

The Kenya 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 Kenya. More

GivePower, ServiceNow partner to bring safe drinking water
ServiceNow provided the funding needed to construct the project as part of its 3-year, $3M USD commitment to GivePower. More

Rest of Sub-Saharan Africa

Cameroon - Release by Scatec inauguration of solar and battery plants
Release entered into a lease agreement with ENEO in 2021 to deliver two solar hybrid and battery storage plants that have a capacity of 36 MW. More

Ghana - Launches $550B USD energy transition and investment plan
President Nana Akufo-Addo unveils country’s roadmap for green growth and decarbonizing key economic sectors creating 400,000 jobs by 2060. More

Malawi - Serengeti Energy’s 21 MW solar plant achieves commercial operation
The project is funded by investors KfW, STOA, Proparco, Norfund, Swedfund and NDF. DFC is refinancing of the project before end of the year. More

Senegal to receive US $23M boost for Niakhar solar power plant
The West African Development Bank (BOAD) issued the loan approval to Teranga Niakhar Storage for the project. More

Senegal - FEI arranges $52.7M USD of additional debt for AktivCo
The Facility for Energy Inclusion (FEI) managed by Cygnum Capital arranges additional debt from the existing lender group for AktivCo. More

Tanzania - NMB Bank launches East Africa's first sustainability bond
IFC and British International Investment Plc (BII) acted as anchor investors, the proceeds will be partly to support renewable energy. More

CrossBoundary Access attracts $10M USD for mini-grids
$10M USD in new funding commitments was announced from the African Development Bank and Sustainable Energy Fund for Africa (SEFA). More

Denmark’s IFU reforms and unlocks 2.11B USD of capital
The Danish’s Investment Fund for Developing Countries (IFU)reforms means that the fund can invest up to $2.11B USD in Africa. More

Gaia Impact and Capital Croissance raise $42M USD
Capital Croissance, Schneider Electric, Capelan and Investisseurs & Partenaires (I&P) provide funding for GEIF II, which reached it target. More

Private equity gears up for a bigger role in Africa’s energy transition
So far, infrastructure funds have been most active in Africa’s energy transition. Hower centralized infrastructure is limited and decentralized is the future. More

Nithio announces an investment in SunCulture
Nithio’s investment is part of a $12M USD syndicated debt facility led by Mirova Sunfunder and Triodos Investment Management. More

Untapped Global successfully secures $3M USD in seed funding
The seed funding was led by E3 Capital, the first funding from its newly closed E3 Low Carbon Economy Fund (E3 LCEF I). More