News Update - August 2022: Part 2

South Africa

Magnora gets green light for 260 MW of solar powerNorwegian energy company Magnora has obtained the environmental permit for a solar project it is implementing in South Africa. The aim is to build 260 MW of generating capacity with a battery storage system.

Shoprite secures R3.5-billion in loans for solar, related projectsSouth Africa’s largest retail group, Shoprite, said on Monday that it had finalised “sustainability-linked” loans worth R3.5-billion from major banks to fund big investments in renewable energy and other environmental projects.

Eksfin provides NOK 1.2 billion in guarantees in support of major Scatec project in South AfricaRenewable-energy solutions provider Scatec ASA secures NOK 1.2 billion (USD 102 million) in financial risk reduction for combined solar power/battery plant project in the Northern Cape from state-backed export credit agency Export Finance Norway (Eksfin).

Ramaphosa’s emergency energy plan a critical turning point for South Africa’s emerging solar entrepreneurship sectorCliffe Dekker Hofmeyr environmental law experts Margo-Anne Werner and Madoda Koti explain the important intersection of energy regulation and environmental law – and what the future holds for SA’s fledgling solar businesses.

South Africa must fix major weak point to save Eskom and end load-sheddingSouth Africa could face limitations in connecting renewable power sources due to a lack of grid capacity in some areas of the country. This is according to Anton Eberhard, the director of Power Futures Lab at the University of Cape Town’s Graduate School of Business.

Nigeria

President Akufo-Addo commissions 13mw Kaleo solar power projectThe President of the Republic, Nana Addo Dankwa Akufo-Addo, has commissioned the Volta River Authority’s thirteen megawatt (13MW) solar power project, a project whose lawn was cut in February 2020.

FG to offer expansion grants to solar energy companiesThe federal government has launched a universal energy facility that would make grants available to solar energy companies to enable them to expand their operations in Nigeria.

NBET signs MoU to boost investments in Nigeria’s power sectorThe Nigerian Bulk Electricity Trading Plc (NBET) and Energy Exchange Istanbul (EXIST) have signed a Memorandum of Understanding (MoU) to boost commercial transactions and investments in Nigeria’s power sector.

Nigerian alternative power company, Mobile Power Limited, raises £1 million from All On to scale its servicesAll On, a Shell-funded independent impact investing firm, has announced that it has invested £1 million in Mobile Power Limited, to increase the growth of its Pay-per-use battery sharing platform in Nigeria.

Kenya

Moody's gives Emerging Africa Infrastructure Fund A2 ratingThe Emerging Africa Infrastructure Fund (EAIF) has been assigned a foreign currency long-term issuer rating of A2 with a stable outlook by Moody's.

Toyota Kenya acquires 35pc stake in solar installation firmToyota Kenya has acquired a 35 per cent stake in solar installation company Ofgen for an undisclosed value, deepening the auto firm’s interest in the growing clean energy market and offering an avenue to offset its carbon production.

Botswana

responsAbility and Sturdee Energy drive launch of clean energy commitments in BotswanaresponsAbility has provided long-term debt financing to the first grid-connected solar PV projects in Botswana. The equity provider is the developer Sturdee Energy.

BPC signs PPA for construction of 50MW solar PV facilityThe Botswana Power Corporation (BPC) has signed a binding 25-year power purchase agreement (PPA) to construct a solar PV facility with a contracted capacity of 50MW in the former mining town of Selebi Phikwe.

Rest of Sub-Saharan Africa

Ghana’s government gives the north of the country access to new solar powerNana Akufo-Addo, The President of the Republic of Ghana, announced on Tuesday the commissioning of a new 13 MW solar power project in the Upper West Region of the West African country.

Zambian utility launches tender for 50 MW of solarZambia Electricity Supply Corp. (ZESCO) has launched a tender for the development and construction of 50 MW of PV plants in the Southern, Western, and Luapula provinces of Zambia.

Two Solar Projects Begins Operation in AngolaThe government of Angola is set to commission solar photovoltaic power projects in the western city of Benguela. The projects will have a capacity of 284MWp.

Can Southern Africa grow without fossil fuels?If current trends in the energy system continue, wind and solar will outcompete other power sources on cost and rapidly come to dominate the electrical grid in Southern Africa, according to a new study.

AIIM on the Africa opportunityAfrica’s growing infrastructure deficit and capital scarcity means it offers competitive returns and the opportunity to generate positive impact, says AIIM’s managing director and co-head, Olusola Lawson.