News Update - April 2024: Part 2

Nigeria

Shell-funded impact company All On invests $1.25M USD in Mobile Power
All On announces an additional investment of $1.25M USD in Mobile Power. besides the $2.5M USD invested in 2022. More

Federal government unveiled plans to establish 3GW solar energy
Minister of Power said that there are investment proposals for establishing 3 GW across 25 states across Nigeria. More

South Africa

IFC provides $300M USD loan to Standard Bank for renewable energy
Of the $300M USD loan, IFC directly sponsored $260M USD, while the remaining $40M USD was mobilized from commercial investors. More

Eskom launches tender to build 75 MW solar project at coal plant
The selected bidder will be responsible for the EPC and maintenance. No information has been shared about the financing. More

Scatec unveils 540 MW Kenhardt solar farm
Funding partners included H1 Holdings, Standard Bank, Old Mutual, Norfund, EsksFin, and the Industrial Development Corporation of South Africa. More

Red Rocket of South Africa hires Goldman to explore sale option
The group raised $160-million from investors last year, and is currently constructing another 750 MW of projects to add to the portfolio. More

AMEA Power signs $120M USD solar project under BW6
AMEA Power is the majority shareholder in the 120 MW solar PV project. The project will also receive debt funding from Standard Bank South Africa. More

Red Rocket reaches commercial closer for 240 MW solar project
The solar project is being implemented as a partnership between Red Rocket, Reatile, Jade-Sky Energy and the Red Rocket Opportunity Trust. More

Rest of Sub-Saharan Africa

Botswana - Botala, AAAS to consider partnering on 250-MW solar site
A bankable feasibility study will be finalised by the end of 2024 to determine the cost, ownership and funding structures for final investment decision. More

Botswana - Construction starts at 120 MW solar plant
The project is 100% owned by Scatec and, upon completion, will supply power to the state-owned Botswana Power Corporation through a 25-year PPA. More

Burkina Faso - $48M USD approval loan for the Donsin solar power plant
Export-Import Bank of China is lending $48M USD to finance the construction of the solar power plant. More

Congo - AFC and SkyPower Global enter into JD agreement
The agreement is for the DRC Green Giant project’s first phase and includes SkyPower’s 1 GW Solar PPA with the DRC’s state-owned utility. More

Ghana - 2nd phase commissions 15 MW Kaleo solar power plant
The Kaleo Solar Power Plant was funded by the KfW Development Bank, with the second phase receiving a $16.1M USD. More

Guinea - Aptech Africa installs two solar mini-grid installations
The company recently executed a project installation two mini-grids sized 124 kWp in total. More

Ivory Coast - 10 IPPs are vying for two solar farm contracts
The plants will be built under a PPP part of the World Bank's Scaling Solar programme. More

Madagascar - Inauguration of solar and wind hybrid plant to power
The plant powers Rio Tinto’s mine and is a partnership with CrossBoundary Energy. More

Togo - an invitation to tender (EPC) for a 25 MW solar farm with storage
The project is being financed to the tune of 60 million dollars by the IDA, the concessional arm of the World Bank Group. More

Zambia - Launch of newly constructed Itimpi solar PV station
The solar plant is developed by Copperbelt Energy Corporation Plc (CEC) a listed company in Lusaka Securities Exchange. More

Zambia - Government and partners unveil new financial mechanism
The demand stimulation incentive is a results-based incentive will help overcome the barriers for mini-grid deployment. More

Zambia - Skypower inks 1GW Zambian solar PPA
SkyPower Global and Zambia Electricity Supply Corporation (ZESCO), today announced the signing of a 1GW Power Purchase Agreement (PPA). More

Zimbabwe - COTTCO Holdings announces $3.5M solar, cooking oil projects
The solar power facility, with an anticipated completion date by Q4 – 2024 in Muzarabani, will be a 1.2 MW plant. More

Zimbabwe - REF completes 23 mini-grid solar projects
The Rural Electrification Fund (REF) completed 23 off-grid mini-solar projects. More

Zimbabwe - ZETDC finalizes solar power agreement with SkyPower
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) recently finalized a power purchase agreement with SkyPower. More

Genesis Energy Group to mobilize $10B USD in climate investments
Under the MOU, GENESIS, with USAID support, will work to deploy US $10 billion into strategic climate projects. More

GOGLA announces 18 clean energy companies selected for Elevate
The program is an Africa-focused investment readiness programme for locally-owned and managed off-grid solar companies. More

Calvert International acquires Emerging Energy Corporation (EEC)
The transaction, executed as part of a non-cash capital increase, signifies a significant milestone for CIAG. More

Ignite Power acquires Oolu and expands to West Africa
The acquisition, for an undisclosed amount, expands its access in Burkina Faso, Cameroon, Nigeria and Senegal. More

Renewables.org and Dyme announce strategic partnership
The collaboration aims to bolster investments in clean energy initiatives across communities in India and Africa. More

The World Bank and AfDB announces $30B USD plan to provide energy access
The plan is be funded by the World Bank through the IDA and the AfDB together with governments across the continent and the private sector. More