News Update - December 2023: Part 1

South Africa

South Africa spends over $581.5M USD on solar in just 3 months
Businesses and residents alike are forking out billions on solar panels as the country continues to battle high stages of load shedding. More

Scatec completes $1B USD solar-plus-storage project in South Africa
The 540 MW project debt was provided by Standard Bank Group, acting as lead arranger, and British International Investment (BII). More

SOLA Group starts construction on a $151M USD solar project
The 195 MW solar plan already secured an initial three multinational anchor offtakers. in addition open to flexible, short-term PPA. More

Release signs $100M USD loan agreement with the IFC
The loan agreement also also includes a USD 65 million guarantee facility to support the payment obligations of Release’s customers. More

Magnora triggers additional milestone payment for solar project
Globeleq bought a 90 MW solar PV project in october 2023, the project has been increased to 123 MW triggering a 2nd payment. More

Engie reaches financial close for 150 MW solar projects
The two 75 MW are being developed in partnership with Pele Green Energy. They are planned for commissioning by the end of 2025. More

South Africa seeks bids for 7,615 MW of new power generation
launched three bidding rounds for 7,615 MW of new power generation from renewable energy, natural gas and battery storage. More

Pele Green Energy has secured $135M USD in funding
The funding is secured from lenders such as Nedbank Group to help it build renewable power plants including one ordered by Anglo American Platinum. More

Rest of Sub-Saharan Africa

Angola - Masdar to develop 150 MW solar project in Angola
This follows its earlier pledge to invest $2B USD in equity and $8B USD in debt to deliver 10 GW of clean energy capacity in Africa by 2030. More

DR Congo - 15 MW solar project to be built across 3 provinces
The International Solar Alliance’s (ISA) is supporting Nuru by partnering with the Multilateral Investment Guarantee Agency (MIGA) of the World Bank. More

Kenya - Bamburi Cement to develop two solar power plants
The firm signed crucial agreements. MOMNAI Energy Ltd, an IPP formed for the project by Frontier Energy, renewable energy developer and investor. More

Mozambique - BNI signs $150M USD agreement with AMEA Power
The National Investment Bank (BNI) and AMEA Power agreement is aimed at developing the Matambo Solar Project. More

Senegal - ICIEC and Standard Chartered temas up to provide $111M USD
The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC) and Standard Charthered invest in 50,000 solar power lamps. More

Sierra Leone - BII, FMO, and Proparco co-invest over $52M USD
The investment was done alongside with renewable fund manager Frontier Energy. The Planet Solar project is a greenfield 50MW solar project. More

Togo - Government has signed a concession solar plant PPP
A consortium of Meridiam & EDF will now deliver a 64 MW. It will be delivered under a design, build, finance, operate and maintain contract. More

Uganda - The EAIF commits $19M USD for solar project
The Emerging Africa Infrastructure Fund (EAIF) plans to build a 20MW solar PV project to underserved regions in north-western Uganda. More

Uganda - Nexus Green invests $7M USD in a solar products plant
The primary objective of this venture is to enhance accessibility to high-quality solar solutions within the region. More

Zambia - Cygnum Capital acts as lead arranger for $200M USD Green Bond
The $200M USD bond programme has its first tranche of $54M USD closing by the end of the year. More

Zambia - Greenco Signs PPA with Ilute Power for 25 MW Solar PV in Zambia
Africa Greenco Group, Serengeti Energy and Western Solar Power have signed a PPA for the 25MW Ilute solar PV Project in Zambia. More

AGG, managed by Cygnum Capital, funds $10M USD joint project with BURN
The Africa Go Green (AGG) Fund agrees to invest $10M USD to fund the manufacturing and distribution of cookstoves produced by BURN. More

Acumen unveils $250M USD initiative to propel clean energy access
Backers are USAID Power Africa, Sir Christopher Hohn, The Global Energy Alliance for People and Planet (GEAPP), and Shinhan Bank. More

IFC and Shell Foundation sign MOU to increase flow commercial capital
DFC and Shell Foundation entered an MOU in 2021 with the aim of deploying $150 million into emerging market DRE solutions. More

Global and African partners pledge $175M USD to the AGIA
The Alliance is a partnership of the African Union Commission, the African Development Bank, Africa50 and various countries. More

Ignite Power secures grant support from Catalytic Climate Finance Facility
Ignite power got grant support from the Catalytic Climate Finance Facility to introduce the Climate Credit Enhancement Facility (CCEF). More

Kuwait's EnerTech partners with Bboxx for $100M
The funds are for a electrification platform in Africa to scale up clean energy investments in the continent. More