News Update - December 2024: Part 1

South Africa

CrossBoundary Energy secures $140M USD senior debt
CrossBoundary Energy has secured a $140M USD senior debt commitment from the Standard Bank of South Africa on a fully underwritten basis. More

Cox finalised purchase of 51% in 50-MW CSP tower plant
Cox Abg Group SA has finalised the acquisition of a 51% stake in the 50 MW Khi Solar One. The remaining 49% stake is held by local partners. More

GuarantCo and BII provide $100M USD of default guarantee finance for Etana
The guarantee facility will enable around 500 MW to be added to the grid by several renewable energy (wind and solar) IPPs over the next few years. More

Swedfund and IFU invest $44M USD in Sturdee Energy
Swedfund and IFU are equally committing a $22M USD each in direct equity investments to support Sturdee Energy’s growth initiatives. More

Rest of Sub-Saharan Africa

Cameroon - Secures $9.6M USD for solar plant expansion in Maroua and Guid
The expansion of the solar power plants in Maroua and Guider is being supported by a financial guarantee. More

DR Congo - The country inaugurates 120 kW hybrid solar plant
Funded by UNDP with an investment of nearly US $700,000, the plant has a generation capacity of 120.96 kW, constructed by Ugandan solar company Aptech Africa. More

Namibia - Sturdee Energy and Frans Indongo Group secure $28M USD
Sturdee Energy has partnered with Namibian-owned entity Frans Indongo Group, to raise a solar project finance facility of RMB. More

Nigeria - AFRIGREEN enters into $15M USD debt facility with WATT
AFRIGREEN entered into a debt facility with several project companies owned by Watt Renewable Corporation (WATT) to finance building hybrid solar power plants. More

Togo - Secures solar energy deals with RELP and HAIER
The first agreement with RELP focuses on enhancing Togo's solar energy storage capacity. The agreement with HAIER will provide solar technological support. More

Uganda - EAAIF reaches financial close for $18M USD solar project
EAAIF managed by Ninety One, has brought a 20 MW solar PV plant in north-western Uganda to financial close. More

Uganda - 30th BGFA project signed with a mini-grid developer for $2.4M
This new BGFA agreement in Uganda has been signed with NOA Energy Services Uganda to develop new mini-grids on Bunjako Island. More 

Zambia - Copperbelt Energy Corporation (CEC) Renewables secures $97M USD
The new funding from FMO, ALCB FUND and Stanbic Zambia will help expand the Itimpi Solar PV Plant, adding 136 MW of solar capacity. More

Zimbabwe - Afreximbank to fund 250 MW solar project at Kariba Dam
The initiative is being driven by the Intensive Energy User Group (IEUG), which represents Zimbabwe’s major mining companies. More

Africa50 signs agreement to manage International Solar Alliance’s Africa Solar Facility
The facility targeted at $200M USD provides tailor made and financing solutions to unlock and mobilise investments in distributed renewable energy projects. More

CEI Africa receives $25.2M from KfW to boost clean energy access
This grant will be distributed across the various investment and grant windows of CEI Africa, offering financing for green mini-grid developers and off-grid companies. More

Camco achieves first close on REPP 2 blended finance fund with $185M USD
Green Climate Fund (GCF), Norfund, FMO, BIO and Ceniarth invested in REPP 2, a debt fund that invests in the African grid of the future. More

Westa Solar secures $15M USD in senior debt from AFRIGREEN
Ignite Power secures $15M USD in senior debt from Afrigreen Debt Impact Fund for its subsidiary Westa Solar to drive solar expansion across West Africa’s C&I sector. More