News Update - February 2023: Part 1

February 15, 2023

Nigeria

Clean tech startup SunFi has raised $2.325 million in seed fundingInvestors are Factor[e] and SCM Capital Asset Management. Voltron Capital, Norrsken Impact Accelerator, Ventures Platform and Sovereign Capital. More

REA organizes session to improve Nigeria's off-grid power sectorMinister Agba mentions to not lose sight of Vision 30:30:30, aimed at raising the generation capacity to 30 GW by 2030, of which 30% will be from renewable sources. More

Solarfinanced releases top 50 database solar projects 2022 in Nigeria (Paid) Including listed investors, debtors and relevant information per project. For anyone that wants insights in the investment / funding solar landscape in Nigeria. More

KTDA has partnered with GridX Duara Holdings for the provision of solar energyKenya Tea Development Agency (KTDA) and GridX formed a joint venture. The solar plants will be developed and financed by GridX which has set aside $10M USD. More

Solarfinanced releases top 50 database solar projects 2022 in Kenya (Paid)Including listed investors, debtors and relevant information per project. For anyone that wants insights in the investment / funding solar landscape in Kenya. More

Solar supply to power grid increases by 184% according to Kenya PowerIt is highest amount of electricity dispatched from solar plants to the national grid since it started tapping energy from the sun. More

Omnia activates first of two 5 MW solar power plantsJSE-listed chemicals company Omnia has unveiled its new solar power plant at its Sasolburg operations. More

New solar investment fund launches in South Africa with a 100% tax break Launched by Grovest, the Twelve B Green Energy Fund will ultimately seek to deploy as much as R1 billion annually. More

Botswana - BPC issues RFP for development of 7 solar projectsBotswana Power Corporation (BPC) has issued a Request for Proposal (RFP) for the development, financing, construction and maintenance of 7 solar projects. More

Cameroon - Secures $58M USD Afreximbank loan for solar electrification projectsPresident Paul Biya just signed a decree empowering the Minister of the Economy to reach a financing deal with the African Export-Import Bank. More

Ethiopia: Addis Ababa grants first ever commercial mini-grid licenceHumanitarian Energy (HumEn) has been awarded the first ever commercial licence to build a solar mini-grid in Ethiopia. More

Gambia - Construction begins on 23 MW solar plant in GambiaGambia National Water and Electric Co. (Nawec) says the World Bank and the European Investment Bank (EIB) have agreed to finance a 23 MW solar plant. More

Ghana - The government is eager to develop renewable power to avoid power cutsIn 2019, the Ghanaian government released its Renewable Energy Masterplan 2030, whereby they aim to reach 1382,7 MW solar power installed. More

Ivory Coast - Solar kit designer and distributor Qotto has raised a $8 million series AThe Series A equity-debt round was led by the IBL group. Other investors in the round were Off-Grid Energy Access Fund, Cordaid, and Qotto’s existing investors. More

Liberia - World Bank Sign $96M USD financing agreement for 60MW Solar EnergyThe project is an initiative of the World Bank under the Regional Emergency Solar Power Intervention Project (RESPITE), a $311M USD regional program. More

Senegal - 120 MW power plant launch providing power to 500,000 householdsThe infrastructure cost $164.3M USD and was largely funded by the African Development Bank (AfDB). Other shareholder include state-run Senelec which owns 15%. More

Somalia - MIGA issues $5M USD guarantee for Baidoa Hybrid Solar Power PlantMIGA, subsidiary of the World Bank is issuing a $5.67 million guarantee to Norwegian company Kube Energy. They partnered with CrossBoundary Energy. More

Tanzania - Energy Minister Makamba calls for private investment to fill energy gapTanzania has the resources and ability to scale renewables up but there needs to be better channeling of resources to more strategic fronts. More

Uganda - The Beyond the Grid Fund for Africa (BGFA) opens 2nd funding roundThe EUR 6.2 million funding round opens end of February 2023 and is BGFA’s fifth call for proposals to incentivise clean off-grid energy solutions in sub-Saharan Africa. More

MPower raises EUR 1.5 million to boost the energy transition in emerging marketsThe cleantech startup MPower has announced the first closing of its pre-series A round, raising funds from new and follow-up investors. More

FSD Africa targets to back $400 Million of Green Bonds this yearFSD Africa is in talks with potential green-bond issuers across the continent to raise at least $400 million for climate-linked projects this year. More

Oikocredit lends Yellow $5 million for solar kit roll-outThe funding will support the roll-out of Yellow's solar home systems in at least four countries in sub-Saharan Africa. More