News Update - February 2024: Part 1

RMB partners with SOLA Group for debt and equity raise of $146M USD. World Bank extends facility of close to $300M USD to TDB

CESEL-Concerto JV delivers clean electricity to 1,200 households
The project was carried out in partnership with the Nigerian Electrification Project (NEP) of the Rural Electrification Agency of Nigeria. More

Baobab Network invests in solar financing & fit-outs platform Powerfull
Based out of Nigeria, Powerfull provides tailored solar financing & fit-outs, with efficient repayments through a digital wallet. More

Netherlands launches Advisory Board for solar marketplace initiative
The advisory board, comprising members from various organizations playing pivotal roles in the renewable energy sector. More

Azura Power West Africa Limited donates two plants valued $0.4M USD
The donation was done to the University of Nigeria Nsukka (UNN), Enugu State, as part of its Corporate Social Responsibility. More

RMB partners with SOLA Group for debt and equity raise of $146M USD
The debt and equity package is for SOLA Group’s 150MW multi-offtake Solar PV Project near Virginia in the Free State. More

Growthpoint Properties enters into PPA with Etana Energy
The wheeled renewable energy will mainly consist of wind, with a smaller component of hydro and large-scale solar electricity. More

OYA Energy Hybrid Project reaches financial close
The project will be jointly operated by ENGIE, G7 Renewable Energies, Meadows Energy and Perpetua Investment Holdings. More

Renewables platform Lyra Energy launches to change energy landscape
Scatec, Standard Bank Stanlib established, Lyra Energy to offer a low-risk, flexible commercial proposition to the private sector in South Africa. More

Mining firm Glencore deepens sustainability with 25 MW solar plant
Rhovan, a Vanadium mining and processing facility managed by Glencore Ferroalloys has begun the construction of a 25 MW solar plant. More

Yellow Door Energy secures 240 MW of solar wheeling
YDE already successful completed the development phase for a 48 MWp solar PV plant in Leeudoringstad, part of the 240 MW. More

Households can sell excess solar power to the City of Cape Town
The City of Cape Town will buy as much solar power as households and businesses can sell to us under the Cash for Power programme. More

DR Congo - BGFA provides $3.21M USD to Mobile Power
The funding was provided to Mobile Power's subsidiary MPDRC to further support the business' development. More

Namibia - Solarcentury Africa gets licence for 60 MW solar project
The project, a join development with SolNam Energy Pty Ltd, aims to reach financial close this year. More

Niger - OPEC fund supported a $25 million solar plant
The support was among the 55 projects that received financing worth $1.7 billion from the Organization of Petroleum Exporting Countries. More

Niger - D.light partners with SOL! Groupe on affordable off-grid solar
The partnership is to bring products and services to low-income families and communities in Niger, the Central African Republic (CAR) and Chad. More

Senegal - USAID Awards $1.1M USD in grants to boost solar access
USAID will distribute grants to solar companies Ibriz, FlexNRJ, BONERGIE, Tysilio, SolarX, Kossam SDE, Jokosun, and Africa Green Tec. More

Uganda - BGFA signs $3.4M USD financing agreement with SunCulture
The results-based financing is to scale up access to solar water pumps and irrigation systems in rural areas across the country. More

CEI Africa and MPower sign potential investment
Provide funding alongside the crowdfunding platform Crowd4Climate, lending up to 50% of the funds raised. $118k USD is raised so far. More

Zambia - KNBEPC invests $102M in 200MW solar plant
ZESCO’s subsidiary Kariba North Bank Extension Power Corporation Limited (KNBEPC) is developing the project with Synohydro Zambia Limited. More

Zimbabwe - New Sahara Ventures, intends to add 30 MW to the grid
The 30 MW is a Guruve Solar Park expansion project. The US$4,75 million project started feeding 5MW into the national grid last year. More

IFC and SIMA launch $150M solar green bond for African solar developers
The bond, launched alongside Finland and GEAPP, will finance productive-use solar projects throughout Africa. More

IFC pledges $20M USD in equity to Africa50 Fund
The International Finance Corporation (IFC) has invested $20M in equity to the Africa50 Infrastructure Acceleration Fund (IAF Fund). More

Evolution III Fund, IBL Energy, and STOA invest in Equator Energy
The companies have finalized a significant minority co-investment in Equator Energy Ltd (Equator Energy). More

Mirova Gigaton Fund grows to $282M USD with $75M USD EIB backing
The fund, a blended finance vehicle targeting energy transition investments in the developing world, has received $282m of commitments. More

Sawa Energy secures funding for expansion in East Africa
Operating in Rwanda and Uganda, the company has plans to expand. Part of the investment consortium is Renew Capital. More

World Bank extends facility of close to $300M USD to TDB
The facility is to support distributed renewable energy (DRE) and clean cooking private sector projects in eligible countries. More