News Update - January 2023: Part 2

January 31, 2023

Nigeria

UK launches Climate Finance Accelerator Nigeria and calls for proposalsThe UK Government-funded CFA Nigeria launched the Climate Finance Accelerator Nigeria (CFA) with a call for proposals to fund. More

United Bank of Africa (UBA) signs agreement with RenewviaUnder this partnership, the clean energy provider will finance, build, own and operate solar systems to power UBA’s branches in Nigeria. More

Financing from REA's NEP is financing most of the solar project in 2022 (Paid)REA's Nigeria Electrification Project (NEP), financed by the World Bank and AfDB, finances most of the solar projects in 2022 in Nigeria. More

Fuel subsidy removal is expected to boost solar adoption in NigeriaThe federal government of Nigeria is set to discontinue petrol subsidy by June 2023, the petrol price expected to go to N500 p/l, instead of N169 p/l, making solar attractive. More

President Muhammadu Buhari inaugurates the 10 MW Kano Solar ProjectThe $16 USD million project is funded by the Nigeria Sovereign Investment Authority (NSIA). The project is currently the largest grid-connected solar PV plant. More

Renewvia launches joint venture with Okapi Green Energy LtdRenewvia and Okapi will design, finance, install and operate a scalable, solar mini-grid system, expanding access to power for 15,000 people. More

Most projects financed in 2022 in Kenya by only three parties (Paid)Solar Financed Africa's, 2022 Kenya Investment Report, indicates that most of the project funding came from Maris Capital, Schneider Electric and Ecoligo. More

Kenya’s state-owned utility announces plan for adding 3000 MW renewablesKenGen has announced its ambitious plans to scale up the deployment of renewable energy by adding 3000 MW over a 10-year period. More

Malindi Solar Plant has started generating clean energy to Kenya’s National GridThe financing for the $69 USD million power plant is majorly carried out by UK’s CDC Group and Globeleq. More

Globeleq restructures debt Soutpan Solar Plant for $71 USD millionStandard Bank Limited led the restructuring of the debt, alongside the project’s original lender, Vantage Green X Fund (RF) Pty Limited. More

City of Cape Town says it will start paying cash for power fed into the local gridThe National Energy Regulator of South Africa (Nersa) has approved a rate of 78.98c/kWh for this financial year for the city to pay power sellers. More

WiSolar platform allows the public to trade solarRenewable energy company WiSolar has opened its platform to the public to sell solar packages. More

Africa’s largest data-centre company gets $680 USD million loan for solar powerHalf of the loan financing, which was led by South Africa-based lender Absa, will be used as growth capital to build out the company’s solar capacity and data centers. More

Madagascar - Off-grid solar firm WeLight has secured $20.57 USD millionThe project is being financed by the European Investment Bank (EBI), EDFI ElectriFI and Triodos Investment Management. More

Zambia - United Arab Emirates (UAE)'s Masdar signed $2 USD billion solar projectsZESCO has signed an agreement with the United Arab Emirates (UAE)'s renewable energy company Masdar to develop solar projects worth $2 USD billion. More

Ethiopia - Masdar signs agreement to jointly develop solar plantsThe Federal Democratic Republic of Ethiopia and the United Arab Emirates signed. It is stated that the two solar plants have capacity of up to 500 MW. More

Sierra Leone - InfraCo Africa and PowerGen pilot new financing model InfraCo Africa has committed up to $1.2 USD million to the new initiative which will form part of a wider programme in Sierra Leone by the Universal Energy Facility (UEF). More

Angola / Uganda - Masdar to signed 2 GW (Angola) and 1 GW (Uganda) projectsThe agreements were signed under the umbrella of the Etihad 7 initiative, an UAE-led initiative that aims to raise public-and private-sector funds to invest in Africa. More

Mauritius - MCB finances €7.5 EUR million, GreenYellow to build solar power plantThe Mauritius Commercial Bank (MCB) is providing 350 million Mauritian rupees (€7.5 EUR million) in financing. More

Zimbabwe - AAAS energy funds solar system for the Pulse Group ZimbabweThe project was backed by the Dutch Good Growth Fund (DGGF). Atradius Dutch State Business was involved in the project. More

Eritrea - Asmara in need for consultant for 30 MW Dekemhare Solar Power Plant The project involves the construction of a 30 MWp solar PV plant outside the town of Dekemhare, 40 km southeast of Asmara, the capital of Eritrea. More

MPower raises €637,265 from 237 investors for 8.15% equityMPower did an estimated sales of €1.6 EUR million in 2022. The company is previously backed by InnoEnergy, Techn. Fund, responsAbility and South Pole. More