News Update - March 2024: Part 2

Nigeria

Nigeria's sovereign fund to pilot development of 20 MW solar plant
Nigeria's sovereign fund plans to build a 20 MW solar power plant in partnership with a local firm, first phase of a 300 MW project. More

Husk Power secures $20 million in debt financing from EIB
The EIB financing is part of a $100M USD Series D announced by Husk in October 2023 to scale its operations in Nigeria. More

New solar-grid power offers cost reduction to 170,000 manufacturers
This was the highlight of a U.S. Trade and Development Agency (USTDA)-funded feasibility study jointly released by Daystar Power and RMI. More

Tranos plans to establish a 400 MW solar panel Nigerian factory
Based on their project schedule, tthey expect the plant to be operational by December 2024, and products in the market by February 2025. More

South Africa

REIPPPP Bid Window submissions deadline extended
The reasons for the extension of the bid submissions deadline is discussed and what this could mean for other procurement rounds. More

DSV invests $8M USD in sustainable energy infrastructure
Invest is done at three newly developed logistics parks in South Africa and is facilitated through a green loan provided by HSBC. More

Standard Bank and CNBM conclude $32.3M USD finance solution 
The invoice financing facility and working capital facility, is set to enable more South Africans to access affordable solar energy solutions. More

Defy launches solar-powered off-grid fridge, freezer range
Defy’s Solar Off-Grid range functions completely off-grid with battery and solar integration. More

Oya hybrid IPP ‘overcomes last hurdle for renewables
The company reached financial close a month ago on 13 February, the construction started on the morning of 14 February. More

Energea expands its Solarize portfolio with 3 new projects
The projects include three rooftop installations at CPOA Constantia Place, Laerskool Havinga and Bosmansdam High School. More

Rest of Sub-Saharan Africa

Chad - Paras Energy sets up rooftop based Solar PV Plant
The project was commissioned on EPC basis, with total project capacity of 560 KWp spanning across three roof sheds. More

Malawi - President Masis launches construction of 100 MW solar project
Scatec completed financing from RMB and IFC for the first phase (60 MWp) of the project in December 2023. More

Mali - Ibi Group starts offering electric vehicles through new company
The new company specialises in the sale of fully electric vehicles powered by solar panels. More

Tanzania - Zanzibar turns to solar for holiday resorts
Researchers and investors say they see room for PV investments in Zanzibar, due to the energy needs of many luxury holiday resorts. More

Zimbabwe - $4.2M USD solar project lights up rural areas
The programme is being implemented by the Rural Electrification Fund, formed by Government in 2002. More

AMDA collaborates with Energy Peace Partners (EPP)
The collaboration is to expand access to investment for renewable energy mini-grids that benefit under-electrified and un-electrified communities. More

Full repayment of senior debt $110M USD securitization facility AFC and d.light
Brighter Life Kenya 1 Limited successfully repaid its senior debt in full from internally generated cash flows, ahead of schedule. More