News Update - May 2023: Part 1

May 16, 2023

Nigeria

Solar product sales rose by 450% in Nigeria within 6 yearsThe rise has come from initiatives like the Nigeria Electrification Program (NEP), implemented by the Rural Electrification Agency. More

The Nigeria Solar Investment Report 2022 provides funding landscape insightsIncludes listed investors, debtors and relevant information for the top 50 project. For anyone that wants insights in the investment / funding solar landscape in Nigeria. More

Phelan Energy connects 86 MW PV plant to grid in South AfricaPhelan Energy Group, through Solar Capital, fully equity funded the Loeriesfontein plant and it is now undertaking a refinance program. More

RDM starts construction of $3.8M USD solar power plantThe plant will power the operations of RDM with a high possibility of exporting the surplus energy back to the South African grid. More

TotalEnergies signs PPA with Sasol South Africa and Air Liquide Large Industries SATotalEnergies will build a 120 MW solar plant and a 140 MW wind farm in the Northern Cape with the provision of 260 MW of renewable power over a 20-year period. More

High irradiance in South Africa boosts Scatec opening quarter earningsFor the period between 1st January and 31th March 2023, the Norwegian IPP registered a consolidated revenue of $86.6M USD. More

Redefine to add more solar capacity to cope with blackoutsRedefine is looking at boosting its solar power generation capacity as it seeks to reduce its reliance on struggling state-owned electricity utility Eskom. More

Burundi - Gigawatt Global is doubling their solar current solar plantThe current 7.5 MW solar plant took 7 years and $15M USD to develop and build. Political Risk Insurance and refinancing of construction debt are being led DFC. More

Central Africa Republic - First large-scale solar PV Plant goes liveThe solar power project was funded by the Chinese government and its construction was done by the Chinese company Tianjin Electric Power Construction (TEPC) Co. Ltd. More

Congo - $26M USD renewable energy research centre is being set upIt was financed within the framework of cooperation between the Republic of Congo, the oil group Eni and the United Nations Industrial Development Organisation (UNIDO). More

Kenya - Discover Kenya's funding landscape in the Solar Investment Report 2022Includes listed investors, debtors and relevant information for the 50 top projects. For anyone that wants insights in the investment / funding solar landscape in Kenya. More

Niger - Savannah Energy signs agreement for 200 MW solar power plantsThe project development costs will be funded through Savannah’s cash flows and project-specific debt. More

Nigeria - Katsina State Government signs agreement with solar farm to attract more investorsThe state government is already establishing an 800-hectare industrial park otherwise called Green Economic Zone with solar power. More

Senegal - Africa REN announces a change in the shareholding of Senergy 2 solar plantPrivate equity fund manager Metier Sustainable Capital and the Dutch development bank FMO become part after the change in the shareholding. More

South Sudan - Energy Peace Partners to fund second South Sudan hospitalThe partners will leverage a Peace Renewable Energy Credit (P-REC) facility to fund the installation, maintenance and operation of a solar energy facility at the Bor State Hospital. More

Zimbabwe - RioZim bullish about prospects for solar projects fundingRioZim Limited says it is optimistic about reaching financial closure for its 178 MW solar projects after the group resumed engagements with potential funding partners. More

M-Kopa secures $250M USD in one of Africa’s biggest tech fundraisingStandard Bank is lending $100M USD of the $202M USD in debt, IFC with $65M USD Sumitomo Corporation is investing a further $36.5M USD. More