News Update - May 2024: Part 2

AfDB to support Nigeria’s power sector with $1B USD. Novawind to build $217M USD solar plant

June 04, 2024

AfDB to support Nigeria’s power sector with $1B USD
Part of the project entails the $200M USD dollars Nigeria Electrification Project, which will build 150 mini-grids. More

EM-ONE and REA sign MoU to deploy 350 MW
The partnership between REA and EM-ONE will be supported by the $750M USD World Bank Funding. More

Federal Government approves $750M World Bank funding for mini-grids
The fund would be used as a capital subsidy to incentivise the private sector to electrify 23% of the total unelectrified Nigerians through mini-grids. More

Husk Power Systems and REA sign MoU to deploy 250 MW
The partnership between REA and Husk Power Systems will be supported by the $750M USD World Bank Funding. More

Rensource Energy and Green Fuels Partner to build a 1.7 MW solar installation
The solar installation is build for for Valentine Chickens in Kwara State and expected to be completed in Q3 2024. More

Starsight Energy installs 1.1 MW solar installation at Psaltry
Backed by Alitheia Capital, Psaltry aimed to be powered by green energy for all its operations. More

Volkswagen’s Kariega plant to be powered by 5.5M USD solar installation
By the end of this year a total of 5.6 MW of solar energy will be powering Volkswagen’s manufacturing plant in Kariega. More

Sunfarming launches construction of South Africa’s largest agri-solar plant
Co-financed by DEG/KfW, will continue to be operated by the non-profit organizations FEED LTD South Africa and FEED e.V. Germany. More

Red Rocket achieves financial close and starts construction
The 275 MW Virginia Solar Park will be financed by Rand Merchant Bank (RMB). More

Petra Diamonds Ltd enters into PPA with Etana Energy to power mines
The diamond miner said it has signed those agreements with South African energy trader Etana Energy to power its Cullinan and Finsch mines. More

Gauteng Provincial Government partners with IPPs
The IPPs have been tasked with securing their own funding and obtaining all necessary permits for site development. More

PIM extends equity finance facility to Reatile to acquire solar project stake
Reatile acquired a 31.5% stake in Ursa Energy (RF) Pty Ltd, a 240 MW Solar PV farm situated within bid window 6 REIPPPP. More

Angola - MCA inaugurates $40M USD solar park
MCA built the 25 MW solar park in consortium with the US company Sun Africa and is constructing on behalf of the Angolan government. More

Burkina Faso - AMEA Power energises 26.6 MW solar farm
The project was financed by the IFC, the IFC-Canada Climate Change Program and the Emerging Africa Infrastructure Fund. More

Ethiopia - ADB extends $8M USD funds for mini-grid pilot program
This fund is provided in the form of concessional loans, grants, and risk mitigation, and plans to finance up to 50% of mini-grid CapEx. More

Ghana - Dutch & Company installs rooftop solar installation
The solar installation is operated and financed by the client, The Fruit Terminal Company (FTC) in Tema Harbour. More

Mali - Laying foundation stone for the 100 MW Safo solar power plant
The plant, built in partnership with China, is 50% financed by the national budget and will be completed in 15 months. More

Mali - Novawind to build $217M USD solar plant
The 200 MW solar power plant will cover 314 hectares and will be the largest solar plant in West Africa. More

Zimbabwe - Two UNDP funded hospital solar project completed
The Mpilo Central Hospital and United Bulawayo Hospitals (UBH) both installed solar installations. More

d.light partners with Orange to provide affordable solar products
Customers can use the Orange Money service to purchase these products on a “Pay As You Go” (PAYG) basis, offering flexibility in payments. More

In 2023, ADFD led a $4.5B initiative to boost clean energy
This initiative, supported by both public and private sectors, was forged in collaboration with the Africa50 fund, a pan-African investment platform. More