News Update - May 2026: Part 1

Welcome to the first edition of May 2026. This edition covers 17 updates across 12 countries plus three multi-country financing initiatives. Two projects reached financial close, four plants reached commissioning or operational status, three financing agreements totalling $326 million were announced and seven projects advanced in development, construction, or approvals. A single $1.1 billion+ M&A transaction in South Africa anchors the edition, while mini-grid and off-grid activity dominates the development pipeline, with six entries spanning Cameroon, Madagascar, Mozambique, Tanzania, Togo, and Renewvia's multi-country rollout.

All project and financing data referenced in this newsletter is available on solarfinanced.africa. Stakeholder roles, financing instruments, and status history are accessible to subscribers.

Transaction Spotlight

African Rainbow Energy + SOLA Group: Consolidation in South Africa's Corporate PPA Market

African Rainbow Energy's increase from 41% to 83% in SOLA Group is the standout transaction of this edition. The deal hands Patrice Motsepe's ARE majority control over what is now South Africa's largest corporate-serving Independent Power Producer, with a renewable energy portfolio valued at more than R20 billion (~$1.1 billion USD).

What makes this consolidation strategically significant is SOLA's operating model. The company has built its business around on-site renewable generation and Eskom's wheeling programme, supplying electricity directly to corporate customers under bilateral contracts rather than through public procurement. Its 1,100 MW of solar PV capacity and 730 MWh of battery storage already serve a diversified roster of industrial, mining, retail, property, and financial-sector off-takers, including Sasol, Tronox, Aspen, AB InBev, Woolworths, Pick n Pay, Clicks Group, Mr Price, Coca-Cola Beverages Africa, Old Mutual, Netcare, Redefine Properties, Growthpoint, Resilient REIT, and Vukile Property Fund.

For ARE, the transaction consolidates exposure to a roughly 2,000 MW combined renewable energy and storage portfolio, approximately 1.5 GW operational and another 500 MW under construction. The deal is a clear signal that South Africa's corporate PPA market is maturing into a platform business. With wheeling-enabled bilateral contracts now underpinning utility-scale portfolios, the model that was once positioned as the alternative to REIPPPP is producing scale of its own, and attracting consolidation capital.

More →

Financial Closes

Eswatini - Anthem Reaches Financial Close on 20 MW Tsamela Solar Plant
Anthem has reached financial close on the 20 MWTsamela Solar Plant in the Hhohho Region, the first project under the Eswatini Energy Regulatory Authority's ESERA solar PV procurement programme to reach financial close, financed by Standard Bank as senior lender and the Public Service Pension Fund as both debt and equity investor, with electricity to be supplied to the Eswatini Electricity Company. More · Project & financing data →

Nigeria - 0.346 MW La Campagne Tropicana Solar Plant Reaches Financial Close
A final PPA draft has been signed between the developer and La Campagne Tropicana Beach Resort in Lagos for a 0.346 MW solar array paired with an 860 kWh battery system, designed to cut the resort's electricity costs by approximately 30% and reduce reliance on 24-hour diesel generation. More · Project & financing data →

Commissioning & Operations

Angola - MCA Commissions 31.85 MW Luau Solar Plant with 75.26 MWh of Storage
Portuguese group MCA has inaugurated the 31.85 MW Luau Solar Plant paired with 75.26 MWh of battery storage on the Lobito Corridor in eastern Angola, valued at $102 million USD and financed by Standard Chartered Bank with support from the German Export Agency, reinsured by the Portuguese and Korean Export Agencies, with PRODEL Ep acting as project developer. More · Project & financing data →

Cameroon - REI Cameroon Commissions Country's First Privately Operated Solar Mini-Grid
Renewable Energy Innovators Cameroon has commissioned the 0.1 MW Voundou Solar Plant with 116.6 kWh of storage in Mbangassina, the first commercial deployment under the National Energy Compact's distributed renewable energy pillar, with REI Cameroon targeting 145 mini-grids across six regions by 2029. More · Project & financing data →

Nigeria - Enerplaz Commissions 0.53 MW Hybrid Solar Plant in Lagos
Enerplaz Engineering Limited has commissioned a 0.53 MW hybrid solar and storage system at Osapa Lekki in Lagos, expected to displace up to 700 litres of diesel per day for the retail facility, with a projected payback period of 14–18 months. More

Zimbabwe - Cafca Commissions 1.2 MW Rooftop Solar Plant in Harare
Cable manufacturer Cafca Limited has commissioned a 1.2 MW rooftop solar plant in Harare for a $1 million USD investment, covering approximately 30% of the company's electricity needs, with excess generation exported to the ZESA grid under a net-metering framework, an investment driven by SI 157 of 2024 opening Zimbabwe's cable market to imports. More

Financing

Zambia - Zambia Development Agency and Sunshare Energy Sign $246M USD IPPA to Expand Nambala Solar Plant to 350 MW
The Zambia Development Agency and Sunshare Energy Limited have signed a $246 million USD Investment Promotion and Protection Agreement for Phase II of the Nambala Solar Plant in Mumbwa, adding 250 MW to the existing 100 MW Phase I and bringing cumulative investment to approximately $300 million USD, in support of Zambia's target of raising national generation capacity from 3,800 MW to 10,000 MW. More · Project & financing data →

Sub-Saharan Africa - IFC Proposes $40M USD Equity Investment in Cygnum Capital's Facility for Energy Inclusion
The International Finance Corporation has proposed a $40 million USD equity investment in the Facility for Energy Inclusion, a pan-African structured debt fund managed by Cygnum Capital targeting $750 million USD in assets under management, with existing backers including the African Development Bank, KfW, Norfund, the European Commission, and the Clean Technology Fund. More

Sub-Saharan Africa - IFC Provides $40M USD Convertible Loan to EDF Power Solutions
IFC has secured a $40 million USD convertible loan with EDF Power Solutions to support the large-scale deployment of pay-as-you-go solar home systems across Africa under the World Bank and African Development Bank–backed Mission 300 programme, which has already mobilised more than $8.5 billion USD and established energy pacts in 17 countries. More

Tenders, Approvals & Development

Côte d'Ivoire - Montage Gold Releases Feasibility Study for 22 MW Solar Plant at Koné Gold Project
Montage Gold has released an updated feasibility study confirming a hybrid power strategy for the Koné gold project, combining a 96-km transmission line to the Laboa substation for baseload grid supply with a 22 MWp on-site solar PV plant designed to manage energy costs and lower greenhouse gas emissions over the life of the mine. More

Madagascar - JIRAMA Launches 932 MW Programme Across 46 Solar Projects
Madagascar's national electricity utility JIRAMA has launched a programme of 46 new solar projects totalling approximately 932 MW, combining large solar farms with smaller decentralised systems to reduce dependence on imported fuel and extend electricity access beyond the main grid. More

Mozambique - ARENE Relaunches Pre-Qualification Tender for 30 MW Dondo Solar Plant
Mozambique's Energy Regulatory Authority ARENE has relaunched the IPP pre-qualification tender for a 30 MWac solar PV plant in Dondo District, Sofala Province, financed by the European Union through Agence Française de Développement under the PROLER programme, with the invitation to submit proposals expected in the second half of 2026. More

Sub-Saharan Africa - Renewvia Energy Plans $750M USD Mini-Grid Expansion Across Four African Countries
Atlanta-based Renewvia Energy Corp. is expanding its solar mini-grid operations into Uganda, Rwanda, Ethiopia, and the Democratic Republic of Congo, with an estimated $750 million USD in investment targeting approximately 2.1 million new electricity connections, building on the company's existing 24 commercial mini-grids in Kenya and Nigeria serving clients including Shell, UBA Bank, and UNHCR. More

Tanzania - Rex Energy Nears Completion of Ukerewe Mini-Grid Solar Plant
Rex Energy is finalising an approximately $8 million USD (TZS 20 billion) off-grid solar project on the islands of Ukerewe in Mwanza Region under the Rural Energy Agency's competitive programme, targeting more than 20,000 households and 400 businesses with services expected to begin at the end of May 2026. More · Project & financing data →

Togo - AT2ER Launches 2.325 MW Tender for 27 Rural Mini-Grids Under 317 Localités Programme
The Agence Togolaise d'Electrification Rurale et des Energies Renouvelables has launched an International Competitive Bidding tender, financed by the Islamic Development Bank under loan agreement TGO 1013, for the construction of mini-grids in 27 rural localities, split into two lots covering 1.295 MW (Lot A) and 1.030 MW (Lot B) of solar capacity, with bid submission due by 26 May 2026. More

Zimbabwe - Munyati Evergreen Energy Begins Site Establishment on 100 MW Munyati Solar Plant
Munyati Evergreen Energy has commenced site establishment and early works on the 100 MW Munyati Solar Plant at Munyati Power Station, with construction facilities, preliminary ground preparation, and technical team mobilisation underway ahead of the main construction phase. More · Project & financing data →

About Solarfinanced Africa
Solarfinanced Africa is a solar finance market intelligence platform covering projects, financing flows, and key stakeholders across Africa, including developers, lenders, EPCs and off-takers.

Browse projects · Browse organisations · Pricing · Subscribe to this newsletter