News Update - November 2022: Part 1

November 12, 2022

Nigeria

8 clean energy start-ups in Nigeria to receive $80 000 grantAn $80,000 grant funding has been awarded to eight clean energy start-ups in Nigeria through the All On’s venture-building platform, All on Hub. More

Nigerian Breweries, CrossBoundary Energy sign $10 million agreementCrossBoundary Energy will fully finance the development and construction of the Ibadan and Ama renewable energy facilities. More

REA connects 5 million people with $550 million solar power grantFunded with a $550 million (N241.8 billion) grant from the World Bank and the African Development Bank (AfDB). More

Darway Coast to benefit from £10 million climate finance blending facilityfunded by the United Kingdom Foreign, Commonwealth and Development Office (FCDO), an initial transaction under InfraCredit’s clean energy funding programme. More

SA to get $500m from Climate Investment Funds to close coal-fired plantsThe allocation of $500m each to the coal-dependent countries will come in the form of “concessional,” or low cost, finance. More

Major shopping malls in South Africa getting $8.3 million in new solar projectsReal Estate Investment Trust (REIT) Redefine Group says that it is working on $8.3 million worth of solar installations across its portfolio. More

South African solar power company pays investors in cryptoSun Exchange crowdfunds the installation of panels on schools and farms. Sun Exchange has installed panels for more than 60 agricultural businesses, schools, etc. More

France and Germany extend €600 Million in financing for South Africa’s transitionThe loans are provided by the French and German public development banks, AFD and KfW, directly to the South African government via its National Treasury. More

Zimbabwe - Distributed Power Africa set to build Zimbabwe’s rooftop solar plantCassava technologies’ subsidiary, DPA is to build a 2.5MW solar installation after agreeing on a 25-year lease with Varun Beverages. More

Uganda - €68m from Berlin for climate resilience and energyThe German government is providing €68.8 million to build climate resilience in the agriculture and energy sectors in Uganda. More

Uganda - TotalEnergies to add 120MW of solar energy on Ugandan gridThe solar projects in Uganda are part of the French Oil giant’s global energy strategy and commitment to developing 1GW of renewable energy in Uganda by 2030. More

Namibia - Private equity firm RMB Corvest invests in Sedgeley SolarSolar provider gets RMB Corvest’s backing as a strategic partner to enable Sedgley Solar to capitalise further on rooftop solar PV opportunities. More

BoA and CrossBoundary Energy join forces to expand renewable energy across AfricaIntention to explore financing solutions and to rapidly scale its investments in renewable energy solutions for commercial and businesses across Africa. More

7 scale-ups hog over 70% of funding to Africa’s solar pay-go venturesAfrica’s off-grid solar sector have attracted over $2.3 billion in funding, however the largest share of the financing has gone to just 7 companies. More

Creating the framework to attract private investment into AfricaThe International Finance Corporation (IFC) is on course to mobilise $10bn of private sector investment annually into Africa by 2030 says its vice president for Africa. More