News Update - November 2022: Part 2

Nigeria

Bank of Industry (BOL) increases its solar energy fund to $14mThe BOL said the target market now includes households and businesses, project developers and deposit money banks / micro-finance banks. More

Nigerian REA signs MoU to develop rural solar energy projectsCarbonAi will identify and develop small-scale solar energy projects in Nigeria and the projects will be funded by proceeds from carbon credits. More

South Africa

Palabora Mining going ‘green’ with independent power producer appointmentFinancial close is likely in the second quarter of 2023, with operational commencement in the second quarter of 2024. More

South Africa’s energy transition rises in the eastThe World Bank approved a loan of $497m to fund the decommissioning and repowering of Komati using renewables and batteries. More

EIB and DBSA to Co-Finance €400m for clean energyDBSA initiative offers it as a credit assistance facility to finance renewable energy projects initiated by private sector organizations and local governments. More

ABSA funds the first renewable energy projects in bid Window 5 of the REIPPPThe projects comprise two 140MW wind farms which will be located in the Northern Cape and developed at a total estimated capital cost of $450m. More

Kenya

Solar firm M-Kopa to get $65m IFC loanThe financing is part of a five-year facility of Sh21.97 billion arranged by Standard Bank of South Africa to be distributed among its Kenya and Uganda subsidiaries. More

BasiGo raises $6.6m for commercial deliveries of electric busesThe funding round involving several investment firms, including Keiki Capital, Trucks Venture Capital, Novastar Ventures, and mobility54. More

Zimbabwe

Caledonia’s Blanket Mine in gets a 12 MW solar plant to reduce costsThe solar power will displace more expensive power from the grid and from the diesel generators and is expected to reduce Caledonia’s consolidated cost. More

Mimosa Mining Company intends to build a 38 MW solar power station The project is currently under feasibility studies with the project cost expected to be one of the outcomes. More

Approves framework agreement for a 100 megawatt solar power stationThe agreement was approved and signed between Zimbabwe and Belarus as Zimbabwe continues adding generating capacity. More

Rest of Sub-Saharan Africa

Ghana - Puma Energy extends solar installation offer to C&I customersPuma will invest USD 33 million to offer solar solutions to its commercial and industrial customers in Ghana and across Africa. More

Benin - The country tests power of a rural mini-grid with 1.7 MW solar projectThe project represents an investment of $8.79 million, financed by NEoT Offgrid Africa and U.S. government's main development fund, Millennium Challenge Corporation. More 

Malawi - On the sidelines of COP27, Amea Power signs for a 50 MWp solar plantInvolving ESCOM and a consortium of IPP JCM Power and InfraCo Africa, an investment company of the Private Infrastructure Development Group. More

Mozambique - IPPs needed to develop 30 MW solar PV plants in MozambiqueMozambique invites eligible independent power producers to submit their applications to develop, finance, design, construct, operate and maintain two solar plants. More

Mozambique - Ncondezi Energy raises £500,000 for Tete project workThe funds will be used for working capital and will cover the costs of delivering the next milestones at the Tete project. More

InfraCo Africa to invest US$15m to anchor pioneering new guarantee companyThe investment of $15m will be done into a newly established guarantee company, alongside a US$5m commitment from Cardano Development. More

The West African Development Bank (BOAD) has pledged to devote $1.3 billion The financial institution’s ambition by 2025 is to develop 380 MW of installed capacity, combining clean sources and inter-regional grid connections in its member states. More

AfDB invests $20 million targeting renewable energy projects in sub-Saharan AfricaThe equity investment of $20 million is done in Evolution Fund III, a fund that is mobilising about $400 million over 10 years time. More

Mirova funds $5m for BioLite’s solar home systemsThe $5.3 million is a loan that will enable BioLite to finance its “increased working capital needs, a product of its rapid expansion in sub-Saharan Africa”. More

World Bank group announces major Initiative to electrify Sub-Saharan AfricaThe Renewable Energy Scale-Up Platform (DARES) calls for joint action by government, private investors, and development agencies to solve Africa’s electricity needs. More

ECREEE and GGGI announce $75m for the ECOWAS Renewable Energy Facility 2030This will support small and medium sized renewable energy projects and businesses in rural and peri-urban areas of the ECOWAS member countries. More