News Update - November 2023: Part 1

Nigeria

1,200 households connect to an electricity supply through mini-grids
Nigerian Electrification Project (NEP) of the World Bank, and REA and jointly executed by Concerto and CESEL. More

Tizeti secures debt financing to expand solar-based internet access
The long-term financing is secured from Chapel Hill Denham’s Infrastructure Debt Fund (NIDF) to finance the rollout broadband network. More

Westa Solar unveils 990 kWp solar installation at Aspira Nigeria Limited
Recall that Westa Solar secured a mezzanine loan of over $1M USD from the Development Bank of Austria in 2022. More

The Netherlands and partners unveiled Solar Marketplace
The Solar Market Place is designed to connect and will service solar players looking for customers, investors, technology, and skills. More

Havenhill Synergy installs 1 MW solar plant at Ado Bayero Mall
Co-financing came from Sterling Bank, this project highlights the importance of local currency investments in power infrastructure. More

South Africa

GOGLA calls solar start-ups to apply for accelerator
GOGLA is calling for application for Elevate, the investor readiness programme to connect companies with international networks and financiers. More

Harmony estimates $200M USD saving with 3 solar projects
Funding is facilitated by Rand Merchant Bank, African Clean Energy Developments, AIIM, Mahlako Energy Fund, Absa and Nedbank. More

SolarAfrica is preparing to start construction of its solar farm project
SolarAfrica started after the issuance of an Eskom grid allocation budget quote. Centres, Attacq and NCP Chlorchem already signed as off takers. More

Nedbank launched solar financing solutions on its Avo Solar platform
Nedbank offers flexible financing with repayment periods extending up to 84 months, to reduce cost barrier and increase adoption of solar power. More

Western Cape Government wants to pool municipal buying power
Research to setup a company to buy electricity from IPPs on behalf of municipalities to leverage their joint buying power to negotiate lower tariffs. More 

FNB opens up individual solar loans
FNB has opened up applications for individual solar loans tied to the government’s Energy Bounce Back Loan Guarantee Scheme. More

Pet food maker Montego Pet Nutrition invests $603,025 USD
Solar installation and energy storage plant at its head office. The project has already been approved and contracted to a local company. More

Rest of Sub-Saharan Africa

Eswatini - The Gables applies for 1.35 MW generation license
The said project or activities shall be undertaken at The Gables Shopping centre. More

Kenya - Two islands get electricity for the first time through solar mini-grid
REREC will develop seven solar mini-grids at $10M USD from the World Bank. More 

Mauritius - BHEL commissions 8 MW solar project
The project of Bharat Heavy Electricals Limited (BHEL) has been funded under GoI's Line of Credit (LOC) to the Government of Mauritius. More

Mozambique - KfW invests $21M USD through the GET FiT program
The GET FiT program is expected to mobilize an additional $63.2M USD in private capital, partly to invest in private solar projects. More

Rwanda - ARC Power raises $10M USD in investment
The investment is raised from Triodos Investment Management and OikoCredit used to expand operations, implement the grid expansion and generation. More 

Rwanda - USAID grants BasiGo $1.5M USD to expand to Rwanda
The $1.5M USD grant is awarded through its Development Innovation Ventures program. More

Zimbabwe - National Foods to invest in 2 MW solar plant
Agri-industrial concern National Foods Holdings Limited is assessing options for setting up a 2 MW solar plant. More

Zimbabwe - RDC identifies investors to develop a 50 MW solar project
Chivi Rural District Council (RDC) continues to push Zimbabwe towards becoming self-sufficient in power. More

Easy Solar raises $7M USD to pursue its expansion in West Africa
The $7M USD is raised in debt and equity from Acumen, Cygnum Capital and Triodos Investment Management. More

Mitsui to invest in NEoT, in Africa active under NEoT Off Grid Africa
Mitsui & Co., Ltd. is joining forces with historical shareholders EDF, via its corporate venture capital EDF Pulse Ventures, and Forsee Power. More

Standard Bank commits $20M USD to FEI's $50M USD debt facility
$20M USD is invested as part of a $50M USD construction debt facility agreed between CrossBoundary Energy and the Facility for Energy Inclusion. More