News Update - November 2023: Part 2

Nigeria

Nigeria and Sun Africa held meeting for $2.2B solar project
Sun Africa’s Financing partners ING Bank and Citi, backed by the US-EXIM Bank, could actively support this venture. More

Nigerian Breweries Plc signs a 15-year Solar PPA with Daystar Power
The development and construction of the renewable facilities will be fully financed by Daystar, while the facility’s operation will be handled by NB Plc. More

Alerzo empowers 3,000 retailers in Oyo State with solar lamps
It was done in collaboration with Schneider Electric with Mobiya solar lamps provided through the light up initiative. More

South Africa

Air Liquide and Sasol sign PPA with Mainstream Renewable Power
Mainstream will build a solar farm located in the Free State province. This renewable energy facility is scheduled to be operational in 2025. More

EDF Renewables project reached financial and commercial closure
Commercial close is concluded with Department of Mineral Resources and Energy. Financial close is completed with Nedbank, RMB and DBSA. More

Exxaro Resources unveils Lephalale solar project of $82.5M USD
The 68 MW plant will supply Exxaro’s Grootegeluk coal mine under a 25-year agreement. Funded by Exxaro, Standard Bank and Nedbank. More

M-KOPA launches Pay-As-You-Go solar solutions
M-KOPA has initiated its pilot operations. This move comes five months after securing a substantial $250M USD in debt and equity funding. More

Mercedes-Benz invests $5.35M USD in solar PV installation at plant
The installation is done at the East London manufacturing plant. It is also investing $2.14M USD over 2 phases in EV charging Countrywide. More

Soventix secured Eskom approval phase 2 and 3 of 1 GW solar project
The project was developed under the South African (REIPPP) program of the Department of Mineral Resources and Energy. More

South Africa secures financing for Just Energy Transition
The concessional financing is coming from World Bank, KfW, and AfDB. The financing are loans with 12 to 15 years with affordable rates. More

Stanlib to Invest $160M in Africa Renewables via new fund
It will start with South Africa and then seek assets across Africa within two years. Next is Nigeria, Ghana, Tanzania, Kenya and Angola. More

Kenya

KenGen is seeking to build a 40 MW floating solar PV
The power producer wants to start a feasibility study for the project funded by the German Development Bank (KfW). More

UNHCR starts building solar installations, part of Green Financing Facility
Sida, the German Federal Ministry of Economic Cooperation and Development (BMZ) and the IKEA Foundation are also contributing to the GFF. More

M-PESA Foundation Academy officially launched a 350 Kwh solar project
The project that is aimed at reducing reliance on the national grid by 40% immediately and 60% in the long run. More

Rest of Sub-Saharan Africa

Central African Republic - launch of 25 MW solar project
The solar project is supported by the World Bank through grant funding from the International Development Association (IDA). More

Liberia - RREA launched the Liberia solar home system result-based financing
The Rural and Renewable Energy Agency (RREA) initiative is a World Bank-funded project, providing off-grid electricity for rural communities. More

Malawi - Mkango to build 25 MW of solar at Songwe Hill
The rare earth element mining company aims to build three solar PV plants to provide sustainable electricity supply for some of the mine’s operations. More

Malawi - Egenco rolls out construction of 10 MW solar plant in Salima
Electricity Generation Company (Malawi) Limited (EGENCO) started the construction. The project, which is expected to take 18 months. More

Mali - CEI Africa has awarded a grant of $1.8M USD dollars to WeLight
CEI has its intention to award a results-based grant (RBF) worth $1.8M USD to electricity access provider WeLight. More

Mauritania - GreenGo Energy seeks approval for its 60 GW project
Greenco said that it is eyeing tier I investors in the green energy space to finance the solar and wind project. More

Mauritania - AfDB has approved a $15.7M USD grant for mini grids
The project will be executed by the Société Mauritanienne d’Electricité (SOMELEC). More

Niger - Nigelec commissioned 30 MW solar plant to compensate for major shortages
The $33.1M USD plant was financed with $25.7M USD from the French Development Agency and a grant of $5.8M USD from the EU. More

Togo - KYA-Energy Group agrees on financing deal with Ecobank
It enable eligible clients (businesses) to secure need-tailored loans to buy the generators. The loans are given out from a green fund at good rates. More

Somalia - ADFD inaugurates 3.5 MW solar plant
Abu Dhabi Fund for Development (ADFD) financed the solar energy project inaugurated recently. More

Germany pledges $4.35M USD investment into Africa’s green energy initiatives by the year 2030
This announcement came following a meeting between Scholz and various African leaders, including the President of the AfDB, Dr. Akinwumi Adesina. More

Phanes announces incubator program for solar projects in Africa
The incubator program is aimed at identifying solar projects in Africa by providing support to funding, and commercial and technical knowledge. More

Fortis Green Renewables does $1.5M USD in Spark Energy Services
The investment completes an almost $10M USD equity round for Spark, which Camco has developed to support the African C&I sector. More