News Update - October 2023: Part 1

Nigeria

WATT raises $13M USD to power renewable energy
WATT Renewable Corporation has secured $13M USD in funding from Empower New Energy to add 8 MW of installed generating capacity. More

CrossBoundary Access and Mobile Power announce $10M USD partnership
partnership to deploy MOPO Hubs in Nigeria, providing energy access to 300,000 people using an innovative battery service. More

The Nigeria Solar Investment Report 2022 provides funding landscape insights
Includes listed investors, debtors and relevant information for the top 50 project. For anyone that wants insights in the investment / funding solar landscape in Nigeria. More

Auxano Solar commissions 100 MW solar panel factory
The company secured financial backing from investors All On and US African Development Foundation's Offgrid. More

Spark Energy Services partners with Rensource Energy
Rensource Energy is added as the latest development partner of Camco's innovative financing platform, Spark Energy Services. More

South Africa

Standard Bank-funded solar plants to add 5% to grid by end 2024
The bank expect to have 1,500 megawatts added to the national grid by the end of 2024, the lender said, accounting for 5% of the total grid. More

Adenia announces first investment for 5th flagship fund, Adenia V
The investment has been done in Enfin, a solar financing solutions provider serving commercial and industrial clients across South Africa. More

South Africa’s solar boom bleeds Eskom
Recent data by Eskom suggests that from March 2022 until March 2023, the amount of electricity generated by solar has risen 350%. More

100 MW solar project in South Africa sold by ABO Wind
The investor concluded a private power purchase agreement with an off-taker for the produced electricity. More

Kenya

Kenya’s first hybrid solar-hydro plant goes online
Hydropower company Hydrobox and Kenya-based C&I solar company SolarNow last week commissioned a hybrid solar-hydro plant. More

The Kenya Solar Investment Report 2022 provides funding landscape insights
Includes listed investors, debtors and relevant information for the top 50 project. For anyone that wants insights in the investment / funding solar landscape in Kenya. More

180 MW of solar to anchor HDF’s first green hydrogen
HDF says it typically takes 2 years of development, and 2 years of construction. The investment is valued around $500M USD. More

Rest of Sub-Saharan Africa

Congo DRC - CEI Africa announces intention to award grant to Nuru
CEI Africa has the intention to award a RBF grant for a total of up to $3.1M USD to Nuru for the creation of a 3.8 MW solar mini grid. More

Mozambique - Syrah’s 11.25 MW energy plant achieved full operation
Graphite miner Syrah Resources has achieved full operation of its solar and battery hybrid system at its Balama operations. More

Tanzania - Power Africa announces new partners for HETA
Health Electrification and Telecommunications Alliance (HETA) is supporting health electrification and digital connectivity in Tanzania. More

GCF’s new head aims to include left-out communities in climate finance
Mafalda Duarte, head of Green Climate Fund (GCF) announces plan to revamp its operation. More

Can the IMF and World Bank deliver cheaper money for Africa?
The continent is paying a 500% premium on capital market borrowing compared to those available through the World Bank. More