News Update - October 2023: Part 2

Nigeria

AMDA and REA Sign MoU to Promote Mini grid Development in Nigeria
The MoU will focus on knowledge sharing, capacity building, and better coordination of the sector, amongst other initiatives. More

BaobabPlus, TradeLenda start offer finance and solar solutions to SMEs
Under the partnership, Trade Lenda will offer credits to SMEs to acquire solar energy solutions offered by BaobabPlus to run their businesses. More

REA partners with CrossBoundary Access and ENGIE Energy Access
The public-private partnership agreement is to extend clean energy connections to 15 rural communities. More

South Africa

Stanlib, Standard Bank and Liberty launch $1B USD energy transition fund
It will finance large-scale renewable energy developments such as wind, solar, and green hydrogen projects across Africa. More

Chariot to start construction of $53M USD solar project
The construction will start next year. The project is set to generate up to 40 MW to the Tharisa mine in Rustenburg. More

Magnora sells 90 MW solar project to Globeleq
While the exact location of the plant remains undisclosed, Magnora will oversee its development in partnership with the UK-based IPP. More

Nedbank drives sustainable finance with $113M USD green bond
The funds from this bond will be directed towards supporting private renewable energy projects in South Africa. More

Climate grant funding from rich nations doubles to $676M USD
Total funding allocated has increased to $12B USD as the Netherlands and Denmark, Canada, Spain and Switzerland joined the initiative. More

The World Bank has approved a $1B USD development policy loan
The loan is used to facilitate a restructuring of the power sector and to encourage private investment in renewable energy. More

Bravura Energy launches Solar Fund for the exclusive solar investment
The fund is an opportunity for organisations that need funding for PV projects that may not be able to follow a traditional structure or project roll-out. More

Kenya

Tea company James Finlay Kenya has commissioned a 2.4 MW
The two solar plants are operated under a PPA with Berkeley Energy Corporate Solutions (BECS). More

SunCulture receives funding for solar irrigation and agricultural innovation
The funds are being provided by Nithio Financial Intermediary. part of a $12M USD syndicated credit facility led by Mirova SunFunder. More

Kenya Power commissionings solar mini-grid project
The 737 KW project provides electricity for fishing community. It is being funded by the World Bank in partnership with the county government. More

Rest of Sub-Saharan Africa

Angola - Saurimo $41M USD plant is nearly completed
The power plant being built in a 65 hectares area by Sun Africa and MCA Angola has the capacity to produce 26.9 MW of clean energy. More

Botswana - Sturdee Energy goes operational with $5M USD solar plants
The two solar plants are the first PPP in Botswana with Sturdee Energy securing financial support from ResponsAbility. More

Burundi - the AfDB finances $13M USD included 18 solar-powered water supply systems
The funding is being provided by the Transition Support Facility (TSF), the AfDB financing instrument for countries in transition. More

Chad - $1.58M USD loan to boost clean energy through mini-grids
Proparco provide the loan toward the development, construction and operation of mini-grids. The funding will go to ZIZ Energie. More

Ivory Coast - Eiffage SA subsidiary, RMT to build 37.5 MW solar plant
Ivory Coast commissioned RMT to build the country's very first photovoltaic solar power plant. More

Madagascar - 2.6 MW hybrid solar power plant at the Molo mine
Canadian mining company NextSource Materials has announced the commissioning. The facility is operated by CrossBoundary Energy (CBE). More

Mauritius - $45M USD in green bonds to finance 13 solar power plants
Envolt, a subsidiary of the Mauritian conglomerate ENL, is launching a green bond programme. FSD Africa is backing the deal. More

Zimbabwe - DPA built 600 kwh for diary processor, Kefalos
Solar plant provides up to 50% of Kefalos’ energy requirements when the factory is running at full capacity. More

GCF approves $50M USD for Camco’s new blended finance fund
The Board of the Green Climate Fund (GCF) approves funding for new debt fund. Camco is developing the fund as a $250M USD fund. More

Husk Power Systems raises $103M USD Series D in equity and debt
The capital injection includes $43M USD in equity and a $60M USD debt financing. More

Orange partners with Koolboks for 12 African countries
Orange accelerates the deployment of Orange Energies and launches a solar freezer offer in partnership with Koolboks in 12 African countries. More

We are investing to support Africa’s clean energy transition
Naana Winful Fynn, regional director – West Africa of Norfund explains Norfund's role in sustainable development. More