News Update - October 2024: Part 1

South Africa

Candi Solar secures an additional $18M in debt funding
The debt funding is coming from responsAbility and BIO to accelerate solar energy expansion in India and South Africa. More

Construction of 80 MW solar plant at Northam’s Zondereinde commences
Project finance is being provided by Nedbank Limited and the Standard Bank of South Africa Limited. More 

Grid Africa secures 2.88M USD equity investment from Rifuwo Energy Partners
This funding will be pivotal in advancing renewable energy projects across South Africa at a crucial time as the nation braces for a rise in energy costs. More

FNB launches ‘FNB Energy Solutions’ to power up SA businesses
The model involves collaboration between FNB, as the funding provider, with established expert technical and asset management partners. More

France nears disbursement of second climate loan to South Africa
France is in the final stages of preparing a second loan, adding to the $329M USD it distributed about 18 months ago. More

Mainstream Renewable Power reaches financial close 50 MW Ilikwa Solar Plant
Investec played a pivotal role in securing pre-construction development finance, along with debt and equity finance for the plant’s construction. More

Manufacturer Penflex will install a 1.3 MW hybrid solar system
Renewable energy project developer Blue Energy Africa will build and implement the system for Penflex under a 20-year solar PPA solution. More

Work starts on Cape Town’s $11.5M Atlantis solar plant
The solar PV plant will be owned and operated by the city. The first power is expected to be delivered near the end of 2025. More

Yellow Door Energy and Waterberg Boerdery launch solar microgrid
As the IPP, YDE oversaw the financing, design, construction, and operation of the solar plant and hybrid system integration. More

Rest of Sub-Saharan Africa

Ethiopia: 300 remote health care facilities will be powered by solar
The new initiative forms part of a broader $35M USD programme funded by Gavi, the Health Alliance. More

Kenya - Henkel reaches 100% renewable electricity target
Henkel has announced that its manufacturing site in Nairobi, Kenya, is now fully powered by renewable energy. More

Liberia - World Bank commits $2M USD to Liberia’s solar plant
The grant funding will be used to engage a transaction advisor for solar IPPs, as well as support for completion of feasibility studies. More

Nigeria - REA commencing new rural electricity project in November
REA stated that a new project called “Distributed Renewable Energy Scale Up”, which is a $750M USD project financed by the World Bank, will start next month. More

Nigeria - Husk Power and AEDC partner for interconnected mini-grids
The announcement is a major step in Husk’s 250 MW partnership with the REA to scale the renewable energy service company (RESCO) model. More

Zimbabwe - FEI provides $10M USD facility to finance Cicada Solar Limited
FEI provides long-term senior debt, Cicada Solar Limited also works with their local funding partner NMB Bank. More

CEI Africa and MPower sign for a potential equity investment up to $820k USD
CEI received final investment committee approval to invest equity in MPower Ventures AG (MPower) alongside the crowdfunding platform Republic. More

DFC commits a $40M USD facility to GreenCo
The commitment of this $40M USD facility will enhance GreenCo’s creditworthiness by providing a backstop to GreenCo’s payment obligations to IPPs. More

Equator Africa secures $5M USD from IFC for African climate tech initiatives
The fund’s final investment includes a $1.5M USD guarantee from the Korea Green Resilient and Innovative Development (K-GRID) Programme. More

IFC commits up to $25M USD to Acumen’s Hardest-to-Reach (H2R) Fund
The H2R Fund is a $200M USD initiative designed to enhance energy access in underserved regions of Sub-Saharan Africa. More

Power Africa announced an investment of $250k USD
Power Africa is awarding grants to Simusolar and SureChill to distribute solar-powered irrigation and refrigeration solutions to regions in Kenya, Tanzania, and Uganda. More