News Update - September 2023: Part 1

Nigeria

WATT Renewable Corporation deploys 32 MW in solar installation
The installation will follow an Energy-as-a-Service model. Airtel is the offtaker of the electricity. 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

Okra Solar raises $12M USD in debt and equity
$7.85M USD was equity, led by At One Ventures, with FMO, Susquehanna Private Equity Investments and more. EDFi provided the debt finance. More

d.light reports 41% revenue growth, driven by 143% growth in Nigeria
d.light’s three-digit growth in H1 2023 has been driven by the launch of its new solar inverter product and also sales of its solar home systems. More

South Africa

Wetility raises $48 million to expand solar energy products
It comprises $9.5M USD in convertible debt and a $30M USD in commercial debt package with lenders including Sanlam, other banks. The rest is equity. More

FNB announces loan scheme to help customers mitigate power cuts
First National Bank (FNB) became the latest financial institution with a loan scheme that helps businesses and individuals with solar installations. More

South African insurer Discovery enters renewable power trading
Discovery starts work with power developers to set up wind and solar plants, depending on the accumulated demand. More

Static Power completes 1.1 MW solar system at ACTOM Manufacturing
Static Power operates as a business unit within the Actom Smart Technologies division, which is part of the larger ACTOM group. More

Redefine Properties kicks off $3.5M USD solar rooftop project
The rooftop solar is part of the City of Cape Town's pilot wheeling project and will supply Redefine properties. More

Enernet Global signs 12 MW solar power purchase deal
The deal is signed with Vedanta Zinc International’s Black Mountain Mining operations. More

Kenya

Unga Group Limited completes $2M USD solar project
The solar power units will help the total food company slash its power costs by more than 27%, resulting in more than $500K USD million annual savings. 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

Steel maker Devki Steel saves $10M USD with 4 MW solar plant
Distributed Power Africa (DPA) Kenya, which financed, designed, and deployed the solution, will operate and maintain the solar plant. More

Rest of Sub-Saharan Africa

Benin - ElectriFI backs SPV Les Soleils du Bénin with $3.3M USD
The Special Purpose Vehicle, in partnership with NEoT Offgrid Africa, aims to construct and operate a portfolio of 12 mini-grids in Benin. More

Rwanda - Revision electrification plan to increase solar home systems
NEP seeks to connect 52 percent of households to the national grid and allocate 48 percent to off-grid solutions. More

South Sudan - Aptech Africa completes 26 MW solar installation
The project is self-financed by Ezra Construction Company and supplies the power to the city of Juba. More

Tanzania - TAMFI, TAREA join hands for renewable energy future
Tanzania Association of Microfinance Institutions (TAMFI) joins hands with the Tanzania Renewable Energy Association (TAREA) for solar solutions. More

Zimbabwe - PUMA Energy set to deploy 300 solar systems
The company, committed to expanding its market share, recently announced a five-year, $10 million investment plan for network expansion. More

AfDB renews its support to off-grid business recovery
The Energy Entrepreneurs Growth Fund (EEGF) signed a US$ 6.5 million concessional loan agreement with the African Development Bank (AfDB). More

Camco nears financial close for Spark Energy Services with $25M USD commitments
Mix of debt and equity investments from investors including EIB, FSD Africa Investments, Jaltech Fund Management and Symbiotics Investments. More

Husk Power launches $500M USD “Africa Sunshot” initiative
The initiative is aiming to mobilize $500M USD in equity and debt to establish 2,500 mini-grids and 150 MW of rooftop solar (C&I) purposes. More

The Catalyst Fund has reached first close of its $40 million fund
Intended for investment in climate startups, backed by FSD Africa Investments, Cisco Foundation, USAID Prosper Africa and Andrew Bredenkamp. More

USAID announces $35M USD to support African Climate Leadership
Power Africa will invest $6.3M USD in the African Development Bank’s Sustainable Energy Fund for Africa to strengthen access to electricity. More

AfDB’s Sustainable Energy Fund for Africa welcomes $50M in funding
The African Development Bank's Sustainable Energy Fund for Africa (SEFA) receives ca. $50M USD in new funding from Germany and the USA. More