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The European Investment Bank (EIB) has agreed a €10m ($10.2m) local currency loan backing the deployment of 107,000 solar home systems in Benin by Engie Energy Access. The systems are expected to provide power to around 643,000 people.

Benin
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Dutch development finance institution FMO has signed a $15m senior loan for African and India-focused off-grid provider D.Light Design, with $5m from the Building Prospects envelope and a $10m FMO-A loan. The majority of the loan is denominated in local currency, comprising Nigerian naira and Kenyan shillings.

Kenya | Nigeria | Uganda | Tanzania
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Mini-grid financing facility CrossBoundary Energy Access has raised a $25m senior debt facility. CrossBoundary is looking to raise $150m in total to finance a portfolio of mini-grids primarily in Democratic Republic of Congo, Kenya, Madagascar, Nigeria, Uganda and Zambia.

Kenya | DR Congo | Nigeria | Uganda | Zambia
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Natixis Investment Managers affiliate Mirova has acquired off-grid renewables debt specialist SunFunder, as part of a plan to build up its African portfolio.

Free

Copenhagen-based start-up Solstroem has received a $150,000 convertible loan from Shell’s All On to roll out its carbon credit platform to Nigerian solar home system developers.

Nigeria
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Data trend

Investors in Africa’s power sector have been forced to fight aggressively for the most promising projects, as they have become frustrated with a lack of on-grid opportunities. Trends that emerge from African Energy’s industry soundings and analysis of project flow in the African Energy Live Data (Live Data) platform include investors taking advantage of technological and business innovation – as well as the availability of climate-linked finance – to move into commercial and industrial (C&I) solar.

Free

The Rockefeller Foundations’ Global Energy Alliance for People and Planet has committed $50m to the Sustainable Energy for All (SE4All)’s Universal Energy Facility (UEF).

Benin | Sierra Leone | Madagascar
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Several off-grid mini-grid projects which stalled during the pandemic due to the rising cost of equipment and logistics are now struggling with the impact of sanctions on Colonel Assimi Goïta’s military regime.

Mali
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Dutch cooperative and social investor Oikocredit will invest $1.5m to boost energy access in rural communities.

Benin
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Sun King – the rebranded Greenlight Planet – has raised $260m in a funding round. The series D round attracted major private institutional investors. The fundraising was seen by some observers as a vote of confidence in the solar home system industry, which has suffered negative press in recent months over alleged sharp business practices and continues to face questions about the sustainability of business models.

Kenya | Nigeria
Issue 460 - 12 May 2022

Bboxx in talks to buy PEG Africa

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Media reports that off-grid solar company Bboxx has acquired PEG Africa are inaccurate, African Energy understands, but discussions over a possible continue

Subscriber
Data trend

The Kumasi waste-to-power plant will pioneer changes in off-grid energy development and waste management in Ghana. Installed with pyrolysis technology, the hybrid plant is supported by the German government.

Ghana
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Lagos-based renewables developer Daystar Power has installed a 1.6MW rooftop solar plant for Ghandour Cosmetics in Ghana.

Ghana
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The African Development Bank (AfDB) and its partners are planning to create what they call the world’s largest mini-grid market in Nigeria, using the new Leveraging Energy Access Finance (Leaf) financing model to support the Rural Electrification Agency (REA)’s Nigeria Electrification Programme (NEP).

Kenya | Ghana | Nigeria | Ethiopia | Guinea
Free

The World Bank Group (WBG) has tendered for a consultant to carry out preliminary studies for a 15MW solar PV plant in Danzi. The work – scheduled to take four months – is funded by the WBG’s concessional International Development Association through the Avance de Préparation du Projet d’Amélioration et de Renforcement du Secteur de l’Electricité (Parse). The power will be sold to the capital Bangui. For further details visit the WBG website.

Central African Republic