Neosun Energy ventures into South African solar market; CEC launches Zambia’s 1st green bond; ElectriFI to back SHS in Mali; IFC’s $80 million for RE in Africa; Saint-Gobain to power South African fabs with solar; AfDB backs Mauritania-Mali transmission and solar project.
Neosun in South Africa: Hong Kong based solar and storage projects EPC and solar panel manufacturer Neosun Energy has announced its entry into the South African market. Here it aims to primarily target small and medium enterprises (SME) with a focus on providing solar energy solutions to industries including manufacturing, warehousing, shopping malls, commercial offices, mining & industrial facilities, and pharmaceuticals. It will provide commercial solar panels and energy storage solutions with capacities ranging from 200 kW to 10 MW. Neosun said it sees an opportunity in the South African market that’s hit by electricity shortages leading to ‘business losses exceeding $13 billion in 2022.’
CEC issues green bonds: Copperbelt Energy Corporation (CEC) has successfully launched Zambia’s 1st green bond on the Lusaka Securities Exchange (LuSE) through its subsidiary CEC Renewables Ltd. Launched to raise $200 million, the initial tranche of $54 million was fully subscribed, according to the company. It is to be used to generate a minimum of 200 MW of renewable energy, especially solar energy with the possibility of adding storage capacity. CEC Group Board Chairperson London Mwafulilwa said the company will seek to actualize its green energy generation ambitions as it issues the remaining tranches of the $200 million bond.
Pictured are the representatives of EDFI ElectriFI and FinEU ELLEN during the signing ceremony for 2nd disbursement of €1.5 million to the latter. (Photo Credit: EDFI ElectriFI)
SHS for Mali: EDFI Management Company-managed and European Union (EU) funded Electrification Financing Initiative (ElectriFI) has announced 2nd disbursement of €1.5 million in its strategic investment in FinEU E-Long Life Energies Nouvelles (ELLEN). The latter is the ‘1st’ private supplier of clean, individual and sustainable electricity with no daily power cuts in African countries. FinEU ELLEN will use the total €4 million from ElectriFI (including €2.5 million in April 2023) to provide large solar home systems (SHS) with capacities of up to 5 kW and customized solutions for commercial and industrial needs.
“As we continue our investment in FinEU ELLEN, our focus remains on supporting entrepreneurs who have direct local access and an intricate understanding of the challenges on the ground,” said CEO of EDFI Management, Rodrigo Madrazo. “With our financial support, our aim is to help them to widen their reach, enabling them to touch the lives of many more swathes of people in need.”
IFC finance for African clean energy: The International Finance Corporation (IFC) has signed an $80 million financing package for pan-African fund Facility for Energy Inclusion (FEI) to fund around 115 MW decentralized renewable energy generation projects in Africa. This capacity is planned for 15 African nations including the Democratic Republic of the Congo, Ghana, and Kenya. It will enable displacing use of carbon-intensive power sources and improve access for affordable and stable electricity supply for the business communities. FEI provides debt financing for small-scale renewable energy generation and storage projects to power commercial and industrial (C&I) companies, telecom infrastructure and mini grids.
Saint-Gobain and CVE have entered a 20-year solar energy PPA for Saint-Gobain production sites in South Africa. (Photo Credit: Saint-Gobain)
Solar for Saint-Gobain Africa: French building materials manufacturer Saint-Gobain Africa will procure 140 GWh solar energy for over 20 years under a power purchase agreement (PPA) signed with the French renewable energy producer CVE. Signed in December 2023, the PPA will cover around 40% of the electrical needs of Saint-Gobain’s major production sites in South Africa. These are Brakpan, Alrode and Germiston in the Gauteng region, as well as the factory in Parrow, Western Cape. Saint-Gobain South Africa expects to offset its carbon emissions from electricity by more than 6,800 tons/annum.
AfDB loan for Desert to Power initiative: The concessional window of the African Development Bank (AfDB), the African Development Fund will loan $302.9 million as co-financing for the Mauritania-Mali 225kV Electricity Interconnection and Solar Power Plant Development Project. This multinational power project is aimed at connecting 100,000 households across the 2 countries of Mauritania and Mali. It includes a high-voltage electrical interconnection over 1,373 kms, with a 600 MW transfer capacity between the 2 Sahel nations, along with a 50 MW solar power plant in Kiffa, Mauritania, linked to the interconnection. Part of the Desert to Power (DtP) initiative, it represents a strategic investment to support rapid solar energy production and guarantee universal access to electricity in the 2 Sahel nations. The 10 GW DtP project aims to exploit the solar power potential of 11 Sahel nations to enable affordable and stable clean energy generation by 2030.
