$25 million for Acumen: US-based investment management company Acumen has raised $25 million from the International Finance Corporation’s (IFC) $200 million Hardest-to-Reach (H2R) Fund, according to local media reports. Through this fund, Acumen finances off-grid solar companies that operate on a pay-as-you-go (PAYG) model in 16 African nations that have historically low electrification rates and highest poverty levels. With H2R, over the next 10 years, Acumen targets to electrify 72 million people with solar products and avoid 5 million tons of carbon emissions in Sub-Saharan Africa.
Solar financing in East Africa: Power Africa of the USAID will support Simusolar and SureChill with an investment of $250,000 to expand the use of solar energy to underserved regions in Kenya, Tanzania, and Uganda. Tanzania-based Simusolar provides solar-powered irrigation systems to farmers in Tanzania and Uganda along with flexible financing plans to ensure a consistent water supply for crops and livestock. This will bring down their reliance on fossil-fuel-powered generators. SureChill’s technology caters to healthcare facilities and businesses in off-grid regions as it helps maintain low temperatures, even during power outages. It plans to apply the funding to expand to northern Kenya and beyond to improve the preservation of vital goods, such as vaccines and perishable foods.
Scatec’s BESS in South Africa: Norway’s Scatec has achieved financial close for the 103 MW/412 MWh Mogobe Battery Energy Storage System (BESS) in South Africa. The project is contracted under a 15-year power purchase agreement (PPA) awarded to the company under bid window 1 of the Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP). Located near Kathu in the Northern Cape, this project is one of Africa’s 1st and largest standalone, dispatchable BESS, it added. Scatec said it will receive payment for making the storage capacity available for the National Transmission Company of South Africa (NTCSA) which will utilize the capacity to balance the grid. The estimated total CapEx for the project is ZAR 3 billion ($170 million). It will be financed by ZAR 2.7 billion ($154 million) of non-recourse project debt with the Standard Bank of South Africa as the mandated lead arranger.
Etihad Rail to go solar: The UAE National Rail Network operator, Etihad Rail plans to solarize the network’s freight terminal in Ghuweifat, Abu Dhabi. The Masdar and EDF Group joint venture (JV) Emerge will install a 600 kW ground-mounted solar PV system along with a 2.56 battery energy storage system (BESS) to help the terminal generate up to 85% of its electricity consumption. Etihad Rail will use solar and storage power to supplement its Ghuweifat freight terminal with renewable energy during daylight hours, thus offsetting night-time energy consumption and reducing its carbon emissions. Located at the border with Saudi Arabia, this terminal serves as a key hub to facilitate seamless cross-border operations. With renewable energy, the terminal eventually aims to become self-sufficient to operate sustainably.
Clean energy for EV in Nigeria: Renewable energy and impact investment firm PASH Global will finance and implement clean energy solutions in Nigeria to power the electric vehicle (EV) fleet and charging infrastructure of EV company MAX. The 2 partners plan to invest $10 million in expanding the country’s EV infrastructure with charging stations spread across urban centers. These clean energy powered charging stations will encourage the adoption of electric motorcycles, 3-wheelers, and cars. “By combining our renewable energy and EV Infrastructure expertise with MAX’s innovative mobility solutions, we are creating a blueprint for clean mobility in Nigeria and setting a powerful example for the rest of the continent,” said the CEO and Managing Partner of PASH Global, Kofi Owusu-Bempah.
Iraq’s solar homes: The Iraq government plans to introduce a new scheme to encourage rooftop solar energy adoption in the country. It will help lower the load on the electrical grid, it said. Private players will be roped in for the purpose. The administration is likely to soon begin implementation of the program.
Huasun in Saudi Arabia: Chinese heterojunction (HJT) solar PV manufacturer Huasun Energy presented its latest solar products at the recently concluded Solar and Storage Live KSA 2024 in Riyadh. The G12 and G12R high-efficiency modules suit the harsh desert climate of the Middle East, according to Huasun. Its Himalaya G12-132 modules offer a power output of up to 768.938 W and a conversion efficiency of 24.75%. On the other hand, the Everest G12R series delivers a peak power output of 669.1 W and a conversion efficiency of 24.77%. Both these series combine light conversion film+butyl adhesive with a zero-busbar cell design that effectively resists UV radiation and minimizes hot spot risks, stressed Huasun. It targets large utility-scale projects, commercial and residential rooftops, agricultural settings and highway guardrails for its modules in Saudi Arabia.