Benin secures US$200m funding from World Bank to improve access to electricity services

BENIN – The World Bank approved US$200 million in International Development Association (IDA), funding to help Benin improve access to electricity services for households, businesses, and basic public services. The Benin Electricity Access Scale-Up Project will carry out densification and extension works to increase access to grid electricity services for households, small and medium enterprises, and some basic public services. About 2,000 km of medium voltage lines and 4,000 km of low voltage lines will be constructed or rehabilitated and 80,000 kVA of transformers installed in 1,100 localities. At least…

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Solar energy firm MyJouleBox secures US$1.8m funding from ElictriFi

BENIN – MyJouleBox, a French solar energy company, has signed a US$1.8 million funding contract with ElectriFi to provide Solar Home Systems (SHS) in the Republic of Benin and to hire 200 additional staff. The company also wants to grow in Burkina Faso and Togo, as well as expand its position in the Beninese market. EDFI ElectriFi is expected to inject 1.5 million euros (US$1.5 million) alongside other funders with the aim of creating 31,000 new connections offering a sustainable and reliable source of energy to 155,000 consumers. Electrification Financing…

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Benin invests in 11 startups under Oumandéra funding scheme

BENIN – The government of Benin has invested in eleven startups under the Oumandéra funding scheme, after several phases of selection. The funding will enable them to boost their businesses. The eleven startups are part of the first class of 2020–2021 under the Digital Entrepreneurship Support Fund (FAEN). The eleven Beninese startups received checks worth 10 million to over 29 million CFA francs (US$ 18,430 – 53,460), depending on the relevance of their development needs. “Housed under the Digital Entrepreneurship Support Fund (FAEN), Oumandéra is a grant worth between 5…

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Constructions works of DEFISSOL solar power plant kicks off, financed by EU and France

BENIN – The European Commission have announced the launch of the construction of 25 MWp DEFISSOL solar power plant in Benin financed with the support of the European Union (EU) and France. This project aims to facilitate the population’s access to renewable energy at an affordable price. The mayor of the municipality of Pobè, Dinan Simon, handed over a 96-hectare plot of land to the consortium responsible for building the solar power plant, Société béninoise d’énergie électrique (Defissol). The solar plant to be built in the village of Illoulofin in…

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American energy company GE wins contract to improve Benin’s electricity infrastructure

BENIN – GE, an American multinational conglomerate popular for its energy business, has won a US$47 million contract to improve Benin’s energy infrastructure, a key step towards improving access to electricity in the country. The US$47 million electricity contract awarded to GE Renewable Energy’s Grid Solutions business will involve the installation of four substations and seven extensions so as to strengthen electricity supply security in Benin. The contract which the West Africa’s nation biggest high-voltage substation contract was been awarded through the Millennium Challenge Corporation (MCC) – a United States…

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French Pay-tv service provider Canal + partners Fénix to launch solar-powered TV in Benin

BENIN – Canal+ Benin, a subsidiary of the French group Canal + specialised in the distribution of pay-tv channels has partnered with domestic solar solutions supplier Fénix Benin, to distribute solar powered TV in Benin. In the program, the two companies will distribute solar home kits accompanied by decoders, Canal+ satellite dishes and a “special package.” The agreement will also enable the populations of this West African country to benefit from a one-year subscription to a Canal+ “special package” of 120 TV and radio channels. According to Fénix Benin Company,…

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Cameroonian Pierre Ngon appointed MD of Benin/Niger cluster of Bolloré Transport & Logistics

BENIN – Cameroonian Pierre Ngon has been appointed the new managing director of the Benin/Niger cluster of Bolloré Transport & Logistics effective September 1, 2020, a press release by Bollore group has disclosed.   The new MD is replacing Jérôme Binois.  After 20 years of working for various subsidiaries of Bolloré Transport & Logistics in Africa, he will manage the French group’s logistics and shipping activities in the two countries. He will also oversee the development of logistics activities in the corridor between the port of Cotonou in Benin and…

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Nigeria’s Genesis Holding secures funding from EAIF to build new gas power plant in Benin

BENIN – Genesis Holdings, a Nigerian based energy company, has secured funding from the Emerging Africa Infrastructure Fund (EAIF) for the construction of a 25MW gas power plant in Benin. EAIF- a Private Infrastructure Development Group (PIDG)- stated in a statement that it will be funding the Gas power project being developed by Genesis Holdings to a tune of US$42.44 million. The EAIF further noted that it has already set aside US$31.83 million for the gas project to be developed at Maria Gleta, near Benin’s Capital of Porto Novo. A…

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MTN Group makes new appointments of the CEO for Cameroon and Benin

AFRICA – MTN Group, a telecom company, has named Stephen Blewett, the current CEO of its operation in Benin, to lead its larger business in Cameroon and Uche Ofodile, the current CEO of MTN Liberia, will become the CEO of the Benin business. “I would like to congratulate Stephen and Uche on their appointments,” said MTN Group president and CEO Rob Shuter. “Both are renowned for harnessing the power of people to move businesses forward. This is evident in the significant improvements in employee engagement, as well as overall performance,…

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Benin Business Angel Network invests in Benin professionals matching company

BENIN – Ylomi, an online service that matches customers with vetted local professionals, has raised CFA10 million (US$16,600) in seed funding to strengthen its team with a focus on scaling.  The equity investment, which will come with mentoring for the team and other in-kind support, was made in Ylomi by the Benin Business Angel Network (BBAN).  BBAN is a network of Business Angels based in Benin.  Launched in April 2019 at the end of the Early Stage Startup Investment Conference (ESSIC), it is made up of local entrepreneurs and the diaspora, investors…

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