DFC invests US$10m in Nithio FI to scale clean energy financing in Africa

AFRICA – The U.S. Development Finance Corporation (DFC), has invested US$10 million in Nithio’s Financial Intermediary, Nithio FI, an AI-enabled clean energy financing platform, to scale clean energy financing in Africa. Strongly aligned with DFC’s climate-focused investments agenda, this investment enables Nithio to scale its data-driven financing to impact more than 3.5 million people by 2025 and drive climate change adaptation efforts in Kenya, Uganda, and Nigeria. The investment joined alongside FSD Africa Investments and EDFI-ElectriFI, finalized Nithio FI’s first round of US$23 million. Nithio FI is a blended finance, permanent capital vehicle that is purpose-built to…

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Sherlock Grids SAS, GRTE secure funding from USTDA to expand and improve clean energy access

BENIN – The U.S. Trade and Development Agency (USTDA) has announced a grant funding for technical assistance to help Beninese company Sherlock Grids SAS expand and improve clean energy access to rural communities across the country. Enoh T. Ebong, USTDA’s Acting Director said that the project embodies USTDA’s commitment to deploy innovative solutions that connect more of Africa’s citizens to clean, reliable power. “By leveraging U.S. technologies, USTDA’s engagement will help mitigate the climate crisis while supporting Benin’s goal of universal electrification through solar power,” he added. Sherlock Grids will…

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SIFEM invests US$10m in Metier Sustainable Capital Fund II to expand its clean energy services

AFRICA – The Swiss Investment Fund for Emerging Markets (SIFEM) has invested US$10 million in Metier Sustainable Capital Fund II. The Fund will be focused on climate mitigation and adaptation through investments in renewable energy generation as well as in resource efficiency. It will help expand access to affordable, reliable, and clean energy services, and enhance grid-tied installed renewable energy capacity in Africa, which can incite local companies to switch to renewable energy and thereby avoiding fossil fuel consumption. Through investments in resource efficiency, the Fund may also contribute to…

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Janus Capital doubles investment in Highview Power for clean energy storage

AFRICA – Janus Capital, the subsidiary of Janus Continental Group (JCG), ), a conglomerate with businesses in the Energy, Hospitality and Real Estate has confirmed an additional investment of over US$14 million in Highview Power, a developer of liquid air long-duration energy storage plants based on its proprietary cryogenic energy storage technology The storage system provider will use the funding for expansion in the Great Lakes region and elsewhere in Africa. In a fundraising round that saw Highview Power raise US$70 million in February 2021, Janus Capital contributed US$13 million…

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Sustainable Power Solutions gets US$40m from Gridworks to expand clean energy supply

SOUTH AFRICA – Distributed renewable energy company Sustainable Power Solutions (SPS) is receiving US$40 million from Gridworks Development Partners and New GX to expand the supply of clean energy to commercial and industrial (C&I) customers in sub-Saharan Africa. Gridworks Development Partners, an investment company of CDC Group, a company, which specializes in the financing of electricity networks, is contributing US$22 million to SPS’ capital while the remaining funds are being provided by New GX, a wholly black-owned and managed investment holding company in South Africa. These equity investments will enable…

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GlaxoSmithKline installs US$1.66m solar power plant at its Nairobi factory

KENYA – Britain’s healthcare company GlaxoSmithKline (GSK) has installed a Sh108 million (US$1.66 million) solar plant at its Nairobi factory to reduce energy costs. The drugmaker joins the bandwagon of cost savings-chasing heavy-consuming power users in the country who have turned to cheaper and reliable alternative energy sources. GSK Site Director Paul Arunga said in a statement that the solar switch will reduce the drug maker’s energy costs by 50 percent, resulting in savings of Sh2 million (US$18,400) per month. “Embodying the solar technology as an organization has helped us…

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DEWA to add 600MW of clean energy capacity in Dubai in the course of the year

UAE – Dubai Electricity and Water Authority (DEWA), has announced the addition of 600 megawatts (MW) of clean energy capacity using photovoltaic solar panels and Concentrated Solar Power (CSP) in 2021. According to the company’s MD & CEO, HE Saeed Mohammed Al Tayer, the addition will increase DEWA’s total power capacity from clean energy to 1,613 MW compared to 1,013 MW currently. Al Tayer said that next July, DEWA will commission the 300MW first stage of the 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park. DEWA will…

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Swedish investment platform Trine and Altech Group join forces to bring clean energy to DRC

DRC – Swedish-based investment platform Trine has partnered with Altech Group, a market leader in the Democratic Republic of Congo (DRC), distributing world-class clean energy products and services to bring clean energy to the country. This comes at a crucial time where nearly 90% of the population of over 80 million are without access to electricity. The first debt financing round will reach over 14,000 people with clean energy across 21 of Democratic Republic of Congo’s 26 provinces and is estimated to reduce 1,300 tons of CO2.  The new partnership, totaling US$6…

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InfraCo Africa to finance construction of Golomoti solar project in Malawi

MALAWI – Sub -Sahara infrastructure fund InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), and its project partner, JCM Power (JCM), have announced their commitment to finance construction of the 20MWAC Golomoti Solar project with a 5MW/10MWh lithium-ion battery energy storage system (BESS) in Malawi. Golomoti Solar will be the first commercial-scale solar photovoltaic plant in Malawi to include a BESS, and along with its sister project, Salima Solar, Golomoti is among the first commercial-scale solar photovoltaic plants in the country. “As part of our commitment to Malawi’s renewable…

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AfDB approves US$42.9m loan to finance second phase of power transmission project in Madagascar

MADAGASCAR – The African Development Bank (AfDB) has approved a US$42.9 million loan to finance the second phase of a major power transmission and interconnection project in Madagascar. The Power Transmission Network Reinforcement and Interconnection Project in Madagascar (PRIRTEM-II) includes the construction of a 135-km, 220 kV interconnection line between the capital Antananarivo and the central industrial city of Antsirabé. The project will help to feed the power generated by the Sahofika Hydropower Plant into the national grid, supplying some 8 million people with affordable, clean energy. The financing comprises…

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