Friday, 14 May

Dear <<First Name>>

You might have read this week that the world’s renewable energy industry grew at its fastest pace since 1999. According to the International Energy Agency (IEA), 2020 saw a 45% hike in new capacity which was driven largely by wind and solar power projects in China, Europe and the US.

When you bear in mind the impacts of COVID-19 across all industries, that’s a fairly remarkable achievement, and one that has prompted even the IEA to up its renewable energy forecasts by around a quarter.

This is great news, and given that China is among those spearheading the growth it makes me have even greater confidence in TransitionZero’s recent report, which provides evidence that the world’s largest emitter’s plans to go net zero by 2060 are not just achievable, but can be massively accelerated with significant economic benefit. 

Of course we still need more action, but these stories give us all cause for hope. And that’s a great way to start the weekend.


Geoff Sinclair

Managing Director, Camco Clean Energy

Story of the week
ACWA Power has just achieved financing close on South Africa’s largest renewable energy investment to date. A total of ZAR11.6 billion was raised from multiple partners for the project, located in the Northern Cape region, which is expected to power nearly 200,000 households around the clock.

West Africa

Nigeria: Government distributes 85% of electricity meters for its National Mass Metering Programme (ESI)
- To date, over 655,000 meters have been delivered and just under half of these have already been installed for consumers. Delays in the programme have been attributed to supply constraints as a result of the COVID-19 pandemic.

Nigeria: UK government seeks tariff exemption on solar equipment (The Nation)
- At the recent Economic Development Forum between the two countries, UK ministers urged Nigerian representatives to implement a tariff and duty exemption on solar equipment to accelerate energy access and the country’s low carbon energy transition.

East Africa

Kenya: Investment in substation network rewarded as customer base grows (ESI)
- Kenya Power has recently added a new substation to its network which will enhance the stability of the power supply within the fast growing Kilifi County.

Southern Africa

Malawi: Golomoti project is expected to come online by the end of the year (PV-Magazine)
- The 20MWp solar project will almost double the country's existing solar capacity, provide increased grid stability and reduce national dependence on diesel and hydroelectric generation.

South Africa: IFC lends USD150 million to Absa to finance green projects (Afrik21)
- The money will support Absa’s goal to increase renewable energy project financing and support post-COVID19 recovery in the country.

South Africa: ACWA Power raises ZAR11.6 billion for Redstone CSP plant (ESI)
- The Saudi Arabian IPP has completed financing for the 100MWp concentrated solar power plant, which will commence commercial operations in 2023.

South Africa: Business Leadership South Africa claims policy changes could trigger power sector investment (Engineering News)
- The organisation believes that the right policy changes could generate ZAR150 billion in investment and create thousands of job opportunities.

South Africa: Eskom balks at power deal offered by Karpowership (Engineering News)
- The national utility’s concerns stem from both the cost and length of the contract proposed by the Turkish generator.

Africa - general

Algeria: Government prepares call for clean energy tenders (Afrik21)
- The 100MWp tender will launch between June and July of this year and will be divided into 10-100MWp lots, all of which are open to foreign investment.

General: Starsight Energy is expanding into East Africa (PV-Magazine)
- The West African developer has acquired a 50% stake in the Kenyan subsidiary of East African peer Premier Solar Group.

General: USTDA provides grant for battery feasibility studies (ESI)
- The grant, totalling just over USD1 million, will fund initial studies on large-scale battery storage projects in Mozambique and Senegal.

General: DLA Piper and Invest Africa partner on development of ESG best practises (ESI)
- The partnership will focus on establishing ESG best practices for African renewable energy projects, which has become an essential component of fundraising efforts.

General: Report indicates USD200 billion climate investment market opportunity (ESI) / (Report)
- The “A Green Energy Future for Rural Africa” report uses extensive analysis to produce three feasible market scenarios with which the energy needs of both rural households and SMEs in Africa could be met.

Rest of World

General: Global renewable energy industry has grown at its fastest pace since 1999 last year (The Guardian)
- According to the IEA, growth has skyrocketed thanks to the increased deliveries of wind and solar power projects.

Solar: International Energy Agency (IEA) upgrade renewable forecast as solar reaches new heights (PV-Tech)
- The IEA expects annual solar PV additions to exceed 160GW by 2022 as strong growth in Europe, the US, India and Latin America offset the decrease in Chinese demand.

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