Friday, 27 August

Dear <<First Name>>

It was recently announced that a new player is entering the African renewable energy market. 

UK Climate Investments, a joint venture between Macquarie’s Green Investment Group and the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS), is providing over $34 million to set up Revego Africa Energy - the region’s first clean energy yieldco.

The platform is akin to REPP in it’s goals of tackling the challenge of access to electricity, accelerating the deployment of new clean energy generation capacity and helping developers to unlock the region’s potential.

Improving energy security is a vital tool for building the foundations for sustainable growth, such as the aim to achieve universal energy access in Sub-Saharan Africa by 2030 - for which it is estimated that a cumulative additional investment of $370 million would be required over the 14 years leading up to this milestone.

Given energy is the key to achieving socio-economic development, it’s great to see the renewables market continue to grow. As highlighted by UK Climate Investments’s MD, the establishment of Revego is ‘an indication that the future of green finance in Sub-Saharan Africa will be bright’. 

The emergence of yieldcos demonstrates that there is a growing appetite among investors to acquire operating renewable energy assets in Africa. Since 2016, REPP has been working to unlock this market’s potential by financing small and distributed renewable energy projects through their development and construction phases, creating a de-risked pipeline of mature operating assets.

To date, REPP-supported projects have generated over 20MW of renewable energy capacity, connected 720,000 people to electricity for the first time and created nearly 3,000 jobs. To maximise its realised impact, REPP takes risks, supports innovation and empowers local developers by providing full-lifecycle financing and offering a diverse range of financing solutions with flexible terms.


Geoff Sinclair

Managing Director, Camco Clean Energy

Story of the week
Sustainable Power Solutions is set to receive USD22 million from Gridworks Development Partners and USD18 million from New GX to fund the expansion of its services such as financing, building and operating solar systems for commercial and industrial clients, enabling the company to enter into new West African markets.

East Africa

Djibouti: First wind turbine at the country’s first wind farm is assembled (ESI)
- Siemens Gamesa has recently finished the assembly of the first of 17 wind turbines for a 59MW wind farm on the shores of Lake Assal.

DRC: Ivanhoe Mines Energy DRC to rehabilitate turbine for copper mine (Afrik21)
- The company has decided to pursue an existing agreement with the public utility SNEL to rehabilitate turbine 5 of the Inga II dam, which is expected to have a capacity of 162MW once refurbished.

Gabon: Desiba Energy to invest EUR27 million in 20MWp solar plant (Afrik21)
- The Turkish developer recently concluded its discussions with the government and agreed a PPA of USD0.14/kWh.

Southern Africa

South Africa: 63 solar project bids received in latest renewables procurement round (PV-Tech)
- This tender represents Bid Window 5 of South Africa’s REIPPPP  and it received a total of 102 bids from potential developers.

South Africa: National report indicates greenhouse gases are on the rise (ESI)
- South Africa’s 7th National Greenhouse Gas Inventory 2000 to 2017 shows an increase in emissions from the energy, product use and waste sectors.

Zimbabwe: Blockpower installs 1.4MWp solar system at tea production site (Afrik21)
- The system has been installed for the Tanganda Tea Company and will eventually reach a total capacity of 4.6MW.

Africa - general

General: Expansion of Sustainable Power Solutions (SPS) is funded  (Afrik21)
- SPS will receive USD40 million in equity funding to expand its services in Eastern and Southern Africa.

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