Multilateral organizations the World Bank and African Development Bank (AfDB) have played a key role in the development of African solar and want to attract more private capital to a continent with at least 40% of the world’s solar irradiation but currently only 1% of its PV generation capacity.
International Finance Corp. (IFC) and Raiffeisen Bank International have signed off on a €90 million ($97.8 million) debt package to support the development of a 225 MW facility in northeastern Bulgaria.
The EnergyNet event brings together more than 2,000 energy decision-makers from Africa at the Fira de Montjuïc in Barcelona from June 25 to 28. The attendees include African governments, utilities, regulators, financial institutions, banks, energy developers, technology providers, and engineering, procurement and construction (EPC) contractors.
Egypt’s Elsewedy Electric, which has developed solar and storage projects on its home continent, has secured a new financing package, according to International Finance Corp.
The Zina solar field, which is being developed by Amea Power, is being financed by the World Bank’s private sector arm and will be constructed in Mouhoun province.
International Finance Corp. has underwritten potential credit losses on part of a $730 million loan book held by the Polish operations of Santander, freeing up finance to be issued for more green projects, including renewables.
A 100 MWac solar farm planned in the Katanga region will be boosted by an additional credit line after the International Finance Corporation and the British and Norwegian government-owned Globeleq came on board.
The new facility is the first of almost 1 GW of solar generation capacity Emirati developer Masdar is working on bringing to fruition in the Central Asian nation.
The $18bn worth of sustainable finance instruments floated in the nation last year marked a retreat from previous highs but, with most of the bonds issued from July onwards, the recovery is under way, according to the IFC, which is anticipating a more-than-$100 billion sector in emerging markets over the next three years.
With the World Bank celebrating the success of a solar home system installation program which has provided electricity to an estimated 20 million people, an NGO has floated a near-$12 million environmental investment which could drive further PV capacity.
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