Africa

The PIC, Africa's top asset manager, is investing in renewable energy sources to tackle South Africa's power crisis. Their current investments have already produced 2000 megawatts for the grid, and they have invested 310 million rand in Rifuwo Energy Partners. The PIC is also looking into solar panels on property roofs to provide further renewable energy solutions.

CNGR Advanced Material and Al Mada have announced plans to set up a $2 billion industrial hub in Morocco for EV battery production with an annual capacity of 1 million vehicles. Strategic initiatives by Huayou & Gotion High-Tech result in a combined $26.3 billion investment in Morocco's automotive sector.

African President William Ruto is pushing for African nations to use sun, wind, and green mineral sources to combat global warming. He urges reform to fund climate efforts & low-carbon development. Other African nations struggle with fossil fuel dependence, looking for climate friendly industrialization supported by Europe & the rest of the world. Africa hopes to decarbonize the global economy.

ACWA Power has closed financing for 200MW Kom Ombo solar project in Egypt, with $123 million of the total $182 million investment coming from international institutions. In January 2024, the plant will provide electricity to 130,000 households and help Egypt meet its 2035 goal of 42% renewable energy.

Masen is making strides towards their goal of 52% renewable energy by 2030, with the launch of a call for pre-qualification for the 400-MW Noor Midelt III solar power project and accompanying 400-MWh battery energy storage system. Interested parties have until October 20 to submit proposals for the competitive process.

Shell-backed Daystar Power is expanding its operations into South Africa to provide alternative power systems as demand increases due to record power cuts. Daystar plans to build up to 120 megawatts of solar power with 400 megawatts across Africa by 2025, targeting large-scale, bankable commercial and industrial users. An office is also opening in Tanzania.

South African investment firm STANLIB has acquired a 51% stake in energy solutions provider Solareff Ltd and its electric vehicle charging infrastructure subsidiary GridCars, committing to fund ZAR 600 million in capex-free energy solutions. This move seeks to make a social and economic impact in South Africa.

Absa Group provides USD-24-million corporate loan to construct a 100-MW solar power plant in Ghana led by West Africa-focused PV developer Meinergy Technology Limited. This loan supports Ghana's renewable energy capacity & energy needs.

Actis' BTE Renewables has secured MIGA guarantee for its equity investments in 75-MW South African solar power plant awarded in Round 3 of REIPPP. BTE Renewables, owned by UK growth markets investor Actis, specializes in utility-scale wind and solar projects across Africa and has been sold to French utility Engie SA and Meridiam.

A French-Egyptian consortium is exploring the potential of building two solar energy plants to serve Egypt's metal and aluminum industry. Orascom Construction PLC and Engie met with Egypt's public business sector minister to discuss the renewable energy projects, which could further the country's renewable energy goals.

PNE AG sells 208MW solar projects to TotalEnergies Renewables, part of TotalEnergies' expansion into Eastern Europe. Markus Lesser, CEO of PNE, confirms the Scale Up 2.0 strategy, extending their business model while enhancing company value. 510MW already sold & 1GW under development in Romania. Purchase price undisclosed.

Globeleq has agreed to acquire a 75% stake in Mozambique's 41 MW Mocuba solar plant, showcasing its commitment to African power production. The company is also in the process of commissioning two additional projects with a total capacity of 400 MW.

Morocco's Masen announces pre-qualification of six consortiums to construct 400 MW solar plant in the Atlas Mountains aiming to reduce dependence on fossil fuels. Leading consortiums include Cobra, EDF, Enel, Iberdrola, International Power and Acwa Power with a two-hour storage capacity. Morocco's goal is to reach 80% renewable energy by 2050, and Noor Midelt II is a major contributor to that effort.

TotalEnergies and Sonatrach have signed a cooperation agreement to explore solar, hydrogen and low carbon energies in Algeria. The agreement also includes a R&D programme for the energy transition, as well as increased gas production.

Renewable energy-powered metrogrid company Nuru has secured $40 million in Series B equity funding to construct 13.7 MWp of projects in the eastern Democratic Republic of the Congo, providing reliable and renewable energy to urban communities and promoting climate resilience and sustainable development.