Ethiopia has announced plans to invest $40 billion in the construction of new renewable energy infrastructure over the next 10 years. Electricity will largely be generated from hydroelectric, wind, solar, and geothermal power facilities and will be exported to other East African countries.
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Swedish Investor Trine has announced an investment of Euro 5 million in Solarise Africa, a South African commercial solar leasing firm. The first round of debt financing, amounting to Euro 800,000 will finance five solar projects in the regions of Nairobi and Lake Victoria (Kenya) and in Johannesburg and Polokwane (South Africa).
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ARISE Integrated Industrial Platforms (IIP) has published a request for proposal (RfP) to build a 390 MW solar PV project in Togo, as well as a 200 MWh storage system and a 161 KvA substation. The project will be funded by ARISE Integrated Industrial Platforms (ARISE IIP), an African creator and operator of industrial ecosystems. The approved developer will be granted an engineering, procurement, and construction contract, as well as a five-year operation and maintenance contract, or they may create a joint venture with ARISE and enter into a 20-year power purchase agreement.
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Researchers at the European Commission’s Joint Research Center have assessed the potential of installing floating solar plants on 146 hydropower reservoirs in Africa. They concluded that, in addition to increasing installed capacity, the plants also reduce water evaporation, allowing for increased annual hydropower production.
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Fitch Solutions expects Egypt and Morocco to be the renewables generation growth outperformers in Africa over our decade-long forecast period, expanding by a net total of 26.0TWh and 15.5TWh respectively between 2021 and 2030. While challenges in funding, financing and policy formation will slow renewables growth across most markets on the continent, the ratings agency does not expect these obstacles to feature prominently in Egypt and Morocco.
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