SEFA issues grant for 20MW off-grid solar project in Zimbabwe

Facebook
Twitter
LinkedIn
Reddit
Email
Once operational, the project will lead to a diesel displacement of more than 12 million liters per year. Image: kuldeep singh / Flickr

The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) has approved a US$965,000 grant to Oxygen Energy Private Limited to support the development of a 20MW off-grid solar rooftop project atop buildings owned and managed by Old Mutual Property Group Zimbabwe countrywide.

The joint undertaking between Oxygen and Old Mutual Zimbabwe will look to relieve baseload lapses on the national grid and provide clean energy for hundreds of small and medium enterprises (SMEs) that are already tenants at the Old Mutual sites.

Ousseynou Nakoulima, AfDB's director for renewable energy and energy efficiency, said: “This highly innovative project will provide reliable and competitive solar power to multiple SMEs throughout the country. Working with a strong domestic financial institution has been essential in overcoming common barriers and will help achieve speed and scale.”

SEFA will support the project’s financing by funding technical feasibility work, legal advisory in regards to the preparation of key project agreements, as well as offering financial advisory towards developing a bankable project. The African Development Bank’s Africa Climate Technology Centre will also cover the costs for environmental and social impact assessment and grid interconnection study.

The project will boost employment opportunities, activating or creating new jobs in SMEs for around 3,790 men and 4,166 women. Once operational, the project will lead to a diesel displacement of more than 12 million liters per year, while also avoiding around 33,000 tons of CO2 emissions annually.

Read Next

July 15, 2022
Solar and wind trade bodies have united to organise the Africa Renewables Investment Summit to drive renewable energy financing in the continent.
June 24, 2022
Investors Harith General Partners and African power provider Anergi Group have partnered to establish the Pan-African Renewable Energy Fund (PAREF) to accelerate renewable energy deployment across Africa and close the continent’s investment gap.
June 21, 2022
Management firm Mirova has acquired solar finance business SunFunder in a push to expand its investment platform in emerging markets.
June 20, 2022
Solar PV will lead new capacity additions in Africa, reaching a total installed capacity of 125GW by 2030, according to a report from the International Energy Agency (IEA).
June 17, 2022
Project financing facility CrossBoundary Energy Access (CBEA) has raised US$25 million to finance solar powered mini-grids in Africa.
May 30, 2022
British energy company Savannah Energy has signed an agreement with the government of Chad for the development of up to 500MW of utility-scale renewables.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event