IFC, a member of the World Bank Group, and the government of Canada has formed a financial partnership that will utilise public funding to generate private sector investments to spur renewable energy in Sub-Saharan Africa.
The West African Development Bank (BOAD), Emerging Africa Infrastructure Fund (EAIF), the National Bank of Agricultural Development of Mali (BNDA), Green Africa Power (GAP) and GuarantCo have agreed to finance a 50MW PV project in Mali.
Africa’s largest private equity firm has led a round of financing for Off Grid Electric to fuel the microgrid provider’s expansion in the continent, with investors including an arm of General Electric (GE).
In conjunction with its New Deal on Energy for Africa, the African Development Bank has committed US$324 million in loan support for a pair of renewable projects in Africa, setting aside US$265 million for an 800MW PV and CSP hybrid project in Morocco.
Private equity asset manager Apis Partners and its partners will provide US$60 million in funding for Greenlight Planet — a provider of off-grid solar products and financing to underserved rural populations across Africa and Asia.