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Home Renewables

US$100M off-grid solar project advances in the DRC

Energy Capital & Power by Energy Capital & Power
June 10, 2021
in Africa, Construction, DFI, DRC, Energy, Infrastructure, Renewables, Solar power
Reading Time: 1 min read
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A consortium comprising the U.K.’s Gridworks, Spain’s AEE Power and France’s Eranove will invest US$100M in the development of three off-grid solar plants in the Democratic Republic of the Congo (DRC), following the establishment of three, 22-year concession agreements with the Ministry of Hydraulic Resources and Electricity.

Located in the northern cities of Gemena, Bumba and Isiro, the three solar-hybrid plants will deliver electricity to areas that previously lacked connection to the national grid.

The projects are expected to reach financial close within 14 months. Construction will be led by the Moyi Power joint venture and completed within 18 months of its start.

Also read: Ncondezi Energy advancing Mozambique solar project, commissioning by June

The international consortium was awarded the tender for the project under the U.K. government-funded Essor Access to Energy initiative, which serves to facilitate the DRC’s tender and project preparation process for the development of mini-grid and off-grid systems.

“The initial investment for the three sites will be at least US$100M, funded with a mixture of equity from the consortium, debt provided by development finance institutions (DFIs) and capital grants from donors and DFIs,” Gridworks, a U.K state-owned electricity network company, explained in a statement.

“The consortium is in discussions for the provision of debt finance with both the Emerging Africa Infrastructure Fund and the African Development Bank (AfDB), and for the potential provision of grants with the Private Infrastructure Development Group, the Rockefeller Foundation and the AfDB’s Sustainable Energy Fund for Africa.”

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Via: Energy Capital & Power
Tags: AEE Powerafdbafrican development bankclean energyDemocratic Republic of the CongoDFIDR CongoDRCelectricity infrastructureEmerging Africa Infrastructure FundEnergyEranoveGridworksInfrastructureoff-gridoff-grid energyPrivate Infrastructure Development Grouprenewable energysolar energysolar powerSustainable Energy Fund for AfricaThe Rockefeller FoundationUS$100M off-grid solar project advances in the DRCДемократическая Республика Конгоجمهورية الكونغو الديموقراطيةコンゴ民主共和国刚果民主共和国
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Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

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