Announcements from AMDA members at the Africa Climate Summit (ACS) 2023
On 4-6 September 2023, the Government of Kenya and the Africa Climate Summit convened the inaugural Africa Climate Summit in Nairobi, Kenya. Commitments were made by governments, the private sector, multilaterals, banks, philanthropists, and other organisations that set out concrete systematic and sustainable pans to make the step change that is needed to progress towards Net Zero, and international climate goal on finance and adaptation.
AMDA members who made announcements include:
Will finance and operate $800 million of renewable energy assets by 2030, including $300m already identified. From 2030, the Kenyan company will abate over 150 megatons of CO2 emissions annually. To achieve this, PowerGen announced a raise of $100 million in equity, with a first closing in Q4 2023.
Virunga Power, Gridworks and the Government of Burundi announced a transformational new Public-Private Partnership to invest in the expansion of grid access across rural Burundi. Initial investment of circa USO 70 million.
Engie (MySol Grid Zambia) signed with Facility for Energy Inclusion, managed by cygnum Capital, a groundbreaking transaction in the mini-grids sector, to provide USO 7.5 million of non-recourse debt, to construct 60 mini-grids connecting over 40,000 people to electricity in Zambia.
A new initiative from Husk Power, called the “Africa Sunshot”, to have 2,500 minigrids under operation in Sub-Saharan Africa within 5 years. USD $500 million($200 million in equity, $300 million in debt) over 5 years.
GEI Power has signed an MOU with the Government of Zambia to fund, supply, and install solar PV off-grid power, internet and water distribution solutions at a cost of USD50 million for 1000 public health facilities in rural areas across Zambia.
Renewvia Energy plans to expand its Kalobeyei settlement minigrid in Kenya, develop 4 new sites in Ethiopia, and plans to 23 sites in Nigeria fully operational by mid 2025, totaling 6.5 MW and over 31,000 connections, at a total cost of USD 27 million.
Nuru, recently secured a substantial boost of over $40 million in Series B equity funding during July 2023. This infusion will be further bolstered by an anticipated $28 million in project finance, projected to be obtained in the third quarter of 2024. The primary objective of these funds is to facilitate the development of 13.7 MWp of mini grids and metro gris projects, signifying a remarkable expansion of Nuru’s existing assets in the eastern Democratic Republic of Congo (DR Congo) region.
All announcements and commitments made at the Africa Climate Summit can be found here.