Page 17 - AfrElec Week 19 2022

AfrElec RENEWABLES AfrElec

Africa GreenCo raises

$15.5mn to launch trading

ZAMBIA AFRICA GreenCo has raised $15.5mn to scale mobilise significant private sector investment
its activities as Zambia’s first renewable energy in renewable energy whilst strengthening the
buyer and services provider to support a portfo- national and SAPP electricity markets.”
lio of up to 110 MW of renewable energy. Zambia’s Minister of Energy Peter Chibwe
The funds were committed by InfraCo Kapala noted that GreenCo Power Services is
Africa, part of the Private Infrastructure Devel- the first intermediary power trader in Zambia
opment Group (PIDG), the Danish Investment after the enactment of the 2019 energy sector
Fund for Developing Countries (IFU), and the legal framework.
EU-funded Electrification Financing Initiative “GreenCo introduces to the Zambian elec-
(EDFI ElectriFi). tricity market a creditworthy buyer of renewable
GreenCo’s Lusaka-based business, GreenCo energy generated from IPPs,” Kapala said. “This
Power Services, was set up in 2020 with support investment will support Zambia’s development
from IFU and InfraCo Africa (through a sister of a greener and diversified energy mix: one that
company) to purchase power from renewable creates jobs and new business opportunities,
independent power producers (IPPs) and sell whilst at the same time positioning Zambia as
it to utilities, private sector off-takers and com- the region’s power trading hub.”
petitive markets in the Southern African Power GreenCo has awarded its first power pur-
Pool (SAPP). chase agreement (PPA) tender to a 25MW pilot
“Reaching this financial close will enable solar project in Sesheke in Zambia’s Western
us to support a portfolio of up to 110MW of Province. It has also negotiated a power purchase
renewable energy,” said GreenCo chief invest- agreement with a large hydro plant to buy and
ment officer Pug Bennet. “We are now ready to sell its excess generation.™
Morocco targets 12GW output of

renewable energies by 2030

MOROCCO MOROCCO aims to more than double its 20,000 homes in more than 1,000 rural towns
renewable energy production to 12 GW, rep- across Morocco.
resenting 52% of total power capacity by 2030 Masdar will also construct an 800-MW solar
from a current 5-GW capacity that represents power plant in Morocco in partnership with
only 40% of the total power capacity, the news France’s EDF Renewables and Green of Africa.
portal The National reported. The UAE’s AMEA Power also won a contract to
The ambitious plan is driven by remarka- build two solar power plants in Morocco.
ble progress achieved in the expansion of both The EU said in February it would invest
wind and solar during the initial phase of energy €1.6bn in Morocco to encourage green energy
transition. Clean energy projects in the North projects. The EU plan includes strategic inter-
African country attracted massive investments ventions in infrastructure, value-chain and pri-
countrywide. vate-sector development, vocational training
Morocco, which imports nearly 90% of its and health.
energy needs, has been trying to benefit from In March, the EBRD set up a €163mn Green
the lower cost of producing renewables. One Economy Financing Facility Morocco II (GEFF
kilowatt hour from wind and solar facilities cost II) programme, to help companies working in
less than $.003. sustainable energy and green technologies.
The UAE clean energy firm Masdar and In early May, the US green energy firm Clean
the country’s National Office of Electricity and Vision and Moroccan business Eco Synergie
Drinking Water recently established a Solar intend to establish two facilities in Morocco to
Home System Project to provide energy to nearly convert plastic into energy ™

Week 19 12•May•2022 www. NEWSBASE .com P17