Page 12 - AfrElec Week 23 2021

AfrElec NEWS IN BRIEF AfrElec

INVESTMENT economies, and transform lives. Recent The planned solar energy microgrids are
examples include a €130mn investment in the designed to help improve local livelihoods
Burkina Faso, DRC, Agency for Aerial Navigation Safety in Africa and encourage economic growth within the
rural Kenyan communities of the underserved
and Madagascar, which provides air traffic
Morocco join Africa Finance management services; US$62.2mn funding Turkana County.
for the 60MW Red Sea Wind Power project
With ongoing access to clean renewable
Corporation in Djibouti; and a US$150mn investment energy, the solar microgrids will dramatically
lower the current costs of electricity using the
into the ARISE Special Economic Zone assets
Africa Finance Corporation, one of the in Benin and Togo, with a strategic vision area’s conventional sources such as kerosene,
region’s biggest investors in infrastructure to build competitive industrial and logistics diesel fuel, disposable batteries and biomass.
development, now has 30 member states, ecosystems. Officially, Renewvia will receive the
representing more than half the continent. AFRICA FINANCE CORPORATION financing from SIMA’s Off-Grid Solar and
Membership by Burkina Faso, Democratic Financial Access Senior Debt Fund I, B.V.
Republic of Congo and Morocco, all in the RENEWVIA
first quarter of 2021, brings the total number SOL AR
of AFC member states to 31, an increase from
26 members a year ago. SIMA commits $1mn to TRANMISSION
“This is a landmark achievement for
AFC as we continue to expand our footprint Renewvia Energy for solar Nigeria, Togo plan $570m
across the continent,” said Samaila Zubairu,
President & CEO of AFC. “It is my pleasure microgrid development in transmission line
to welcome the Republic of Burkina Faso,
Democratic Republic of Congo and the rural Kenya Nigeria Togo, Burkina Faso and Niger have
Kingdom of Morocco as member countries commenced a high-level meeting in Abuja to
of AFC. With this expanded membership and Impact financing group Social Investment put final touches to the execution of a planned
our technical expertise, we are empowered to Managers and Advisors (SIMA) has $570mn transmission line which runs across
deliver critical infrastructure with a greater committed $1mn in funding to the global the four countries.
focus on energy, renewables and digital solar developer Renewvia Energy to bring Speaking during the opening ceremony
infrastructure rebuilding a more resilient and more solar microgrids to rural Kenya. last night, acting Managing Director of the
sustainable economy post-COVID-19.” With the new funding, Renewvia Energy TCN and Chairman, Executive Board of the
With a mission of bridging Africa’s plans to provide over 7,500 new East African West African Power Pool (WAPP), Mr. Sule
infrastructure gap, AFC has invested over individuals and local businesses with Abdulaziz, disclosed that unused electricity
$8.7bn in 35 countries across Africa, utilising renewable electricity in the rural communities within the country will be taken to the
its unique access to global capital markets to of Kagintan, Kori, Locheremoit, Lomekwi, participating countries through the Northcore
drive development, integrate the continent’s Lorengelup and Nakukulas. Power Transmission Line.
He noted that the question as to whether
the country is selling its generated power to
other countries when it doesn’t have enough
does not arise, noting that unutilised power
generated daily will be exported to avoid
waste.
According to him, the project will be
completed in about two years, with funding
from international financial organisations in
collaboration with the participating countries
which will be disbursed after the contract
signing ceremony.
He said: “The power we will be selling is
the power that is not needed in Nigeria. These
generators that are going to supply power to
this transmission line are going to generate
that power specifically for this project. So it is
unutilised power.”
Abdulaziz noted that Nigeria is expecting
new generators to participate in the energy
export for the 875 kilometre 330 kilovolts
transmission line from Nigeria through the
three other countries, adding that jobs will
be created while Nigeria will earn foreign
exchange.

P12 www. NEWSBASE .com Week 23 10•June•2021