Page 11 - AfrElec Week 37

AfrElec RENEWABLES AfrElec

Lumos secures $35m in financing

NIGERIA AFRICAN solar installer Lumos has announced DFC managing director for Africa Worku
$35mn in new financing from the US Interna- Gachou said: “Access to power is a fundamental
tional Development Finance Corporation (DFC) need across Africa and is even more urgent as
to fund its expansion in the Nigerian renewables [coronavirus] COVID-19 continues to impact
market. communities across the continent. Supporting
The new funding will enable Lumos to pro- Lumos will empower 1mn people across Nige-
duce 160,000 new solar home systems to meet ria by delivering access to reliable and affordable
increasing demand from homes and businesses energy. Together, we can help unlock Africa’s
across the country. enormous potential for growth.”
“This funding from DFC will enable people The DFC financing announcement follows
throughout Nigeria to seize the opportunities funding from Dutch entrepreneurial develop-
that come with access to reliable and affordable ment bank FMO, announced in August. The
power. Access to energy is the foundation for a FMO funding is projected to more than double
high quality of life, good healthcare, education Lumos’ customer base in Côte d’Ivoire and West
and increased income. Our ultimate goal at Africa.
Lumos is to provide power for everyone,” said Lumos CFO and Group COO Shmulik
Lumos Group chief executive officer Alistair Kollender said: “We thank DFC for its con-
Gordon. tinued support of our vision and approach.
More than 160mn people in Nigeria have Our long-standing partnership with DFC had
poor or no access to electricity. already allowed Lumos to command a market
The new Lumos solar home systems will leading position in the largest off-grid market in
enable close 1mn people to use solar power, sub-Saharan Africa. DFC financing is even more
contributing to economic growth and sustain- important these days. In light of the impact that
able development in the country. The project is COVID-19 has had on our customers, there is a
aligned with the Nigerian government’s plans to real need for impact-oriented investors that can
connect 5mn households to solar power, which share our vision to eliminate energy poverty in
it announced in June. the country.”™

Masdar buys Infinity 50 PV plant in Egypt

EGYPT ABU Dhabi-based Masdar has acquired the would not have been possible without the abso-
64-MW Infinity 50 photovoltaic (PV) plant in lutely fantastic collaboration of countless par-
Egypt from German renewables developer Ib ties, including our financing partners, suppliers,
Vogt. advisors, governmental and local authorities and
The companies have also signed agreements the local communities…a very challenging pro-
of intent concerning the purchase of Ib Vogt’s ject which has been very well executed and very
shareholdings in three more solar parks also successful for all the stakeholders.”
located in the Benban solar complex in Egypt, Infinity Vogt Services will continue to pro-
which have a combined volume of 166.5 MW. vide operation and maintenance services for the
Infinity 50, inaugurated in early 2018, was the 230-MW portfolio at Benban.
first large-scale PV power plant built in Egypt The deal comes after Ib Vogt closed a €135mn
and the first to mark what would later become ($160mn) commitment from an institutional
the Benban solar complex. investor to help it pursue a global pipeline of
The project was jointly developed, built and solar projects that exceeds 16 GW.
then operated by Ib Vogt, with its partner Infin- The Germany-headquartered EPC has closed
ity Energy. on the commitment by funds managed by EIG
Infinity 50 has a 25-year power purchase Global Energy Partners, finance which Ib Vogt
agreement (PPA). said would help it realise its pipeline over the
Ib Vogt managing director Anton Milner coming years.
said: “We are very pleased to be working together Ib Vogt CEO Milner described the invest-
with Masdar and to support their partnership ment as an important milestone for the company
with Infinity in continuing the development of and one that stood to “substantially underpin
the renewable electricity sector in Egypt. and boost” its rapid growth, while providing the
“As the first major utility-scale solar plant in firm more flexibility in pursuing its pipeline of
the country, this was a complex undertaking, projects.™
a group effort from the very beginning, and

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