$150 million Solar Green Bond reaches first close, paving the way to fund rooftop solar projects for African SMEs
Industry and Investment News
Hi all,
it’s time again for our investment and industry news roundup covering Sub-Saharan Africa.
Our highlights this time:
📉💚 Peercarbon enables African corporates and SMEs to collect, manage and reduce their emissions making them investment ready for green investments
💰☀️ First close of $150 million Solar Green Bond with a focus on financing roof-top solar projects throughout Africa
🔋🏍️ Car dealer Autopax Limited forms partnership with Ghanian battery company Kofa to venture into the e-motorcycle assembly industry in Kenya
Read on to learn more.
Investor news
😍 Good News:
SME Financing
African Guarantee Fund and FSD Africa partner to boost Green SME Financing with financial support, technical assistance and capacity building
IFC in partnership with SIMA and other financiers have reached the first close of a $150 million solar green bond, which will finance productive-use solar projects throughout Africa
VC Capital
Partech Africa closes second fund at $300 million to invest in African startups making it the largest fund dedicated to African startups
Rally Cap VC initiates a $5M climate tech fund for emerging markets
Catalyst Fund, a pre-seed VC and accelerator, backs nine African early-stage climate tech startups with a $1.8 million investment.
Opportunities
KPMG says there are $250bn in untapped green investment opportunities in areas such as solar, wind, and hydrogen in Africa.
Green projects to present investment pipeline of over $1bn at Africa's Green Economy Summit in Cape Town
👎 Challenges:
Sub-Saharan Africa would need to boost investments into renewable energy from $20 bn in 2023 to $100 bn a year by 2030 to meet renewable energy goal
African financial industry loses appeal to international banks
Nigeria's economic crisis intensifies, IMF reports
Industry News
🥑 Agriculture/ Food systems:
Uganda: Uganda unveils $400m green hydrogen-based fertiliser project, developed by Kenyan Industrial Promotion Services and Norwegian Westgass
Kenya: Green Stem Products is making toxic chemical-free, compostable food packaging products from agricultural waste to cut plastic pollution.
A SMS message alert system is helping farmers from Kenya, Ghana, Malawi, and Zambia cut crop loss and boost incomes thanks to early warnings on pest risks.
🌳 Ecosystems
Kenya: Peercarbon enables SMEs to measure, manage and reduce their CO2 emissions, and then connects them with lenders who prioritise green finance
Ghana: The Klick Foundation committed $850 million to fund six carbon reduction projects in Ghana, aiming to cut emissions by six million tonnes and generate 7,000 jobs by 2023.
💡 Energy and infrastructure
Namibia: Solarcentury Africa and SolNam Energy granted licenses for the construction of SolNam 60 MWp solar project in Namibia
Rwanda: Sawa Energy receives funding to boost East Africa expansion making solar power accessible to SMEs
Sierra Leone: Hybrid solar power plant to power operations at the future Baomahun gold mine in partnership of CrossBoundary Energy and FG Gold
Nigeria: Nigerian AgTech Startup UfarmX Partners with Africa GreenTec to help farmers tackle post-harvest challenges with sustainable energy solutions
Nigeria: Arnergy, a cleantech startup specializing in distributed renewable energy solutions, has raised $3 million in a bridge round led by All On, an off-grid energy impact investment company supported by Shell
Nigeria: Project Green, a collaboration between ECOnnect Energy and APPL, aims to establish APPL as a leading supplier of clean e-fuels, including e-methanol and green ammonia.
Botswana: Solar Century Africa Limited and Energy & National Resource Corporation announce partnership to develop a 100 MW solar project.
DRC: SkyPower Global has teamed up with Africa Finance Corporation (AFC) to build the first phase of a 1,000-megawatt solar power plant
🚕 Mobility and transport systems
Nigeria: Mobile Power, which rents out electric batteries in Africa, will start recycling its used equipment to provide rural populations with access to photovoltaic solar energy.
Uganda: GOGO and its asset financing partner Watu celebrate milestone of 1,000th electric motorcycle sold
Kenya: eBee Africa introduces electric bicycles to boost green mobility on the continent
South Africa: Zero Carbon Charge signs memorandum of understanding to bring 480 kW EV ultra-fast EV chargers to South Africa
Kenya: Car dealer Autopax Limited is set to venture into the e-motorcycle assembly segment after a partnership with Ghanian battery company Kofa
Nigeria: African e-scooter startup Spiro partners with Ogun State government to enter Nigerian market, despite regulatory uncertainty
🏭 Industrialisation
Kenya: Pine Kazi turns the fibre from leftover pineapple leaves into sustainable textiles for shoes and handbags
Zimbabwe: Varun, one of Zimbabwe’s largest beverages producers, expands into confectionery market
💻 Digital transformation
Nigeria: Globacom introduced all-in-one bundle, SME In A Box, bundling solutions for all major communication and tech requirements of SMEs in the country
Kenya: Airtel Africa to build data centre in Nairobi
Nigeria: Zone, Africa’s first licensed blockchain payment infrastructure company, will launch a remittance product in 2025
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Thanks for reading,
Carolin