With pressure mounting on the world’s governments to turn their back on the fossil fuel, China and peers in South East Asia, Europe and South Asia could help deliver a coal-free future at the COP26 climate summit planned in Glasgow in November.
With Chinese manufacturers having warned they will pass on escalating component costs, and shipping expenses soaring since last summer, the rising price of solar is forcing some installers to redraft quotes, pv magazine has discovered.
Pending final closing, the Electrification Financing Initiative has announced it is considering private equity investments of €1.5 million to two French firms operating in Benin, Togo, Burkina Faso and Senegal, and $1.5 million to a Tanzanian business operating in Tanzania and Uganda.
The $40 million projects will be the country’s first large scale solar-plus-storage project.
With a previous 50-50 split between equity and debt investment funding for the off-grid market lurching to 84% borrowing, and commentators stating most of this year’s backing was agreed before the onset of Covid-19, fears are mounting about the prospects for the sector.
The Senegalese government is aiming to increase access to solar power in rural areas by reducing VAT on PV panels, inverters, solar thermal collectors and other products in an effort to achieve universal electricity access in the country by 2025.
The Economic Community of West African States should prioritize the development of solar PV to meet surging energy demand over the next 30 years, according to a newly published study.
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