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.
Illegally re-badged panels were sold on to Senegal, Burkina Faso, Nigeria, Morocco, Mauritania, Turkey and even Syria. Italian authorities found 60 tons of panels which will be examined.
French thinktank the Institut Montaigne says Africa is absent from the global solar revolution for several reasons including a lack of suitable financing tools, the small size of projects and a systematic recourse to tendering. Removing artificial price signals set by ever more competitive tenders could be a step towards a more mature market, ready for large scale solar tenders.
The African Development Bank last year disclosed a plan to install 10 GW of solar in the deserts of the Sahel. A recent summit held in Burkina Faso may have brought the ambitious project a step closer.
PEG Africa, a company offering pay-as-you-go solar to consumers and businesses in West Africa has received a $5 million investment from European Union initiative ElectriFi. The company says it has now secured more than $50 million and plans a major expansion.
The solar home system company, which enables customers to pay their solar electricity bill through an app on their mobile on a PAYG basis, has conducted a monumental funding round as it eyes expansion to become a fully-fledged pay-as-you-go utility.
A €38 million loan will be provided by Proparco, the International Finance Corporation and the European Investment Bank. A PV plant in Tauba will sell power for €0.0380/kWh and a second facility in Kahone which will sell electricity for €0.0398.
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