African PAYG solar companies have hogged 72% of sector’s investment
The first post-pandemic update on the state of the world’s off-grid solar industry has painted a picture of domination by European companies, but highlighted the potential for new startups in West Africa and an increasing use of PV as a backup to unreliable grid supplies.
Off-grid solar continues to expand
The off-grid solar sector has shown resilience in the face of pandemic-related challenges, with 70 million people gaining access to electricity from early 2020 to the end of 2021. However, the ability to pay for solar energy kits has taken a hit.
Developer plans 20 MW solar aquaculture site in Bangladesh
Joules Power has said the $22 million PV project will be built on land which is submerged for most of the year and will breed fishes. The project is set to be completed in December 2023.
IFC announces $150m credit line, with focus on African solar
Egypt’s Elsewedy Electric, which has developed solar and storage projects on its home continent, has secured a new financing package, according to International Finance Corp.
Nigerian state to install 600 MW of C&I solar in pursuit of 1 GW goal
The Nigerian state of Lagos and the World Bank have announced plans for 1 GW of rooftop PV by 2030.
World Bank spells out how Pakistan can hit 13 GW of clean power
The World Bank has advised the Pakistani government to make an immediate start on solar and wind auctions based on big, dual technology clean power parks, plus smaller tenders likely to be dominated by PV.
Burkina Faso set for 27 MW solar project
The Zina solar field, which is being developed by Amea Power, is being financed by the World Bank’s private sector arm and will be constructed in Mouhoun province.
IFC boosts green lending in Poland
International Finance Corp. has underwritten potential credit losses on part of a $730 million loan book held by the Polish operations of Santander, freeing up finance to be issued for more green projects, including renewables.
African Development Bank offers local-currency credit to Nigeria’s clean power developers
Lack of locally-denominated finance, and of sufficiently long-term loans, are well established hurdles to the development of photovoltaics in Africa.
World Bank notes potential for 210,000 mini-grids this decade
The international development entity has already invested $1 billion in local, off-grid electricity networks over the last decade – and attracted a further $1.1 billion in matched funding – and has predicted mini-grids could supply electricity to 490 million people by 2030.
