ADVERTISEMENT

ADVERTISEMENT

Whilst development finance institutions (DFIs) are a crucial part of allowing the market to find its feet, the continent’s economic infrastructure needs to move beyond the realm of development finance for commercial financiers to be enticed.

The African Development Bank has embarked on a fund-raising drive to finance the expansion of energy, with the immediate aim of connecting 200 million people with clean energy even as it continues its push to unlock barriers to effective investments in the agriculture sector.

According to &Beyond, this is “the first system of its kind in Botswana and only the second on the African continent… it incorporates a solar photovoltaic (PV) power plant and a Tesla Powerpack bat-tery energy storage system.”

To date, it has successfully raised $22.5 million through its Series D funding round, $7.5 million through its debt funding round and has just recently garnered an additional $10. In funding. This comprises of $5 million in equity funding from new investor Norfund along with $5.5 million in grant funding from the Beyond the Grid and Shell Foundation.

Three sustainable energy trail blazers working in East Africa – Futurepump, Haileybury Youth Trust and Mobisol – have all won a 2017 Ashden Award.

Apple didn’t create a smart phone by adapting a fixed line hand receiver – they re-invented the experience from scratch. It is time we did the same for energy.

The Sustainable City's 500 homes, located 18 miles from Dubai City, are powered by solar panels capable of achieving 10 mega-watts at their peak.

The hybrid energy storage system converts solar energy into usable power and also stores it, allowing the ranger station to benefit from solar power at night.

For the 23 poor countries to move out of poverty, microfinance and DFI lending is not enough. Growth capital equity is required for SMEs, early stage companies and startups. For such investment to have a meaningful long term impact, there must be a high volume of relatively small transactions, accompanied by investor follow-up to ensure that local management teams benefit from external advice and mentoring.

To date, PEG Africa has sold over 25,000 solar systems in West Africa, a region not as well established in solar power as East Africa.

Newsletter

Don't miss any news!

Subscribe Sun-Connect News


Featured partners