AfDB to invest in multimillion Energy Fund
The African Development Bank (AfDB) has approved a US$20 million equity investment for Evolution III (EVIII), an Africa-focused energy and infra fund managed by Cape Town-based Inspired Evolution in Africa.
The US$400 million fund will mobilize renewable energy and resource-efficiency assets across sub-Saharan Africa (SSA) over a 10-year period. The main focus of EVIII is to widen the geographical and technological scope to include North Africa, numerous SSA nations, and decentralized energy business models for the energy transition and climate mitigation.
The Bank's support is expected to install 2,162 MW of renewable power generation capacity contributing to 1.8 million tons of CO2 emission savings, and green and sustainable growth across Africa by creating 2,480 full-time jobs.
Country news
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April 13, 2020
Final PV plant of 258 MW complex starts operation in South Africa
Scatec Solar and partners have grid-connected and started commercial operation of the third 86 MW solar plant in Upington, South Africa, completing the 258 MW solar power complex.
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January 21, 2019
Investec and UKCI invest US$73 million in new African renewable energy yieldco
UK Climate Investments (UKCI) has announced a planned ZAR500 million (US$36.5 million) cornerstone investment in a dedicated African renewable energy yieldco, Revego Africa Energy Limited.
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November 30, 2018
AfDB approves financing for US$800 million CSP project in South Africa
The African Development Bank (AfDB) has announced that its Board of Directors has approved a senior loan of ZAR3 billion (US$228.6 million) to the 100 MW Redstone Concentrated Solar Power (CSP) Project. The total cost of the project is US$789 million.
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August 03, 2018
Enel signs US$1.1 billion financing for 700 MW wind projects in South Africa
Enel Green Power RSA, the Enel Group’s South African renewables company, has signed project financing agreements a portfolio of five new wind projects, totalling roughly 700 MW of capacity.
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July 26, 2018
US$500 million wind and solar portfolio in South Africa reaches financial close
BioTherm Energy, a South African renewable energy development platform and power producer, has reached financial close on a portfolio of wind and solar projects with a combined generation capacity of 284 MW. The total development cost of the portfolio is approximately US$500 million.
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