Gridworks-AEE Power-Eranove consortium signs concession deal with DRC on US$100m solar-hybrid power project

A consortium led by Gridworks and including Eranove and AEE Power has signed three concession agreements today with the Ministry of Hydraulic Resources and Electricity of the Democratic Republic of Congo (DRC). The agreements will see the consortium develop, build and operate three large-scale, solar-hybrid, off-grid utilities in the three cities of Gemena, Bumba, and Isiro in the north of the country. 

The consortium, which is led by Gridworks also announced the brand name of the companies that will ultimately provide power to the residents and businesses of the three cities. The companies will be branded as Moyi Power. 

The initial investment for the three sites will be at least US$100 million, funded with a mixture of equity from the consortium, debt provided by development finance institutions (DFIs), and capital grants from donors and DFIs. The consortium is in discussions for the provision of debt finance with both the Emerging Africa Infrastructure Fund and the African Development Bank (AfDB) and for the potential provision of grants with the Private Infrastructure Development Group (PIDG), The Rockefeller Foundation, and the AfDB’s Sustainable Energy Fund for Africa. Both AfDB and PIDG have also provided support regarding the structuring of the transaction during the tender process.