Latest news with #SEFA
Business Insider
7 days ago
- Business
- Business Insider
€17.2m solar project aims to lift Burkina Faso from among Africa's least electrified
Burkina Faso has secured €17.2 million in financing to advance a major solar project aimed at improving electricity access in one of Africa's least electrified nations. Burkina Faso has received €17.2 million financing for a significant solar energy project in Dédougou. Funding sources include FMO's Building Prospects Fund and the African Development Bank's SEFA. This solar development is expected to boost domestic power generation and enhance grid stability. The funding will go toward building and operating an 18 MWp solar power plant in Dédougou, marking a key step in the government's drive to expand renewable energy in Africa and cut dependence on costly, carbon-intensive power sources. The project is backed by €11.2 million in debt from the Dutch development bank FMO through its Building Prospects Fund and a €6 million concessional package from the African Development Bank's Sustainable Energy Fund for Africa (SEFA), comprising a €2.5 million senior concessional loan and a €3.5 million reimbursable grant. According to a 2023 World Bank report, Burkina Faso ranked as the seventh African nation with the lowest electricity access rate, with only 21.7% of its population connected to power. Countries with even lower access include South Sudan (5.4%), Burundi (11.6%), Chad (12.0%), Malawi (15.6%), the Central African Republic (17.6%), and Niger (20.1%). Operational status The new solar facility is poised to play a pivotal role in transforming Burkina Faso's energy landscape, delivering a meaningful increase in domestic power generation while reinforcing the stability of the national grid. By providing a cleaner and more affordable alternative, it will ease the country's heavy reliance on thermal plants and electricity imports. As recently as a few years ago, imports which came primarily from Côte d'Ivoire and Ghana, accounted for close to 40% of Burkina Faso's total supply. This dependence has long undermined the nation's development prospects, constraining industrial capacity and leaving its growing population vulnerable to external supply disruptions. The facility will operate under a 25-year power purchase agreement with the state utility SONABEL and forms part of the Desert-to-Power initiative, which aims to deliver 10 GW of solar capacity across the Sahel by 2030. FMO emphasises that its participation is critical, as local commercial banks in Burkina Faso are unable to offer long-term financing on suitable terms. Classified as an environmental and social Category B+ project, the investment triggers most IFC Performance Standards except PS7, and includes measures to manage economic displacement, maintain community relations, address security risks, and protect biodiversity, particularly important given the region's fragile security environment.
The Citizen
02-07-2025
- Business
- The Citizen
Major funding lifeline for township traders
Local spaza shop owners are urged to apply for the R500m Spaza Shop Support Fund, a national initiative aimed at strengthening township convenience stores by providing funding, training, and business development support. This is according to Mogale City Local Municipality (MCLM) communications officer, Refilwe Mahlangu. She said a recent information session was held at Centenary Hall, where the city's Local Economic Development Section and the West Rand District Municipality partnered with the Department of Small Business Development, the Department of Trade, Industry and Competition, the Small Enterprise Development Finance Agency (SEFA), and the National Empowerment Fund (NEF) to educate entrepreneurs on how to access the Spaza Shop Support Fund. Key stakeholders who attended the session included Executive Mayor Lucky Sele, representatives from the South African Revenue Services (SARS), West Rand District Municipality representative Sivuyile Boyce and Gauteng Department of Economic Development Head Mpho Nawa. 'Launched by President Cyril Ramaphosa in November last year as part of the government's response to the foodborne illness crisis, the fund supports spaza shops through financial assistance and training, with a strong emphasis on food safety, business sustainability and market competitiveness,' said Mahlangu. She added that the support available will include: • Stock purchases via approved partners • Infrastructure upgrades (eg, fridges, shelves, security) • Operational tools and systems • Training: Point of Sale device use, business management, digital skills, food safety, and more However, Mahlangu emphasised that people who qualify for this fund are South African citizens operating spaza shops in townships or rural areas. 'Shops must be registered with the local municipality. For funding above R80 000, registration with the Companies and Intellectual Property Commission and SARS is required. Shops must meet compliance standards and be owner-managed. Up to R100 000 in support is available for qualifying businesses,' Mahlangu continued. The details for more information and applications on this fund are below: • Contact 011 305 8080 • Visit the website • In person: At your local municipality, NEF or SEFA office At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Zawya
16-06-2025
- Business
- Zawya
ADB approves €19.6mln in financing to scale up Cabo Verde's pioneer in wind and battery storage capacity
ABIDJAN, Ivory Coast -- The Board of Directors of the African Development Bank Group ( has approved a €19.6 million financing package to support the Cabeólica Phase II Expansion Project in Cabo Verde. The project is the country's first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) at scale. The financing includes a loan of approximately €12.6 million from the African Development Bank, and €7 million in concessional loan financing from the Bank Group-managed Sustainable Energy Fund for Africa (SEFA). Building on the success of the original Cabeólica power project commissioned in 2012, Phase II will add 13.5 megawatts of wind generation capacity and 26 megawatt-hours of grid-connected battery energy storage. The expansion is expected to generate over 60 gigawatt-hours of clean energy annually, eliminating expensive thermal generation and reducing carbon dioxide emissions by an estimated 50,000 tonnes annually. 'This project is a testament to Cabo Verde's long-term vision to decarbonize its power sector and enhance its resilience. It also demonstrates how private sector investment, facilitated by catalytic concessional financing, can deliver cost-effective, sustainable energy solutions for small island economies,' said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulations at the African Development Bank. Daniel Schroth, the Bank Group's director for Renewable Energy and Efficiency said: 'SEFA's support for the integration of battery storage into Cabo Verde's power system enhances power security and grid reliability while reducing generation costs in Cabo Verde.' He noted that the project highlights the added value of the right mix of financing and technology to strengthen long-term power sector sustainability. Ayotunde Anjorin, Chairman of Cabeólica and Senior Director and CFO at Africa Finance Corporation, said: 'As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica is again proud to lead this transformative expansion project comprising additional wind capacity and battery energy storage. This project underscores Cabeólica's deep commitment to delivering reliable, clean energy infrastructure in line with national goals and priorities and continues to set a replicable model for the region.' Cabeólica Phase II entails five installations across four islands: a wind expansion on Santiago and BESS deployments on Santiago, Sal, Boa Vista, and São Vicente. Battery storage will support ancillary grid services such as frequency response and voltage regulation, enabling more efficient use of intermittent wind power and reducing curtailment. With Cabo Verde's electricity system still heavily reliant on imported fossil fuels, these upgrades are expected to reduce system costs and enhance energy security. Owned by Africa Finance Corporation, A.P. Moller Capital, and Cabo Verdean public entities, Cabeólica S.A. is the country's first independent power producer (IPP). Phase II of the project will be underpinned by a 20-year power purchase and storage services agreement with the national utility Electra S.A., at tariffs significantly lower than the national average generation cost. The project advances Cabo Verde's goal of generating 50% of its electricity from renewables by 2030 as well as its Nationally Determined Contribution under the Paris Agreement. It aligns with the African Development Bank's 'Light Up and Power Africa' High-5 priority, its Ten-Year Strategy, and SEFA's Green Baseload pillar. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communication and External Relations Department media@ Technical Contact: Wole Lawuyi Chief Investment Officer Energy Financial Solutions About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: SOURCE African Development Bank Group (AfDB)
Zawya
16-06-2025
- Business
- Zawya
African Development Bank approves €19.6 million in financing to scale up Cabo Verde's pioneer in wind and battery storage capacity
The Board of Directors of the African Development Bank Group ( has approved a €19.6 million financing package to support the Cabeólica Phase II Expansion Project in Cabo Verde. The project is the country's first renewable energy initiative to integrate wind power generation and battery energy storage systems (BESS) at scale. The financing includes a loan of approximately €12.6 million from the African Development Bank, and €7 million in concessional loan financing from the Bank Group-managed Sustainable Energy Fund for Africa (SEFA). Building on the success of the original Cabeólica power project commissioned in 2012, Phase II will add 13.5 megawatts of wind generation capacity and 26 megawatt-hours of grid-connected battery energy storage. The expansion is expected to generate over 60 gigawatt-hours of clean energy annually, eliminating expensive thermal generation and reducing carbon dioxide emissions by an estimated 50,000 tonnes annually. 'This project is a testament to Cabo Verde's long-term vision to decarbonize its power sector and enhance its resilience. It also demonstrates how private sector investment, facilitated by catalytic concessional financing, can deliver cost-effective, sustainable energy solutions for small island economies,' said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulations at the African Development Bank. Daniel Schroth, the Bank Group's director for Renewable Energy and Efficiency said: 'SEFA's support for the integration of battery storage into Cabo Verde's power system enhances power security and grid reliability while reducing generation costs in Cabo Verde.' He noted that the project highlights the added value of the right mix of financing and technology to strengthen long-term power sector sustainability. Ayotunde Anjorin, Chairman of Cabeólica and Senior Director and CFO at Africa Finance Corporation, said: 'As the first renewable energy commercial scale PPP in sub-Saharan Africa, Cabeólica is again proud to lead this transformative expansion project comprising additional wind capacity and battery energy storage. This project underscores Cabeólica's deep commitment to delivering reliable, clean energy infrastructure in line with national goals and priorities and continues to set a replicable model for the region.' Cabeólica Phase II entails five installations across four islands: a wind expansion on Santiago and BESS deployments on Santiago, Sal, Boa Vista, and São Vicente. Battery storage will support ancillary grid services such as frequency response and voltage regulation, enabling more efficient use of intermittent wind power and reducing curtailment. With Cabo Verde's electricity system still heavily reliant on imported fossil fuels, these upgrades are expected to reduce system costs and enhance energy security. Owned by Africa Finance Corporation, A.P. Moller Capital, and Cabo Verdean public entities, Cabeólica S.A. is the country's first independent power producer (IPP). Phase II of the project will be underpinned by a 20-year power purchase and storage services agreement with the national utility Electra S.A., at tariffs significantly lower than the national average generation cost. The project advances Cabo Verde's goal of generating 50% of its electricity from renewables by 2030 as well as its Nationally Determined Contribution under the Paris Agreement. It aligns with the African Development Bank's 'Light Up and Power Africa' High-5 priority, its Ten-Year Strategy, and SEFA's Green Baseload pillar. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communication and External Relations Department media@ Technical Contact: Wole Lawuyi Chief Investment Officer Energy Financial Solutions About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Zawya
12-06-2025
- Business
- Zawya
Egypt: African Development Bank to provide $184.1 million for Africa's largest solar energy and battery storage project
The Board of Directors of the African Development Bank Group ( has approved a financing package of up to $184.1 million to support the development of the Obelisk 1-gigawatt solar photovoltaic project and 200MWh battery energy storage system in Egypt, which will be Africa's largest solar power plant. Located in Qena Governorate in southern Egypt, the project entails the design, construction, operation, and maintenance of a photovoltaic power plant with an integrated battery energy storage system. The Egyptian Electricity Transmission Company will be the sole off-taker under a 25-year Power Purchase Agreement. The project's total cost is estimated at more than $590 million. The Bank Group's financing package includes $125.5 million of ordinary resources, as well as concessional funding from Bank Group-managed Special Funds the Sustainable Energy Fund for Africa (SEFA) worth $20 million, and the Canada-African Development Bank Climate Fund ($18.6 million), a partnership of the Bank Group and the Government of Canada. A further $20 million will come from the Climate Investment Funds' Clean Technology Fund, with additional financing to be mobilized from a consortium of development finance institutions. Under Egypt's Nexus of Water, Food, and Energy (NWFE) platform, Obelisk has been granted a Golden License by the government, which recognizes it as a strategic initiative that will contribute to addressing Egypt's energy constraints and advancing its energy transition. Dr. Rania Al-Mashat, Egypt's Minister of Planning, Economic Development and International Cooperation, said 'the Obelisk solar project is another important milestone for Egypt under the energy pillar of the NWFE program which has since its launch in November 2022 at COP27 in Sharm El Sheikh delivered 4.2 GW of privately financed renewable energy investments, worth about $4 billion, with the support of partners such as the Africa Development Bank. The goal of NWFE's energy pillar is to add 10 GW of renewable energy capacity with investments of approximately $10 billion, and phase out 5 GW of fossil fuel power generation by 2030.' The project, expected to be fully operational by the third quarter of 2026, will generate an estimated 2,772 gigawatt-hours of clean, reliable, and affordable energy annually to the national grid. The battery energy storage system will help meet peak evening demand with renewable power while also mitigating the variability of solar power generation. The project is expected to reduce annual carbon dioxide (CO 2) emissions by approximately one million tons and create about 4,000 jobs during construction and 50 permanent jobs during operation, with a special focus on women and youth employment. 'Obelisk is another landmark development under NWFE that leverages on Egypt's and the African Development Bank's leadership as well as commitment to harnessing the country's renewable energy to enhance the resilience of the country's energy supply to meet its fast-growing energy demand sustainably,' said Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate, and Green Growth. 'This project also contributes to Egypt's ambition of producing 42 percent of its power generation capacity from renewable energy sources by 2030 while spurring economic growth and reducing greenhouse gas emissions,' Ambassador of Canada to the Arab Republic of Egypt Ulric Shannon said: 'Canada is proud to support solar energy development in Egypt. This initiative is a meaningful step toward enhancing energy security and stability, with direct benefits for the Egyptian people. We are pleased to collaborate with the African Development Bank and other partners in supporting Egypt's transition to a sustainable, low-carbon economy.' The Obelisk Solar Project aligns with the African Development Bank's Ten-Year Strategy, its New Deal on Energy for Africa, and its Country Strategy Paper for Egypt as well as SEFA's strategic framework which aims to accelerate African countries energy transition by increasing the share of renewables and catalyzing commercial capital mobilization in the power sector. The project also advances Egypt's commitment to achieve 42 percent generation capacity from renewable energy sources by 2030. 'This project exploits the abundant renewable energy potential in Africa and demonstrates how strong partnerships and innovative solutions contribute to balancing three core objectives in the energy sector, namely energy security, affordability, and sustainable economic development,' said Wale Shonibare, Director of Energy Financial Solutions, Policy, and Regulation at the African Development Bank. 'It has high potential for replicability across the continent.' Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communication and External Relations Department Technical Contact: James Otto Senior Investment Officer Energy Financial Solution and Policy Regulations Department About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
