DRC – Congo Energy Solutions (Nuru) has secured US$50.3 million in funding from the Multilateral Investment Guarantee Agency (MIGA) to develop hybrid solar energy projects.
This funding will facilitate the construction of metropolitan electricity grids in Goma, Kindu, and Bunia.
The grids aim to bring light and power to the population and businesses. The 15 MW installed capacity promises a brighter future for the region.
Bunia is set to host the largest metropolitan network within this initiative, and a US$40 million Series B financing round will support it.
This round involved the International Finance Corporation (IFC) and Proparco, a French Development Agency (AFD) subsidiary.
Developing these solar-powered metropolitan electricity grids is a collective effort supported by the Renewable Energy Performance Platform (REPP), the Global Energy Alliance for People and Planet (GEAPP), E3 Capital, and the GAIA Impact Fund.
French renewable energy producer Voltalia the Schmidt Family Foundation, and the Joseph Family Foundation also invested in the Series B round.
This mobilization will enable Nuru to supply electricity to 28,000 households and businesses in eastern DRC, which remains unstable due to the M23 rebellion. Despite the risks, MIGA’s guarantees will help mitigate the potential impact on investors.
“The partial coverage of expropriation by MIGA is one of the project’s innovative aspects. Each mini-network is covered separately from the point of view of expropriation,” stated the World Bank Group agency.
Guinea-Bissau launches large-scale solar power with IDA support
In a similar development, the World Bank has announced support for Guinea-Bissau’s first solar power plants.
This initiative is part of the Solar Energy and Access to Electricity Development Project, which aims to decarbonize electricity production and accelerate electrification.
Guinea-Bissau will receive support from the World Bank Group until 2030, with an initial grant of US$30 million already approved.
The International Development Association (IDA) is expected to contribute an additional US$35 million, and the World Bank’s Energy Sector Management Assistance Program (ESMAP) will provide a US$2.65 million grant. The Green Climate Fund (GCF) is pledging US$10.5 million for the project.
The goal is to accelerate electrification, as only 33% of Guinea-Bissau’s population currently has access to electricity, with 58% in the capital, Bissau.
The country’s significant untapped solar resources present an opportunity to cost-effectively bridge the electricity supply gap.
The project focuses on constructing several solar power plants and battery storage units, with participation from the private sector.
A 30 MWp solar power plant will be built near the capital to reduce electricity costs and diversify the energy mix.
Battery storage will initially smooth the injection curve and eventually provide services to the electricity system.
The government will also support the installation and operation of mini-grids on the Bijagós islands (Bolama, Rubane, and Bubaque) by private partners.
These mini-grids, powered by renewable energies, will supply electricity to 1,200 households, shops, hotels, and SMEs.
The World Bank expects this project to benefit residential, commercial, and industrial consumers throughout Guinea-Bissau, including the islands.
It will also support the government’s efforts to foster private sector participation, stimulate economic growth, and create green jobs.
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