Empower, CI1 to back development of 100 MW of solar in Africa
Easy Solar, panels, Africa.
Image by Easy Solar.
May 9 (Renewables Now) - Climate Investor One (CI1), the inaugural facility managed by the Climate Fund Managers (CFM), has entered into a deal with Empower New Energy to support the development of 100 MW of solar projects in Africa.
The newly-signed development funding agreement will involve projects for commercial & industrial (C&I) customers across 10 African countries.
Empower is an international impact investment company that has established a global network of developers, pipeline projects and identified off-takers. It targets solar investments in countries such as Egypt, Ghana, Kenya, Morocco and Nigeria, as well as Cameroon, Ivory Coast, Rwanda, Senegal, Sierra Leone and Zambia.
The firm and CI1’s Development Fund have signed the deal with the view of creating an investment opportunity for CI1’s Construction Equity Fund currently estimated at USD 50 million (EUR 47.6m), the announcement says.
“The partnership with Climate Investor One will allow Empower to leverage off our existing C&I expertise as well as access to the capital required to ramp up project execution,” commented Sebastian Surie, CFM’s Regional Head for the African region.
The platform is expected to provide renewable energy to 370,000 people and create 9,500 jobs.