March 19 (Renewables Now) - US solar developer Renewvia Energy Corporation and renewables investor Dream Projects Incubators (DPI) will work together on solar microgrids in Kenya and Nigeria, it was announced this week.
Renewvia and DPI have set up a special purpose vehicle with the goal of capitalising large portfolios of solar microgrid projects in sub-Saharan Africa. The French Development Bank and The World Bank will partially capitalise the first 10 projects, according to the announcement.
Subsidiaries of Renewvia have qualified with the World Bank to receive a performance-based grant for each new connection made in off-grid communities in Nigeria and also an investment-based grant for Kenya.
“DPI has been evaluating the off grid sub-Saharan opportunity and felt the most efficient path to take a position is through an established operating platform,” commented Kazuomi Kaneto, founder and CEO of DPI.