By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Gawking for the direction the gust is banging and the sun is glowing, please twirl to Egypt’s Benban solar park. This gigantic project, will have the capability to generate 1.8GW on fulfillment, is recommending to peddle supplementary electricity at a tenth of
the rate of heritage power generators in Europe.
Consultations are underway to build power camaraderies to Europe and elsewhere in Africa. Other big solar plants in the channel are feasible to be postponed by the financial skepticism around the Novel Coronavirus (Covid-19) pandemic, mumbles – Jaakko Kangasniemi, the Chef Executive Officer of Finland’s Development Finance Institution, FinnFund.
He affirms governments are uncertain to back power-purchasing agreements while finances are being restructured. But, Kangasniemi announces, the money is not going to be idle: instead, developers are targeting smaller industrial and commercial solar projects “like a factory or a block of apartments, or a neighborhood. We are not talking a
quarter of a million solar panels, but a few hundred or a thousand panels, around 1MW.”
One current example: one of Zimbabwe’s biggest cold chain and tobacco players, Nhimbe Fresh, has endorsed a bargain with South African startup Sun Exchange for a 1.9MW solar installation. Sun Exchange crowdsources cryptocurrency leasing of solar cells – the latest iteration of the new micropayments for energy story that has taken off in recent years. Africa-focused miners are turning to renewables too.
CrossBoundary Energy has been aggregating these industrial and commercial solar agreements for a while. It recently, sold off its 40MW off-grid solar portfolio to ARCH Emerging Markets Partners. Investors got an exit and a 15% return on their money, dispatching a clear signal: You can make good money from African solar.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com