SkyPower Global and Africa Finance Corporation Forge Strategic Joint Development Agreement to Propel DRC's Renewable Energy Vision
Dubai, 16 February, 2024: In a significant move to advance renewable energy deployment in the Democratic Republic of Congo (DRC), Africa Finance Corporation (AFC), the continent’s leading instrumental infrastructure solutions provider and SkyPower Global have entered a Joint Development Agreement for the first phase of SkyPower’s Green Giant project in the DRC. This 200MW Phase 1 is a crucial step in realising the landmark 1,000MW Solar Power Purchase Agreement (PPA) signed between SkyPower and the DRC’s state-owned utility, Société Nationale d’Electricité (SNEL).
The partnership creates a formidable force in the pursuit of sustainable energy solutions for the continent in the fight against climate change by leveraging SkyPower’s unparalleled global experience in developing large-scale solar projects and AFC's proven track record of successfully de-risking and distributing capital for well-structured power and other infrastructure projects across Africa. Coming in the wake of COP28, this agreement underscores both organizations' dedication to the United Nations Sustainable Development Goals, particularly emphasizing the critical role of partnerships in accelerating renewable energy adoption and addressing the escalating climate crisis.
The DRC Green Giant project, heralded by the signing of the initial PPA with SNEL, marked a historic commitment from the DRC government to enhance electrification rates through renewable energy partnerships. President Félix Tshisekedi's strategic vision targets a significant boost to the nation's clean energy output, contributing to a projected US$2.3 billion stimulus to the DRC's GDP and the creation of approximately 30,000 job years.
The Joint Development Agreement is set to catalyse the construction of the first 200MW phase of the project, with all necessary approvals secured and land allocation completed, ensuring a swift transition to development stage and the commencement of construction by 2025. Testament to the collaborative efforts between SkyPower, AFC, and the DRC, the agreement represents a beacon for sustainable economic development and a cleaner, more resilient future for the region, as well as a template for further joint initiatives.
“Partnering with SkyPower, an institution known for their decades of global expertise in large-scale solar projects, is well aligned with our mission to advance energy access on the continent through renewable energy," said Amadou Wadda, Senior Director of Project Development and Technical Solutions at Africa Finance Corporation (AFC). "Through this collaboration, we aim to contribute significantly to rapid industrialisation, local job creation, sustainable economic growth and a pragmatic transition to net zero in DRC and Africa as a whole.
Kerry Adler, President & Chief Executive Officer of SkyPower, highlighted AFC's leadership role and its commitment to fast-tracking the deployment of essential energy projects as crucial to leveraging solar energy to spur economic development, create job opportunities, and tackle climate change effectively. "Partnering with AFC exemplifies a concerted effort toward realizing the ambitious goals set by forward-looking countries such as the DRC, aiming for a brighter, more sustainable future for everyone," Adler noted. “This agreement underlines AFC's pivotal contribution to promoting renewable energy solutions and both AFC and SkyPower’s unwavering commitment and dedication to ensuring a greener, more resilient world.”
About SkyPower Global: (www.skypower.com)
SkyPower Global stands at the forefront of utility-scale solar energy project development and project ownership around the world, boasting over 20 years of operational history. The company is supported by a highly experienced team, collectively holding more than 1600 years of expertise in power, empowerment, and significant infrastructure initiatives. SkyPower has diligently developed an extensive pipeline of projects exceeding 10GW, which are at diverse stages of development, construction, and operation. This broad pipeline demonstrates SkyPower's strong commitment to and expertise in the renewable energy sector, with projects set for implementation in strategic locations like the Middle East, Africa, and South Asia in the near future.
SkyPower has developed over 30 utility-scale solar Power Purchase Agreements (PPA) currently in operation across the globe and contracts, amounting to more than USD $60 billion in long-term renewable energy sales to leading utilities and government partners worldwide.
Adding to its robust profile, SkyPower is majority-owned by CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer. Since its inception in 1994, CIM Group has been committed to creating value in its projects and making a positive impact on the lives of people in communities across the Americas. Through its efforts, CIM Group has delivered more than $60 billion in essential real estate and infrastructure projects, furthering SkyPower's mission to transform the energy landscape and enhance community well-being through sustainable development.
About AFC
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.
Media Contact Information:
SkyPower Global (Dubai Office)
Email: prarthana@skypower.com
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Website: www.skypower.com
Email: dashag@skypower.com
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Website: www.skypower.com
Africa Finance Corporation
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile +234 1 279 9654
Email: yewande.thorpe@africafc.org