EAST AFRICAN POWER ANNOUNCES ACQUISITION OF 266 MW SOLAR POWER PROJECT IN THE DRC
[Kinshasa, June 30th, 2023] - East African Power (EAP), a Canadian renewable energy development and engineering company, is pleased to announce its acquisition of an 85% stake in two groundbreaking solar power projects in the Democratic Republic of Congo (DRC).
This landmark development has garnered significant support from esteemed partners. The Trade and Development Bank (TDB) is supporting EAP in the project preparation process with the goal to achieve financial close in 2024. To this end, TDB has extended a technical assistance facility to EAP to review and update key studies and other project documents in alignment with World Bank Performance Standard. TDB will also act as the exclusive mandated lead arranger for the debt financing for the projects.
In addition to TDB, EAP also received support from USAID's East Africa Power Program and the Sustainable Capital Africa Facility to accelerate the projects to financial close, demonstrating a collective commitment to transforming the energy landscape in the DRC.
The two solar photovoltaic projects, with an installed capacity of 133 MWp each, are strategically located in the Katanga and Lualaba Provinces of the DRC, in Kolwezi and Likasi, at the heart of the mining region for strategic minerals used in the manufacturing of electric vehicles and electronics.
The primary objective of these projects is to enhance the supply of electricity from renewable sources into the national grid. To this end, the projects have successfully secured 20-year Power Purchase Agreements with the national utility, Société Nationale de l’Electricité (SNEL). These projects are projected to inject 494 GWh per annum of clean and reliable energy into the grid network, offsetting 5,400 tonnes of CO2, and create over 800 full-time and temporary jobs. This transformative initiative is poised to contribute to alleviating the country's electricity deficit, reduce dependence on imported and HFO-generated electricity, and in turn, contribute to sustainable economic development.
"We are thrilled to announce the acquisition of these solar power projects in the Democratic Republic of Congo," said Dan Klinck, Founder & CEO at East African Power. "Together, with the support of esteemed organizations like TDB, we are excited to support the growth of the IPP market in the DRC, providing clean, reliable, and sustainable power to drive economic growth and enhance the quality of life for the people of DRC."
The collective effort, led by East African Power, to develop and build the Kolwezi and Likasi projects represents a monumental step towards achieving the DRC's ambitious energy goals. By harnessing the potential of solar energy, this partnership will contribute to a greener and more prosperous future for the country and its inhabitants.
For more information about the Kolwezi and Likasi projects, please contact:
Name: Nicolas Synnott
Title: Chief of Staff
About East African Power:
East African Power is a Canadian owned integrated renewable energy development and engineering company delivering affordable, reliable and sustainable solutions for small and medium hydro and solar projects in Sub-Saharan Africa. Through innovation and environmental and social stewardship, EAP aims to develop 1000 MW of renewable energy by 2030. EAP has delivered more than 10 operational projects in East Africa and has 50 projects at various stages of development across the region.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a regional development finance institution, with investment grade ratings and assets of USD 8.4bn. TDB serves 25 member states in its region, with the mandate to finance and foster trade, regional economic integration and sustainable development, through trade finance, project and infrastructure finance and asset management.
TDB is part of TDB Group, which also comprises the Trade and Development Fund (TDF), Eastern and Southern African Trade Advisers Limited (ESATAL), TDB Captive Insurance Company (TCI), and the TDB Academy.