West Africa’s off-grid solar market boom drives Lumos expansion

Businessam StaffNovember 14, 2017

West Africa’s booming off-grid solar industry is drawing international investors eyeing expansion. Lumos Global, a Dutch off-grid developer that raised $90 million last year to start a business in Nigeria, said it’s expanding in Ivory Coast this month. In both countries, Amsterdam-based Lumos is using a partnership with MTN Group Ltd. that allows customers pay for solar power with […]

Citigroup to use only renewable energy by 2020

Businessam StaffSeptember 21, 2017

Electricity

Citigroup Inc has pledged to purchase and produce all of its energy from renewable sources by the year 2020. Micheal Eckhart, Citigroup’s head of environmental finance issued the statement at the Climate Week New York, an annual energy and climate event held to correspond with the United Nations General Meeting. Citigroup will be joining 110 […]

China’s solar appetite eats into India’s clean energy effort

Businessam StaffAugust 25, 2017

Indian solar projects banking on a continuous supply of ever-cheaper panels are now under threat as China’s appetite props up prices. The global spot market price for solar panels in the second quarter fell at the slowest pace since the three months ended in December 2015, according to data compiled by PVinsights. While the decline […]

Off-grid solar energy seen transforming businesses in Nigeria

Businessam StaffAugust 18, 2017

Off-grid solar energy investments have been identified as panacea to the constraints in accessing power by Nigeria’s small and medium enterprises. Yuri Tsitrinbaum, Lumos Nigeria CEO, believes the availability of solar solutions will play an essential role in efforts to bridge the nation’s electricity supply gap. He says that businesses without access to the grid […]

Africa set to “leapfrog” over coal and choose renewable energy instead

Businessam StaffJuly 21, 2017

Despite America’s temporary lack of leadership on the climate crisis, there is a good chance that a prolonged catastrophe can be avoided. Thanks to a combination of market forces, an unprecedented surge in climate activism, and the increasingly concrete global cooperation on the issue, renewable energy is proliferating across the planet like never before. Much […]

Rwanda, World Bank agree to increase electricity access through off grid renewable energy

Businessam StaffJuly 17, 2017

Rwanda has signed a $50 million Scaling-Up Energy Renewable Program (SREP) financing agreement with World Bank in an effort to increase the country’s electricity access through off grid renewable energy. According to Africa Business Communities’ report, Claver Gatete, Rwanda’s Minister of Finance and Economic Planning, and Yasser El Gammal, World Bank Country Manager for Rwanda signed […]

AfDB set to fund construction of 32 megawatts solar power plant in Chad

Businessam StaffJuly 12, 2017

The African Development Bank (AfDB)is set to fund the construction of a 32 megawatts solar plant to be constructed in N’Djamena, the Chadian capital. In addition to financing the 32 MW solar power plant, AfDB plans to support other projects such as the electrical interconnection project between Chad and Cameroon, and the rehabilitation of the […]

Morocco secures $25 million Clean Technology Fund loan for hybrid solar project

Businessam StaffJuly 4, 2017

Technologies

Morocco has received approval for a $25 million loan from the Climate Investment Funds’ Clean Technology Fund (CIF CTF), according to African Business Communities. The loan is meant for a project to generate solar power through an innovative hybrid Concentrated Solar Power (CSP) and Photovoltaic (PV) solution. The Midelt Phase I Concentrated Solar Power Project […]