DRC – A consortium consisting of the International Finance Corporation (IFC), a member of the World Bank Group, renewable energy IPP Globeleq, CIGenCo, Greenshare Energy, Greenshare Congo, Volt Renewables, and Nzuri Energy has agreed to develop a 100 MWac solar energy plant in Kolwezi, south-eastern Democratic Republic of Congo.
The renewable energy facility will sell power to DRC’s national utility Societe Nationale d’Electricite (SNEL) under a long-term power purchase agreement (PPA).
The solar plant will also support mining operations and economic activity in the Kolwezi region.
IFC and Globeleq (as lead developers) have come on board to drive the project forward and help it reach completion.
The IFC is providing up to US$900,000 through its Collaborations and Co-development Financing Program towards the development of the project and IFC will invest a further US$900,000 from the Finland-IFC Blended Finance for Climate Program.
“We are excited to partner with IFC on this project and build upon the solid work of the original developers. The use of renewables will reduce emissions and decrease the cost of electricity in the region. Applying Globeleq’s experience in delivering renewable energy projects, we look forward to contributing to DRC’s economic development and supporting its clean energy transition,” said Jonathan Hoffman, Globeleq’s Chief Development Officer.
“Today, I am extremely proud and excited to be bringing seasoned international investors, IFC and Globeleq, to the DRC. The DRC urgently needs investment in its power sector to meet its increasing industrial demand and production deficit. Together with IFC and Globeleq, we will build a landmark power plant for the DRC that will catalyze its nascent independent renewable energy industry,” said Greenshare Congo DRC representative, Dr. Adolphe Ngoyi Kitengie.
“Ramping up energy production capacity in the DRC is essential to increasing economic growth and improving living standards in the country. IFC is proud to provide early-stage growth capital to this ground-breaking project, which will deliver clean and competitive power in a region where it is currently in limited supply,” said Sylvain Kakou, IFC Country Manager for Central Africa.