- Climate Investor One and Empower New Energy sign solar power development deals in Africa.
- Both companies will fund renewable energy projects for C&I customers across 10 African countries.
Climate Investor One (CI1) has entered into an agreement with Empower New Energy to support the development of 100MW of solar projects in Africa. The newly-signed development funding agreement will comprise projects for commercial & industrial (C&I) customers across 10 African countries.
Empower, an international impact investment company targets solar investments in countries such as Egypt, Ghana, Kenya, Morocco, Nigeria, Cameroon, Ivory Coast, Rwanda, Senegal, Sierra Leone and Zambia.
According to a report from Renewables Now, the firm and CI1’s Development Fund have signed the deal to create an investment opportunity for CI1’s Construction Equity Fund, currently estimated at USD 50 million (EUR 47.6m).
Sebastian Surie, CFM’s Regional Head for the African region, noted, “the partnership with Climate Investor One will allow Empower to leverage off our existing C&I expertise and access to the capital required to ramp up project execution.”
The platform is expected to provide renewable energy to 370,000 people and create 9,500 jobs.