- Canada’s East African Power (EAP), has aquired a 85% stake in two solar power projects totalling 266MW in the Democratic Republic of Congo (DRC).
- A 20-year Power Purchase Agreements has been secured with the national utility, Société Nationale de l’Electricité (SNEL).
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 MW 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.
“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.”
Author: Bryan Groenendaal