Friday, 18 September

Dear <<First Name>>

This might sound a little like preaching to the converted to many readers, but isn’t it time governments stopped ploughing public money into outdated energy sources and ramped up investment in renewables?

Sure, funding for solar, wind and other clean-tech solutions are reaching record highs, but it still doesn’t put us on track for meeting the Paris Agreement targets and keeping global warming below 1.5c.

Ministers would do well to consider the recent findings of consultancy firm Fitch Solutions, who discovered around $300 billion of public funds has been wasted in doomed mega projects around the world. Money, the researchers point out, that might actually be put to better use invested in renewables.

I won’t be holding my breath that they will, but it’s a great piece of advice!

Cheers

Geoff

West Africa

Burkina Faso: Construction of two 30MW solar power plants launched (Afrik21)
- Installations to be built in Koudougou and Kaya, and are part of the World Bank-supported Power Sector Support Project.

Cameroon: EDFI ElectriFi signs €3 million debt facility with solar home systems provider upOwa (ElectriFi)
- Funds will help REPP-supported upOwa accelerate its expansion throughout the country.

Ghana: 5MW solar power plant to be built in new city development close to Accra (Afrik21)
- Installation by Axcon Energy will reinforce Appolonia City’s electricity distribution network.

Ghana: Power abundance is stretching government finances as debts mount (MyJoyOnline)
- Oversupply and generous terms has resulted in increased debt, with power producers owed US$1.4 billion as of June.

Nigeria: Lumos secures US$35 million from the US’s DFC to expand its existing market (ESI)
- Financing will enable the production of an additional 160,000 solar home systems.

East Africa

Rwanda: World Bank approves US$150 million in financing to improve electricity access (ESI)
- Funding will be a mix of grants and debt and will support the Energy Access and Quality Improvement Project (ESQIP).

Southern Africa

South Africa: Eskom accepts municipality’s farmland as security on R2.5 billion of debt (ESI)
- 139 farms handed over as security on an unpaid debt by the Matjhabeng Local Municipality in the Free State.

Zimbabwe: Zesa Holdings wants to increase electricity tariffs (The Herald)
- Rates must be increased from 0.023 to 0.1USD/kWh to allow utility to break even, it is claimed.

Africa - General

General: Eastern and Southern Africa are leading the way with cross-border transmission projects (Africa Business Magazine)
- Neil Ford reports on the major projects thinking beyond national borders.

Rest of World

General: Clean energy buildout must accelerate by up to six times’ 2019 levels to achieve net zero, study shows (PV-Tech)
- 13-15TW of extra wind and solar capacity will be required by 2050, requiring between US$1-2 trillion in investment per year.

General: Fitch advocates for public funds from failed energy projects to be reallocated to renewables (PV-Tech)
- Consultancy suggests US$300 billion’s worth of public funds from cancelled mega projects could be used to expand cost-competitive renewable projects.

Currencies