Friday, 08 July

Dear <<First Name>>

We all know that the cost of renewables has plummeted in recent years as surging demand has been met with technological advances. But I was still pleasantly surprised this week when I read about a new report estimating that the cost of increasing the Pacific nation of Palau’s installed renewable energy capacity from 4% to 92% could be achieved with an initial capital cost of just USD126 million. With a population of less than 19,000 that equates to around USD6,630 per person. 

The report by the International Renewable Energy Agency (IRENA) was requested by Palau’s government to provide a roadmap for helping the country meet its goal of decarbonising its power and transport sectors by 2050. In addition to the USD126 million / 92% renewables scenario, which would involve a mix of solar PV, wind and battery capacity to replace most of Palau’s existing fossil fuel generation, the authors also set out 100% clean energy options with costs ranging from USD179 million to USD 266 million depending on the mix of technologies used. 

Taking into account the report’s warning that none of the outcomes is likely to be achieved without the appropriate policies and regulations in place, renewables nonetheless present Pacific island nations with a real opportunity not only to achieve net zero, but to significantly improve their economic prospects by reducing their dependence on costly imported diesel and boost their climate resilience. 

As Camco continues to develop its TIDES blended finance platform, which aims to provide flexible financing to local renewable energy developers in the Pacific, the report fills me an even greater sense of optimism and excitement for what can be achieved through clean energy in the region. 

Cheers 

Geoff Sinclair

Managing Director, Camco Clean Energy

West Africa

Benin: GreenYellow and Egnon win solar construction tender (Afrik21)
- The government of Benin has signed a concession agreement with the two companies for the construction of four solar PV plants, with a combined capacity of 50MWp.

Ivory Coast: Orange bets on sustainability (Afrik 21)
- The Ivorian subsidiary of the French telecommunications group has voiced a commitment to putting its digital solutions at the service of sustainable development in the country.

Nigeria: Government announces restructuring of five electricity companies (Premium Times)
- The affected distribution companies are Port Harcourt, Kano, Kaduna, Ibadan and Benin.

Nigeria: EU boosts country’s energy transition (Leadership)
- The EU has launched the USD1.35 billion Nigerian Green Energy Project, which aims to stimulate sustainable, climate-smart agriculture and renewable energy development, whilst creating employment opportunities.

East Africa

Kenya: CFAO Kenya Limited invests in OFGEN Limited (Capital FM)
- The subsidiary of Corporation for Africa and Overseas (CFAO) group will continue to leverage the solar PV leader’s expertise in commercial installation to solarise its East African business premises.

Kenya: Government defines net-metering rules for solar (PV Magazine)
- The Energy and Petroleum Regulatory Authority (EPRA) has released a draft regulation to support the introduction of a net-metering regime for PV installations, which will apply to systems up to 1MW in size. 

Kenya: Spotlight put on the importance of innovation and research in the energy sector (ESI Africa)
- EPRA recently held a conference in Nairobi with petroleum sector stakeholders under the theme ‘research and innovation for sustainable energy development’, focusing on quality energy and petroleum. 

Mozambique: Solarcentury Africa boards solar project (Renewables Now)
- The renewables developer has joined SunMoz to contribute to the development of a 100MW solar project in the country's central region.

Rwanda: Board to prequalify contractors for construction of dam and hydropower plant (ESI Africa)
- The Rwanda Water Resources Board intends to preapprove contractors for installation of a multipurpose dam and power plant, which will be constructed on the Muvumba River in Nyagatare District.

Southern Africa

Namibia: Orano to equip desalination plant with solar park (Afrik 21)
- The French nuclear giant wants to equip its Erongo plant with a 5MWp solar PV plant, for which they have just signed a PPA with InInnoSun for the facility’s construction and operation. 

South Africa: Calls increase for more on-grid renewable energy (ESI Africa)
- Pressure is mounting on Mineral Resources and Energy Minister Gwede Mantashe from organisations such as the National Planning Commission, whose plans are being stunted by loadshedding.

South Africa: Karusa wind farm goes into commercial operation (Afrik 21)
- The South African subsidiary of Enel Green Power has finally put the 147MW facility into commercial operation.

Africa - other

Angola: Country aims to increase electricity access rate (All Africa)
- The Angolan government has set the goal to increase the rate of access to electricity in the country from 42.8% to 50% by 2025.

Cameroon: Mekin hydroelectric power station partially restarts operation (Afrik 21)
- Cameroonian authorities have partially restarting the power station, with the final unit of the 15MW hydropower plant expected to be energised in Q4 2022.

Egypt: Taqa Arabia inaugurates solar PV plant (Afrik 21)
- The 5MWp plant is located in Soma Bay, a resort now powered entirely by solar energy. 

Renewables: PFAN and Serengeti Energy partner (PFAN)
- The two have collaborated to launch their first renewable energy incubator programme, which aims to help aspiring entrepreneurs in renewable energy to bring projects to financial close.

Solar: Baobab+ secures loan for its solar kits in six countries (Afrik 21)
- The impact investment platform Symbiotics is providing USD5 million to the French company to facilitate its expansion in Ivory Coast, Mali, Senegal, Madagascar, Nigeria and the DRC. 

Solar: Beyond the Grid Fund for Africa (BGFA) finances electrification (Afrik 21)
- The fund has signed a financing agreement with several companies to electrify at least 580,000 African households and small businesses.

Solar: Mini-grid development essential to eradicate Africa’s energy poverty (African Business)
- A recent report by the African Minigrid Developer’s Association portrays a resilient mini-grid sector that has doubled new connections throughout the pandemic but is still receiving little enthusiasm from investors.

Pacific

COP: Australia and New Zealand invite Pacific nations to join bid to host climate summit (Pina)
- The invitation was welcomed but would require firm commitments, including backing the Vanuatu government-led campaign for an International Court of Justice advisory opinion on the human rights impacts of climate change. 

Emissions: Former Pacific leaders group urges Australia to cut emissions (Pina)
- The group has called for “urgent actions” to reduce carbon emissions and accelerate efforts to move beyond fossil fuels. 

Palau: Latest IRENA country report focuses on Pacific nation (PV Magazine)
- The organisation estimates that it would require just USD126 million to increase the country’s renewables-powered rate from 4% to 92%. 

Rest of the world

Energy storage: MITEI publishes Future of Energy Storage study (MITEI)
- The report explores the role that energy storage could play in fighting climate change and in the global adoption of clean energy grids. 

Finance: HSBC banker quits after climate speech (BBC)
- A senior HSBC executive has resigned after accusing central bankers and officials of exaggerating the financial risks of climate change. 

SDG7: Report claims that without equality clean energy access will remain elusive (IEA)
- The IEA, IRENA, UN Department of Economic and Social Affairs, World Bank and WHO have collaborated on the newly released research, which emphasises the need to target African countries with sustainable solutions. 

Solar PV: New IEA report claims more diverse supply chains are required to meet net zero (IEA)
-The research indicates that a secure transition to net zero emissions will require increased efforts to expand and diversify global production of solar panels, the supply chains for which are currently dominated by China.

Wind: Offshore holds untapped potential to accelerate the energy transition, says IRENA (ESI Africa)
- According to the organisation, 2,000GW of installed offshore wind capacity will be needed to limit global temperature to 1.5C and meet net zero objectives.

Share this newsletter!

Currencies