REPP signs with Gigawatt Global Burundi S.A.
Renewable Energy Performance Platform signs with Gigawatt Global Burundi S.A.
London, 16 August 2017 – The Renewable Energy Performance Platform (REPP), launched at the beginning of 2016, has signed a Support Agreement for its latest project. The project comprises a 7.5MW solar photovoltaic power plant being developed by Gigawatt Global in Mubuga, Gitega Province, Burundi. The power plant will supply clean electricity to the Burundi national grid and is scheduled to be constructed in 2017. This will to be the first power plant built in Burundi in nearly 30 years and the largest private sector investment in Burundi this year. When operational, it will provide a 15% increase in the generation capacity of the national grid and will help alleviate the severe energy deficit experienced in Burundi.
REPP supports Gigawatt Global through technical assistance for the plant, transmission line and interconnection as well as funding for due diligence costs in preparation for Financial Close. REPP will also assist to secure financing, appropriate risk mitigation instruments for the project, and potentially results based financing.
The project has also been supported by a grant from the Energy and Environment Partnership (EEP), the Belgian Investment Company for Developing countries (BIO) and additional technical support from the African-EU Renewable Energy Cooperation Programme (RECP).
Geoff Sinclair, REPP Manager and Managing Director of Camco Clean Energy, said “REPP is designed to provide support for small-scale renewable energy projects in sub-Saharan Africa. We are pleased to be working with Gigawatt Global in developing the first private solar PV project in Burundi.”
“One of the key goals of the REPP is to ensure that the transformational benefits of renewables are delivered to some of the smaller economies in sub-Saharan Africa and accordingly, we are delighted to be adding Burundi to the list of countries that REPP is supporting”, noted Dr Jussi Nykänen, CEO of GreenStream Network Ltd.
Michael Fichtenberg, the Managing Director of Gigawatt Global Burundi S.A., said in response, “Gigawatt Global is pleased to have REPP involved in this pioneering project, which is a validation of the impact and transformation that the project can bring to Burundi and its deserving people. REPP’s support will enhance the development and speed of deployment to deliver tangible results and economic development through clean energy for both the large grid-connected project and off-grid rural electrification. REPP and Gigawatt Global share a mutual vision of promoting real transformation and creating impact in the community, and we are pleased to work together to realize these business and social aspirations in a frontier market.”
About Gigawatt Global
Gigawatt Global is a multinational renewable energy company bringing new sources of green power and social development to Africa and other emerging markets. Led by a team of seasoned project developers, financiers, impact investors and renewable energy experts, the American-owned Dutch company develops renewable energy installations (solar, wind and hydro) across the African continent.
For more information, please visit the Gigawatt Global website at: www.gigawattglobal.com
REPP has been set up with the support of The European Investment Bank and United Nations Environment Programme. As an innovative climate finance initiative, REPP’s purpose is to provide support to African renewable energy projects smaller than 25MW, to enable them to reach financial close and commence construction.
The REPP “toolbox” includes:
- Technical assistance and due diligence services;
- Access to risk mitigation instruments provided by REPP partners;
- Access to long-term lending from both public and private sector sources and assistance with financial structuring; and
- Results-based finance, in certain limited circumstances, to ensure that viable projects are able to reach financial close.