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Plan to Green 30,000 Africa Buildings Seeks $150 Million Boost

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Plan to Green 30,000 Africa Buildings Seeks $150 Million Boost

Scalar International and Mergence Investment Managers Ltd. plan to raise as much as $150 million in a private equity fund to boost energy efficiency and install renewable-energy systems in 30,000 buildings in Africa.

The fund will invest in companies that provide the services in the southern part of the continent, with about 30% of the money likely to spent in South Africa, according to Semoli Mokhanoi, chief commercial officer at Cape Town-based Mergence.

It’s about African businesses “really getting an opportunity to participate in getting onsite generation and onsite storage,” said Hubert Gutsa, managing director of Scalar, which has operated similar programs in the US. “Most of these small to medium enterprises are essentially paying more for energy by using diesel-powered generators.”

While African businesses, like those elsewhere, are being pushed to reduce their carbon emissions, installing solar panels and batteries on buildings has the added advantage of shielding them against erratic power supply and rising electricity costs.

Article content

About 80% of the money for the Africa Decarbonisation Fund I will come from global climate funds and European development-finance institutions, with the rest from African organizations. The firms are in “advanced negotiations” with the EU-Africa Global Gateway Investment Package, a European Commission initiative that plans to mobilize €150 billion ($170 billion) in investment for Africa.

The fund has won support from Luxembourg’s International Climate Finance Accelerator, which helps shape projects and provides grant finance and working-capital loans.

In addition to power generation and storage, the fund will also pay for infrastructure such as electric-vehicle charging stations at the buildings and smart-grid technology to improve energy efficiency.

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Source: bloomberg
Via: norvanreports
Tags: 000 Africa Buildings Seeks $150 Million BoostPlan to Green 30

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