DRC: can AFC unlock the 1,000 MW Green Giant solar megaproject?
Investment company Africa Finance Corporation (AFC) is joining Canadian company SkyPower in the development of a 1,000 MW solar megaproject in the Democratic Republic of Congo (DRC). The partnership will enable the development of the first phase of the project.
The 1,000 MW Green Giant solar project in the Democratic Republic of Congo (DRC) has reached a new milestone. This is thanks to a partnership between its developer SkyPower and the Africa Finance Corporation (AFC), an investment company based in Lagos, Nigeria. The solar megaproject was announced in September 2020, at the same time as the signing of a power purchase agreement (PPA) with the National Electricity Company (SNEL).
Since then, however, no concrete announcement has been made concerning this initiative by Toronto, Canada-based independent power producer (IPP) SkyPower. The partnership with AFC aims to co-develop the first phase of the project, i.e. a capacity of 200 MW. “Through this collaboration, we aim to make a significant contribution to rapid industrialization, local job creation, sustainable economic growth and a pragmatic transition to carbon neutrality in the DRC and Africa as a whole,” explains Amadou Wadda, Senior Director of Project Development and Technical Solutions at Africa Finance Corporation (AFC).
Construction to start in 2025
According to AFC, the partnership with SkyPower will accelerate the development of the first phase, “with all necessary approvals obtained and land allocation completed, ensuring a rapid transition to the development phase and the start of construction by 2025”. At the time of its launch, SkyPower estimated that the Green Giant project would create 30,000 jobs in the DRC.
If this first phase is actually built and connected to the SNEL grid, Green Giant would be SkyPower’s first operational project on the African continent. We’ll know for sure in the coming months. For its part, AFC has stepped up its investments in renewable energies in Africa in recent years.
For example, the investment company headed by Samaila Zubairu is the majority shareholder in Cabeolica, an independent power producer (IPP) that operates 30 wind turbines (25.5 MW) on four of Cape Verde’s nine islands: Boa Vista, São Vicente, Sal and Santiago. AFC is also one of the backers of the 60 MW Ghoubet wind farm, due to open in September 2023 in the Arta region of Djibouti.
Cover photo: By AFRIK21
