DRC: African Development Bank to Lead Financing for Transformative Moyi Power Project

The African Development Bank has been named mandated lead arranger for the Moyi Power Metro-Grids project, a $340 million private sector-led electrification program  in the Democratic Republic of Congo.

This landmark project, by a consortium comprising Gridworks, Eranove, and AEE Power, will bring clean, reliable, and affordable electricity to over one million people in three isolated cities in DRC, a country facing a severe energy access deficit, with more than 80 percent of the population currently without access to electricity.

The Moyi Power project, , is ready to enter the financing stage. Its innovative, utility-scale approach, primarily solar PV, will deliver 24/7 electricity and street lighting to Bumba, Isiro, and Gemena. The project's name, "Moyi," meaning "sun" in Lingala, reflects its commitment to harnessing solar power for impact.

The Moyi Power project has attracted significant interest from development finance institutions. It holds considerable potential as a replicable model for expanding energy access throughout the DRC, beyond the reach of traditional mini grids. The project aims for self-sufficiency within the initial phase, with further expansion planned throughout the 20-year concession.

Dr. Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate and Green Growth, said: "The AfDB is proud to be the mandated lead arranger for the Moyi Power project. This initiative aligns perfectly with our High 5 priorities, particularly ‘Light Up and Power Africa,’ and actively contributes towards achieving the goals of Mission 300 and SDG 7 (Affordable and Clean Energy). Moyi showcases the transformative potential of blended finance and private sector partnerships in bringing clean, reliable energy to underserved communities, and we are confident it will serve as a model for future projects."

Chris Flavin, Gridworks Interim Co-CEO, said: “The Consortium is delighted to partner with the African Development Bank on the Moyi Power projects. As the lead arranger, the AfDB will play a critical role in helping to deliver this project. Moyi will bring reliable, affordable electricity to homes and businesses in northern DRC and demonstrate a replicable model for delivering distributed utilities at real scale in Africa.”

This project, a crucial step towards achieving universal energy access in the DRC, will showcase the potential for impactful public-private partnerships to drive sustainable development across Africa.

ABOUT SEFA

SEFA, a multi-donor Special Fund managed by the African Development Bank Group, provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. SEFA offers technical assistance and concessional finance instruments to remove market barriers, build a more robust pipeline of projects and improve the risk-return profile of individual investments. The Fund’s overarching goal is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the Bank’s New Deal on Energy for Africa and with Sustainable Development Goal (SDG) 7.

Cover photo: Lighting up the DRC: The Moyi Power project partners celebrate a milestone agreement to bring clean energy to over one million people.