Category: Solar Energy News

Just last week, an African based solar system startup, Off Grid Electric, raised $55 million in Series D round. This is one of the largest fundraising rounds ever and it was led by Helios Investment Partners, including GE Ventures, the venture capital subsidiary of General Electric Company.

A new World Bank report “Off-Grid Solar Market Trends Report 2018” recently released states that more than $500 million has been raised from investors in the past two years showing increasing interest and commitments in this sector. In 2017, the global off-grid solar (OGS) sector provided improved electricity access to an estimated 73 million households, or over 360 million, transforming lives that were previously reliant on kerosene and solid fuels for most of their lighting needs.

The Pay-As-You-Go (PAYGO) segment has been the main attraction of investors in Sub-Saharan Africa. From 2012 to 2017 PAYGO businesses raised USD 773 million, equal to ~85% of all funds raised. These investments are highly concentrated, with just four companies accounting for 67% of total PAYGO investments.

Here is a picture of PAYGO players by country, and geographic share of the PAYGO market

East Africa has accounted for over 80% of the decline in the number of people without access in Sub-Saharan Africa since 2012. And has been the result of three major factors:

1. aggressive grid expansion (especially in Kenya and Ethiopia, which are on track to reach near-universal access by 2030 according to IEA
   

Kano state government has handed over 150 hectares of land to Dangote Group for the development of $150m Dangote/Black Rhino solar power plant in Zakirai, Gabasawa local government area of the state.

Representative of Aliko Dangote, Managing Director Stakeholder Management Dangote Group, Alhaji Bello Danmusa received the land on behalf of the business mogul.

The handing over of the land was witnessed by the District Head of Gabasawa local government, Alhaji Abubakar Bello Bayero and Surveyor General of Kano state, Alhaji Dayyabu Dandikko Rogo respectively.

The land was for the provision of 100 megawatts of solar power plant and was expected to be completed within two years.

On his part, Alhaji Bayero thanked Aliko Dangote for the project, saying “It will enhance small businesses of women and youth for their empowerment and curb restiveness.”

It would be recalled that Kano state government and Dangote group had last year signed a Memorandum of Understanding for the provision of 100 megawatts of solar energy at the cost of $150m in Zakirai, Gabasawa local government area of the state.

While signing the agreement on behalf of Kano state, Secretary to the State Government, Alhaji Usman Alhaji said the move was geared towards increasing electricity supply and enhancing economic development of the state.

Alhaji said the state government had agreed to provide 150 hectares of land and other support towards successful completion of the project.

The Executive Director, Dangote Group, Engineer Mansur Ahmed said the project would be jointly funded by the company

President Donald Trump on Monday 

A new movement has begun, with more than 300 companies coming together to lead the fight against climate change.

The need for a low-carbon future has become undeniable, a conclusion supported by the Paris Climate Agreement. The expansion of an unchanged energy system, with anything close to current levels of carbon-dioxide (CO2) intensity, would likely lead to global warming in excess of 4 degrees Celsius by the end of the century[1]

The Sokoto State Government has awarded contract for the construction of 250 solar- powered water schemes to be sited in rural areas across the 23 local government areas of the state.

In a statement by the state governor

Last year, Tesla merged with struggling SolarCity, making Elon Musk CEO of both companies. The tie-up hasn’t hurt Tesla in 2017 as the company’s stock has surged above $300 per share and the combined enterprise hit a market capitalization of over $50 billion.

That doesn’t mean it wasn’t a terrible deal. Tesla’s balance sheet instantly became loaded up with SolarCity debt, and what had been primarily a carmaker was suddenly responsible for rolling out a new solar roof product, at a time when it should have been all-hands-on-deck to launch the Model 3 mass-market vehicle.

The Model 3 is woefully behind schedule at this point, and although the solar roof is compelling, The Solar City side of Tesla business isn’t any more coherent than it was a year ago.

Musk is also CEO of SpaceX, and last week Morgan Stanley analyst Adam Jonas teased a merger with Tesla , arguing that such a deal would yield powerful synergies. The financial mechanics of how a SpaceX-Tesla merger would happen are both speculative and unclear; in July, SpaceX raised $350 million, bringing it valuation to $21 billion. An IPO has long been discussed.

Musk might not want to run two public companies.

But maybe Musk doesn’t want to be running another public company. He’s expressed some exasperation with playing that role at Tesla, where investors have the carmaker under constant scrutiny and short sellers are always circling like sharks. SpaceX’s mission is ultimately more ambitious than Tesla’s – the whole go-to-Mars thing – and the company have been wowing the the space community by routinely launching and landing rockets.

Tesla doesn’t have enough cash to buy SpaceX outright, so investors would have to accept a largely stock-based deal, and that might make sense to many of them: since its own 2010 IPO, Tesla shares have returned over 1,ooo%, and several analysts have said that the stock hundreds of dollars of upside potential from its current level.