In a bid to propel the Democratic Republic of Congo’s ( DRC’s) renewable energy vision, Africa Finance Corporation and SkyPower Global on February 16, 2024 entered a Strategic Joint Development Agreement for the first phase of SkyPower’s Green Giant project in the Democratic Republic of Congo. This, according to President Félix Tshisekedi, will contribute to a projected 2.3 billion dollars stimulus to the DRC’s GDP.
In a significant move to advance renewable energy deployment in the Democratic Republic of Congo (DRC), Africa Finance Corporation (AFC) and SkyPower Global have entered a Joint Development Agreement for the first phase of SkyPower’s Green Giant project in the DRC. This 200MW Phase 1 is a crucial step in realizing the landmark 1,000MW Solar Power Purchase Agreement. The government’s strategic vision targets a significant boost to the nation’s clean energy output, contributing to a projected US$2.3 billion stimulus to the DRC’s GDP and the creation of approximately 30,000 jobs yearly.
“Through this collaboration, we aim to contribute significantly to rapid industrialisation, local job creation, sustainable economic growth and a pragmatic transition to net zero in Democratic Republic of Congo and Africa as a whole”
Amadou Wadda, Senior Director of Project Development and Technical Solutions at AFC – Nigeria
The partnership creates a formidable force in the pursuit of sustainable energy solutions for the continent in the fight against climate change by leveraging SkyPower’s unparalleled global experience in developing large-scale solar projects and AFC’s proven track record of successfully de-risking and distributing capital for well-structured power and other infrastructure projects across Africa.
“With the agreement that has just been signed, energy will be produced, green energy that will be produced as close as possible to the centers of consumption, which will eliminate the logistical problems of transporting energy. This could serve as a model for other countries, particularly those in the basin”.
Kerwin Mayizo, Economic analyst – RD Congo
The Joint Development Agreement is set to catalyze the construction of the first 200MW phase of the project, with all necessary approvals secured and land allocation completed, ensuring a swift transition to development stage and the commencement of construction by 2025. This agreement also underlines AFC’s pivotal contribution to promoting renewable energy solutions and both AFC and SkyPower’s unwavering commitment and dedication to ensuring a greener and more resilient world.
