DUBAI, United Arab Emirates, February 16, 2024 -- In a significant move to advance renewable energy deployment in the Democratic Republic of Congo (DRC), Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent's leading infrastructure solutions provider 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 realising the landmark 1,000MW Solar Power Purchase Agreement (PPA) signed between SkyPower and the DRC's state-owned utility, Société Nationale d'Electricité (SNEL).

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. Coming in the wake of COP28, this agreement underscores both organizations' dedication to the United Nations Sustainable Development Goals, particularly emphasizing the critical role of partnerships in accelerating renewable energy adoption and addressing the escalating climate crisis.

The DRC Green Giant project, heralded by the signing of the initial PPA with SNEL, marked a historic commitment from the DRC government to enhance electrification rates through renewable energy partnerships. President Félix Tshisekedi'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 job years.

The Joint Development Agreement is set to catalyse 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. Testament to the collaborative efforts between SkyPower, AFC, and the DRC, the agreement represents a beacon for sustainable economic development and a cleaner, more resilient future for the region, as well as a template for further joint initiatives.

"Partnering with SkyPower, an institution known for their decades of global expertise in large-scale solar projects, is well aligned with our mission to advance energy access on the continent through renewable energy," said Amadou Wadda, Senior Director of Project Development and Technical Solutions at Africa Finance Corporation (AFC). "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 DRC and Africa as a whole.

Kerry Adler, President & Chief Executive Officer of SkyPower, highlighted AFC's leadership role and its commitment to fast-tracking the deployment of essential energy projects as crucial to leveraging solar energy to spur economic development, create job opportunities, and tackle climate change effectively. "Partnering with AFC exemplifies a concerted effort toward realizing the ambitious goals set by forward-looking countries such as the DRC, aiming for a brighter, more sustainable future for everyone," Adler noted. "This agreement underlines AFC's pivotal contribution to promoting renewable energy solutions and both AFC and SkyPower's unwavering commitment and dedication to ensuring a greener, more resilient world."