Zimbabwe Secures $10M Boost for Renewable Energy Growth
Zimbabwe’s renewable energy sector received a significant boost with a $10 million investment from the Facility for Energy Inclusion (FEI). The deal, finalized on 30 August, involves financing Cicada Solar Limited, a leading Zimbabwean solar solutions company.
This long-term senior debt funding aims to scale Cicada Solar’s operations, enhancing the country’s power supply and fostering economic growth through affordable energy and vendor financing solutions.
Cicada Solar, currently running four projects in Zimbabwe with several more in development, intends to address the country’s energy challenges.
Jonathan Wood, Cicada Solar’s managing director, stated: “Zimbabwe’s growth depends on sustainable and affordable power. We’re committed to making a meaningful impact in this space.”
The FEI, managed by Cygnum Capital, focuses on developing small-scale renewable projects across Africa, including commercial and industrial solar initiatives. With $1.1 billion in assets under management, Cygnum Capital supports energy infrastructure in 35 African countries.
Legal advisory for the deal was provided by Burges Salmon, with a team led by Stuart McMillan and James Horton. The FEI also received support from AFRY and IBIS Consulting.
McMillan described the transaction as a milestone that will “significantly enhance Zimbabwe’s renewable energy landscape.”
In July, Ghana-based ManoCap Energy received USD 20 million in debt funding from ESG-focused investment company Mirova.
Source: African Law & Business
