10 companies to benefit from World Bank’s $30bn “Mission 300”

This week, African leaders gathered in Daar es Salaam, Tanzania together with officials from the World Bank, the African Development Bank (AfDB) as well as other multilateral financial institutions to sign off on Mission 300.

According to the World Bank, Mission 300 is “an ambitious initiative to connect 300 million people to electricity in Sub-Saharan Africa by 2030.” To fund Mission 300, the World Bank pledged $30 billion, the International Monetary Fund (IMF) pledged $10 billion, and AfDB pledged $18 billion.

A review of the plan shows that solar mini grids are a major target with more than half the funding projected to go into renewable energy solutions.

During the summit, President Tinubu acknowledged a pledge of $1.1 billion from AfDB which is projected to provide electricity for 5 million people by the end of 2026. The fund from AfDB is projected to go towards the construction of 500 km of transmission lines and four substations.

Read also: Nigeria secures $1.1bn AfDB fund to power 5m people by 2026 – Tinubu

Currently, there are no known ties between AfDB’s $1.1 billion fund to Nigeria and Mission 300. However, as part of Mission 300, World Bank has devoted $750 million to building solar mini-grids and solar standalone systems in Nigeria.

Based on their technical capacity and work done, here is a list of companies that are positioned from funds to be released in Mission 300. Note that the $30 billion fund is not a grant, however, loans that are to be issued at below-market interest rates.

Daystar Power Group

Daystar Power Group, a subsidiary of Shell Plc is poised to be beneficiary of any renewable energy drive in Nigeria. The group is targeting an installed solar capacity of 400 MW by 2025. Given the technical capacity it possesses through some of its projects such as the 10.3 MW installed capacity across 8 Nigerian Bottling Company plants.

CrossBoundary Energy

CrossBoundary Energy is a Kenyan renewable energy company, with a focus on solar projects. In Nigeria, the company’s footprint is seen in Nigerian Breweries Ama where it installed a 4 MW solar power plant and Nigerian Breweries Ibadan where it installed a 3.1 MW solar power plant.

ENGIE Energy Access

ENGIE Energy Access is a subsidiary of the French power company, ENGIE. Currently, the flagship product of ENGIE Energy Access, MySol is active, with a mini-grid, MySol grid also in operation. There are approximately 120 MySol grid actively in the pipeline.

Read also: AfDB, World Bank partner to expand electricity access in Africa

Oando Clean Energy

Oando Clean Energy, a subsidiary of Oando Energy Resources, is well-positioned to benefit from Mission 300, given its strategic role in Nigeria’s energy sector. In addition to its electric vehicle mass transit initiative in Lagos State, the company has signed a Memorandum of Understanding (MoU) with the Cross River State government for the development of a 100 MW wind power plant.

Beebeejump

Beebeejump has grown to become one of the largest solar power companies in Nigeria, with over 500,000 solar systems deployed across Nigeria. Given its capacity and reach across Nigeria, the company is positioned to benefit from any initiative that champions solar power for Nigerians.

Husk Power System

Husk Power System which is the largest solar mini-grid supplier in the world is also poised to benefit from the Mission 300. Across Nigeria, the company has a network of 12 solar mini-grids which generate about 0.6 MW.

Renewvia Energy

Renewvia Energy is a solar mini-grid company with about 22 mini-grids in Kenya and Nigeria. In Nigeria, the company’s solar grids cut across Bayelsa, Akwa Ibom, and Cross River states.

Arnergy

Arnergy is a solar power company with footprints across the commercial scene in Lagos. The company has provided solar power solutions to companies such as KPMG, Ardova Plc, MedExpress pharmacy, among others. The company’s technical capacity would be welcome in providing solar standalone systems.

Havenhill Synergy

Havenhill Synergy brings extensive experience to Nigeria’s public power sector, leveraging renewable energy solutions. Through strategic partnerships with the Rural Electrification Agency (REA), the company has successfully deployed 18 solar mini-grids across rural communities. Additionally, it stands as one of the leading providers of solar-powered streetlights in the country.

A4&T Power Solutions

Just like Havenhill Synergy, A4&T Power is another strategic partnership with REA leading to extensive experience in the public power scene. The company has been involved in installing solar mini-grids across Ondo and Ogun States.