Hope rose for the Nigerian electricity sector on Wednesday June 29, with the signing of a memorandum of understanding between GreenWish Partners, a renewable energy investment company and a leading global energy-focused private equity firm, Denham Capital.
The companies announced a partnership to fund the construction of 600 megawatts of renewable energy facilities in sub-Saharan Africa, that will be completed by 2020.
The partnership is expected to help in the planned expansion phase of GreenWish in sub-Saharan Africa. The Chief Executive Officer of GreenWish, Charlotte Aubin-Kalaidjian said “Our strategic partnership with Denham gives us the means and scale to carry out our ambition and mission for a competitive and sustainable electrification of Africa,” The project is worth $1 billion.
Independent power producers such as GreenWish are essential solution providers to the African electricity gap that requires more than $40 billion in annual investments. The initiative is focused on countries where renewable energy projects offer a competitive solution to the power gap, without subsidies.
The Chief Investment Officer at GreenWish, Gilles Parmentier, while commenting on the development said: “GreenWish is looking at both on and off-grid projects in a number of countries and aims at offering B2B solar hybrid solutions to energy intensive industries, including telecom operators, mining and commercial off-takers.”
According to Scott Mackin, Managing Partner and Co-President at Denham Capital, “It’s rare to find a management team that has the experience to develop power projects in sub-Saharan Africa that Charlotte, Gilles and the rest of the GreenWish team possesses. He added that the duo have an ambitious goal. “We are confident they will be able to deliver cost-competitive and much-needed power generation resources to the region because of their strong sense of personal commitment to the effort and their track record.”
The International Energy Agency had said that over 600 million people in sub-Saharan Africa does not have access to electricity,