Ceesolar Energy gets local currency funding for minigrids

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InfraCredit, a specialised local currency infrastructure credit guarantee institution, has provided Nigeria-based Ceesolar Energy with local currency debt funding, co-financed by the Climate Finance Blending Facility (CFBF). The funding amount was not disclosed, but it will finance four solar hybrid mini-grids with a combined capacity of 760 kWp.

• Local currency funding is gaining traction across Africa as energy developers look to avoid currency fluctuations and expand renewable energy projects. Institutions like the IFC are also looking to increase local currency financing options.

• Minigrid company Husk Power has also recently secured local currency funding of about $3.2 million, while leading off-grid company SunKing obtained the equivalent of $80 million in local currency.

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