Public Management

IFC commits $100mln to Scatec Solar for renewable energy expansion in Chad and Cameroon

IFC commits $100mln to Scatec Solar for renewable energy expansion in Chad and Cameroon
Friday, 15 December 2023 04:04

Scatec Solar will use this IFC assistance to expand its operations in Chad, where 11% of the population has access to electricity, and in Cameroon, where electricity supply is irregular. The renewable energy producer also plans to extend its solar solutions to several other sub-Saharan countries.

The International Finance Corporation (IFC) announced on December 13, 2023, the signing of a $100 million loan agreement with the Norwegian solar energy producer Scatec Solar.

Half of this financing comes from IFC's own account, and the other half is from a blended finance provided by the institution's partners. A risk-sharing mechanism of $65 million will also be granted to Scatec Solar to ensure payments from counterparts leasing solar equipment and batteries.

Through this financial package consisting of loans and guarantees, the Norwegian company will develop and lease solar energy installations and equipment to African governments and public services. The Oslo Stock Exchange-listed energy producer will initially deploy in Chad, where a solar battery leasing contract has already been concluded with the authorities, adding 35 MW of electricity to the national grid.

A second operating project is announced in northern Cameroon for the supply of solar energy. Discussions on the extension of these projects are ongoing with the authorities of both countries, according to Scatec. And deployment will be done through its subsidiary Release.

The Norwegian company hopes to meet the growing demand for electricity in Chad, where only 11% of the population has access to electricity, and in Cameroon, where electricity supply is irregular, with a connection rate of 65%.

Co-developed by IFC and Scatec Solar, Release announces that it will explore new expansion opportunities in Cameroon, Liberia, and the rest of West and Central Africa in the coming months.

“Our ambition is to deploy this replicable solution, in partnership with Release, in multiple countries across sub-Saharan Africa within a short timeframe, allowing more people to benefit from the economic growth that comes with reliable, affordable access to electricity,” said Sarvesh Suri, IFC's Regional Industry Director for Infrastructure and Natural Resources in Africa.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Unilever CI shares surged 548% in 2025, reaching a peak market value of CFAF 478 billion. Parent Unilever sold 99.78% to SDTM-CI for about CFAF 24.5...
• Zenith Bank to enter Côte d’Ivoire in 2025, eyes Cameroon next.• $228M capital raise supports Francophone Africa expansion strategy.• Côte...
Visa launched Visa Pay app in Kinshasa on Sept 4. App supports FC/USD payments, transfers, and virtual cards. Five partner banks onboard;...
• Benin unveils green finance framework to mobilize funds for climate initiatives• Ten priority sectors include renewable energy, transport, water, and...
Most Read
01

Over the past two decades, mobile money has grown into a cornerstone of African finance. Driven by i...

Africa’s Mobile Money Boom: A New Frontier for Global Payment Giants
02

On August 31, 2025, the ruling coalition in Benin Republic—comprising the Union Progressiste pour le...

Romuald Wadagni: From High-Profile Minister of Finance to Presidential Candidate for 2026
03

• Tanzania to host investor talks on expanding CNG infrastructure• Government aims to boost CNG use,...

Tanzania Looks to Compressed Natural Gas to Ease Dependence on Costly Oil
04

Nigeria eyes $671m data center market by 2030, seeks Chinese investors. Rising mobile da...

Nigeria Courts Chinese Investors for $671 Million Data Center Market
05

• Lucara secures $10M loan for Karowe underground project• UGP faces delays, costs rise to ...

Botswana Diamond Mine Expansion, Now Costing $683 Million, Faces New Review and Delays
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.