The African Development Bank (AfDB) has been selected by energy companies Gridworks, Eranove and AEE Power to spearhead financing efforts for the Moyi Power Metro-Grids project in the Democratic Republic of Congo (DRC). The initiative aims to significantly improve energy access in a country where only 20% of the population is connected to the grid.
The energy consortium plans to raise $145 million over the next 12 to 18 months to advance the $340 million project. The effort highlights the potential of blended finance and private sector investment in expanding energy access through distributed renewable energy systems.
According to Kevin Kariuki, AfDB Vice President for Power, Energy, Climate and Green Growth, 80% of the DRC’s population currently lacks access to electricity.
The project is set to provide electricity to over one million people across the northern DRC cities of Bumba, Isiro and Gemena, with 85% of the energy sourced from solar power. Designed to be self-sustaining, the initiative is expected to secure additional funding over a 20-year period after completing the initial $145 million phases, according to Gridworks.
“This initiative aligns perfectly with our High 5 priorities, particularly ‘Light Up and Power Africa,’ and actively contributes towards achieving the goals of Mission 300 and SDG 7,” said Kariuki.
