The African Development Bank (AfDB) has taken the helm as the mandated lead arranger for the Moyi Power project, a $340 million private-sector-driven initiative to transform energy access in the Democratic Republic of Congo (DRC).
This landmark solar electrification in DRC initiative aims to provide clean, reliable, and affordable electricity to over one million residents in three isolated cities: Bumba, Isiro, and Gemena.
In a nation where over 80% of the population lacks access to electricity, the Moyi Power project represents a critical step toward bridging the energy gap. Spearheaded by a consortium of Gridworks, Eranove, and AEE Power, the project will deploy utility-scale solar photovoltaic systems to deliver 24/7 electricity and street lighting.
The initiative’s name, “Moyi,” meaning “sun” in Lingala, highlights its focus on harnessing solar power to drive sustainable development.
The Moyi Power project has reached the financing stage, attracting considerable interest from development finance institutions. It is seen as a replicable model for expanding energy access in underserved regions of the DRC, beyond the capabilities of traditional mini-grids.
The project aims to achieve self-sufficiency during its initial phase, with plans for expansion throughout a 20-year concession period.
Dr. Kevin Kariuki, AfDB Vice President for Power, Energy, Climate, and Green Growth, emphasized the initiative’s significance.
“The AfDB is proud to be the mandated lead arranger for the Moyi Power project. 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 (Affordable and Clean Energy). Moyi showcases the transformative potential of blended finance and private sector partnerships in bringing clean, reliable energy to underserved communities, and we are confident it will serve as a model for future projects.” he said.
Chris Flavin, Interim Co-CEO of Gridworks, echoed this sentiment.
“The Consortium is delighted to partner with the African Development Bank on the Moyi Power projects. As the lead arranger, the AfDB will play a critical role in helping to deliver this project. Moyi will bring reliable, affordable electricity to homes and businesses in northern DRC and demonstrate a replicable model for delivering distributed utilities at real scale in Africa.” he stated.
Supported by the Sustainable Energy Fund for Africa (SEFA), a multi-donor fund managed by AfDB, the project leverages catalytic finance to remove market barriers and enhance private-sector investment in renewable energy.
SEFA’s broader mission aligns with the Bank’s New Deal on Energy for Africa, targeting universal energy access in line with SDG 7.
