GreenWish Partners and Denham Capital have announced they will collaborate to create renewable energy projects in sub-Saharan Africa. The leading international private equity firm Denham Capital, will partner renewable energy investors GreenWish, in renewable investments of up to 600 megawatts (MW) in the next four years. The commitment by the energy-focused pair will allow the African renewables platform to roll out a $1 billion project plan.
Charlotte Aubin-Kalaidjian, CEO of GreenWish, said: “We look forward to partnering with Denham for this expansion phase of GreenWish in sub-Saharan Africa. Independent power producers such as GreenWish are a key solution to the African electricity gap that requires more than $40 billion in annual investments. 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.”
GreenWish was founded by Aubin-Kalaidjian in 2010, whose 20 years of experience includes renewable energy investment work with the company and in investment banking at Morgan Stanley, and Gilles Parmentier, who spent a decade in the energy infrastructure sector, including with the World Bank and Macquarie. Together, the two founders have successfully structured over 20 gigawatts (GW) of renewable energy projects and funded over $10 billion in projects.
Last February, GreenWish launched the construction of the Senergy II project, the largest solar independent power producer project being built in sub-Saharan Africa in partnership with French construction group Vinci. The 20 megawatt (MW) photovoltaic plant (PV) is located in Bokhol, next to Senegal’s border with Mauritania and will be completed in October 2016, providing electricity access to over 180,000 Senegalese. With Denham’s backing, the company aims to build on this first success and provide power capacity to other parts of the continent.
“We focus on countries where renewable energy projects offer a competitive solution to the power gap, without subsidies,” explained Parmentier, Chief Investment Officer at GreenWish. “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.”
“It’s rare to find a management team that has the experience developing power projects in sub-Saharan Africa Charlotte, Gilles and the rest of the GreenWish team possesses,” said Scott Mackin, Managing Partner and Co-President at Denham Capital. “While they 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.”
More than 600 million people in sub-Saharan Africa do not have access to electricity, according to the International Energy Agency. Total African power generation capacity is limited to 90 GW while the continent enjoys on average 300 sunny days per year. Solar energy is a solution to Africa’s electricity shortage that is both competitive and clean with a short time to market. Excluding South Africa, average annual consumption is around 162 kWh per capita, a fraction of the global average of 7,000 kWh. Energy-sector bottlenecks and power shortages cost the region 2-4 percent of GDP annually, undermining sustainable economic growth, jobs and investment.
Jens Thomassen, Director at Denham Capital, concluded: “Sub-Saharan Africa is the most underserved power region in the world, but with a tremendous potential. The biggest constraint we see is human capital. In GreenWish, we have found a proven management team that can build power plants in a local setting and to an international standard. GreenWish is a prime example of a team that possesses the network and know-how to provide development opportunities. They are built to thrive in this evolving environment and we’re excited about the opportunities ahead for them.”
Photograph: Senergy II, a photovoltaic power plant with a 20 megawatts (MW) capacity, located in Bokhol Senegal
Are the UK Governments Plans for the Energy Sector Smart?
The revolution in the energy sector marches on, wind turbines and solar panels are harnessing more renewable energy than ever before – so where is it all leading?
The UK government have recently announced plans to modernise the way we produce, store and use electricity. And, if realised, the plans could be just the thing to bring the energy sector in line with 21st century technology and ideologies.
Central to the plans is an initiative that will see smart meters installed in homes and businesses the length and breadth of the country – and their aim? To create an environment where electricity can be managed more efficiently.
The news has prompted some speculation about how energy suppliers will react and many are predicting a price war. This could benefit consumers of electricity and investors, many of whom may be looking to make a profit by trading energy company shares online using platforms such as Oanda – but the potential for good news doesn’t end there.
Introducing New Technology
The plan, titled Smart Systems and Flexibility is being rolled out in the hope that it will have a positive impact in three core areas.
- To offer consumers greater control by making smart meters available for all homes and businesses by 2020. Energy users will be able to monitor, control and record the amount of energy they use.
- Incentivise energy suppliers to change the manner in which they buy electricity, to offer more smart tariffs and more off-peak periods for energy consumption.
- Introduce new standards for electrical appliances – it is hoped that the new wave of appliances will recognise when electricity is at its cheapest and at its most expensive and respond accordingly.
How the Plans Will Affect Solar Energy
Around 7 million houses in the UK have solar panels and the government say that their plan will benefit them as they will be able to store electricity on batteries. The stored energy can then be used by the household and excess energy can be exported to the national grid – in this instance lower tariffs or even payment for the excess energy will bring down annual costs significantly.
The rate of return on energy exported to the national grid is currently between 6% and 10%, but there are many variables to take into account, such as, the cost of battery storage and light levels. Still, those with state-of-the-art solar electricity systems could end up with an annual profit after selling their excess energy.
The Internet of Things
Much of what the plans set out to achieve are linked to the now ubiquitous “internet of things” – where, for example, appliances and heating systems are connected to the internet in order to make them function more smartly.
Companies like Hive have already made great inroads into this type of technology, but the road that the government plans are heading down, will, potentially, go much further -blockchain technology looms and has already proved to be a game changer in the world of currency.
It has already been suggested that the peer to peer selling of energy and exporting it to the national grid may eventually be done using blockchain technology.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don and Alex Tapscott, Blockchain Revolution (2016)
The upshot of the government’s plans for the revolution of the energy sector, is that technology will play an indelible role in making it more efficient, more flexible and ultimately more sustainable.
4 Case Studies on the Benefits of Solar Energy
Demand for solar energy is growing at a surprising rate. New figures from SolarPower Europe show that solar energy production has risen 50% since the summer of 2016.
However, many people are still skeptical of the benefits of solar energy.Does it actually make a significant reduction in our carbon footprint? Is it actually cost-effective for the company over the long-run?
A number of case studies have been conducted, which indicate solar energy can be enormously beneficial. Here are some of the most compelling studies on the subject.
1. Boulder Nissan
When you think of companies that leverage solar power, car dealerships probably aren’t the first ones that come to mind. However, Boulder Nissan is highly committed to promoting green energy. They worked with Independent Power Systems to setup a number of solar cells. Here were the results:
- Boulder Nissan has reduced coal generated electricity by 65%.
- They are on track to run on 100% renewable energy within the next 13 years.
- Boulder Nissan reduced CO2 emissions by 416,000 lbs. within the first year after installing their solar panels.
This is one of the most impressive solar energy case studies a small business has published in recent years. It shows that even small companies in rural communities can make a major difference by adapting solar energy.
2. Valley Electric Association
In 2015, the Valley Electric Association (VEA) created an 80-acre solar garden. Before retiring from the legislature, U.S. Senate Minority Leader Harry Reid praised the new project as a way to make the state more energy dependent and reduce our carbon footprint.
“This facility will provide its customers with the opportunity to purchase 100 percent of their electricity from clean energy produced in Nevada,” Reid told reporters with the Pahrump Valley Times. “That’s a step forward for the Silver State, but it also proves that utilities can work with customers to provide clean renewable energy that they demand.”
The solar energy that VEA produced was drastically higher than anyone would have predicted. SolarWorld estimates that the solar garden created 32,680,000 kwh every year, which was enough to power nearly 4,000 homes.
This was a major undertaking for a purple state, which may inspire their peers throughout the Midwest to develop solar gardens of their own. It will reduce dependency on the electric grid, which is a problem for many remote states in the central part of the country.
3. Las Vegas Casinos
A number of Las Vegas casinos have started investing in solar panels over the last couple of years. The Guardian reports that many of these casinos have cut costs considerably. Some of them are even selling the energy back to the grid.
“It’s no accident that we put the array on top of a conference center. This is good business for us,” Cindy Ortega, chief sustainability officer at MGM Resorts told Guardian reporters. “We are looking at leaving the power system, and one of the reasons for that is we can procure more renewable energy on the open market.”
There have been many benefits for casinos using solar energy. They are some of the most energy-intensive institutions in the world, so this has helped them become much more cost-effective. It also helps minimize disruptions to their customers learning online keno strategies in the event of any problems with the electric grid.
4. Boston College
Boston College has been committed to many green initiatives over the years. A group of researchers experimented with solar cells on different parts of the campus to see where they could produce the most electricity. They discovered that the best locationwas at St. Clement’sHall. The solar cells there dramatically. It would also reduce CO2 emissions by 521,702 lbs. a year and be enough to save 10,869 trees.
Boston College is exploring new ways to expand their usage of solar cells. They may be able to invest in more effective solar panels that can generate far more solar energy.
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