Zimbabwe’s push for renewable energy has received a significant boost with a $10 million investment from the Facility for Energy Inclusion (FEI). Finalized on August 30, the funding supports Cicada Solar Limited, a leading solar solutions provider, as it works to address the country’s energy challenges and promote sustainable economic growth.
Expanding Solar Solutions
The long-term senior debt financing will enable Cicada Solar to scale its operations, focusing on delivering affordable energy solutions and supporting local businesses through vendor financing programs. Currently managing four active solar projects, the company has additional initiatives in the pipeline, aiming to make a substantial impact on Zimbabwe’s energy landscape.
Jonathan Wood, Managing Director of Cicada Solar, underscored the transformative potential of renewable energy:
“Zimbabwe’s growth depends on sustainable and affordable power. We’re committed to making a meaningful impact in this space.”
Supporting Africa’s Renewable Energy Vision
The FEI, managed by Cygnum Capital, specializes in financing small-scale renewable energy projects across Africa, including commercial and industrial solar ventures. With $1.1 billion in assets under management, Cygnum has supported energy infrastructure projects in 35 African countries, reflecting a strong commitment to the continent’s green energy transition.
The transaction was facilitated by legal advisors Burges Salmon, led by Stuart McMillan and James Horton, with technical input from AFRY and IBIS Consulting. McMillan highlighted the deal’s importance for Zimbabwe’s renewable energy sector, calling it a significant milestone.
Growing Investor Interest in Africa
This investment aligns with a broader trend of increased investor focus on Africa’s renewable energy potential. In July, Ghana-based ManoCap Energy secured $20 million in debt funding from ESG-focused investment firm Mirova, further emphasizing the continent’s appeal as a hub for green energy initiatives.
As Zimbabwe strengthens its renewable energy capacity, investments like FEI’s mark a critical step in addressing energy shortages and supporting sustainable development across the region.
