We are pleased to announce that NextGen Solar has been awarded financial support for select project development activities under the Tanzania’s Energy Development & Access Expansion Project (TEDAP) program of The World Bank.
This program is administered by Rural Energy Agency (REA) in Tanzania. The program aims to establish a sustainable basis for energy access expansion and renewable energy development in Tanzania. It also contributes to the global environmental objective to abate greenhouse gas emissions through the use of renewable energy in rural areas.
We are happy to announce that Overseas Private Investment Corporation (OPIC), US Government’s Development Finance Institution, approved Project Financing for NextGen Solar’s 5 MW Solar Project at Kigoma, Tanzania on September 20 2013, through the issuance of a formal Commitment Letter & Term Sheet.
Project Details have been published on their website at:
NextGen Solar is now an official Private Sector Partner of US Government’s Power Africa Initiative announced recently by President Obama.
On Sep 1, 2013 we signed the land lease with the Government of Tanzania for 25 acres of land at the Kigoma Special Economic Zone (KiSEZ) at the Kigoma-Ujiji Municipality.
NextGen Solar is one of the first private sector companies to be included under this initiative.
ACEF is a collaborative financing mechanism announced at the United Nations’ Rio+20 conference and developed by the State Department, OPIC and USTDA. Financed by $20 million in State Department funding, ACEF aims to catalyze private-sector clean energy deals. The Initiative aims to align USTDA’s project planning expertise and OPIC’s financing and risk mitigation tools in new ways, to support private sector investment and increase support for U.S. businesses and exporters in sub-Saharan Africa’s clean energy sector.
The Power Purchase Agreement has been signed with Tanzania National Electric Supply Company (TANESCO) for the Kigoma solar power plant.
Initially, NextGen Solar will be setting up a 3 MW generation capacity connected to the isolated mini-grid at Kigoma which will be expanded to 5 MW based on the incremental demand characteristics.