The African Development Bank has been appointed mandated lead arranger by the Moyi Power consortium for the Moyi Power metro-grids project, a $340m private sector-led electrification initiative in the Democratic Republic of Congo (DRC), which is ready to enter the financing stage.

The project, spearheaded by a consortium of Gridworks, Eranove and AEE Power aims to bring clean, reliable and affordable electricity to one million people across three isolated cities in the DRC, a country in which more than 80% of the population lacks access to electricity.

It employs an innovative, utility-scale approach, primarily using solar photovoltaic energy, to provide 24/7 electricity and street lighting to the cities of Bumba, Isiro and Gemena.

African Development Bank (AfDB) vice-president for power, energy, climate and green growth Kevin Kariuki stated: “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.”

The project’s name – “moyi” means “sun” in Lingala – underscores its commitment to harnessing solar power for significant impact.

The project has garnered substantial interest from development finance institutions due to its potential as a replicable model for expanding energy access throughout the DRC, beyond traditional mini-grids.

It aims for self-sufficiency within its initial phase, with plans for further expansion over the 20-year concession period.

Gridworks interim co-CEO Chris Flavin stated: “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.”

This initiative marks a significant step towards achieving universal energy access in the DRC and highlights the potential for impactful public-private partnerships to drive sustainable development across Africa.