With an electrification rate of just 19 percent, the Democratic Republic of Congo has the second-highest number of people without access to electricity globally (approximately 77 million). This lack of access affects both households and businesses, resulting in expensive, unreliable, unsustainable, or no access to electricity. With the assistance of MIGA guarantees, the development, construction, and operation of solar hybrid mini-grid projects in the country through Nuru SASU will enable up to 15 MW of renewable energy capacity. Once completed, the project will provide more affordable and reliable electricity to around 28,000 households and businesses.
Investing in mini-grids through this project aligns well with the World Bank DARES initiative, which aims to accelerate the pace of electrification in Africa to achieve universal access by 2030. The Democratic Republic of Congo is one of the initial focus countries. Private sector–led mini-grids are central to the country’s strategy to accelerate access to electricity to meet its access target of 30 percent by 2024. The project provides a green and reliable source of electricity in areas that are either not served or underserved by the national utility and will reduce greenhouse gas (GHG) emissions by over 9,000 tons of CO2 per year. The project also contributes to the World Bank Group and African Development Bank’s target to provide 300 million people with electrification across Africa and achieve universal access by 2030.
MIGA provided the guarantee to Congo Energy Solutions Limited (CESL), mobilizing the support of the IDA Private Sector Window and MIGA’s Renewable Energy Catalyst Trust Fund for the guarantee. IFC’s financing package, committed in July 2023, also included a subordinated quasi-equity investment through the Finland-IFC Blended Finance for Climate Program. The International Solar Alliance (ISA), which established a partnership with MIGA in FY24, provided grant support to the project. The project showcases the One World Bank Group approach, where MIGA, IFC, and the World Bank work together to innovate and leverage partnerships to make an investment happen.