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Rensource Energy raises €500,000 to solve Nigeria’s electricity problem

Nigeria’s Rensource Energy, has raised €500,000 to contribute to solving Nigeria’s problem with electricity by helping small and medium-sized enterprises to replace the heavy usage of fossil fuel-powered generators with solar systems

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Nigeria’s Rensource Energy, has raised €500,000 to contribute to solving Nigeria’s problem with electricity by helping small and medium-sized enterprises to replace the heavy usage of fossil fuel-powered generators with solar systems.

This loan from investors on Trine will provide at least 4,000 shops in Nigeria access to electricity. Founded in 2015 with over 1500 customers, Rensource’s aim is to make Nigeria the first country in the world to rely predominantly on distributed, renewables-based power generation.

In January this year, Rensource Energy raised $3.5 million in bridge financing to hire more personnel, expand operations into Kano and Abuja, and expand its its product base.The round was led by Mauritius Amaya Capital Partners with participation from Omidyar Network and South Africa’s CRE Venture Capital.

The firm previously raised a $1.1 million led by CRE Venture Capital and Sissili Limited and was also part of the XL-Africa acceleration program.

Read Also: Kenya’s $3bn show-piece railway project makes $100m loss in first year

In total, the firm has raised $5.5 million in external equity since 2016 from shareholders, such as Bamboo Capital and Amaya Capital who both have made significant investments in the renewable energy sector.

The power-as-a-service subscription based energy service uses solar-hybrid systems that gets installed at the customer, generating and storing electricity.

The firm works as power as a service on a subscription model where the customer pays a monthly fee and Rensource provides equipment, power and maintenance.

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Ivory Coast aims regional shipping hub, completes $953 million container terminal

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West African country, Ivory Coast is making waves at becoming a regional shipping hub as it has completed construction of a second container terminal at its main port in Abidjan.

The project, financed by China’s Eximbank by 85% and 15% by the Ivorian state costs about 596 billion CFA francs ($953 million).

The new container terminal, called Cote d’Ivoire Terminal (CIT), started operations on Nov. 1 but was officially unveiled at a press conference on Friday. It is able to receive large ships from Asia, Europe, and America that previously had to land goods in South Africa, transferring them to smaller ships to reach West Africa.

The technical director of the terminal Andre N’Doli, remarked “we are no longer a second port. We are becoming a hub,”

“In addition to national traffic, we will handle traffic from other ports that cannot accommodate large vessels,” he told reporters.

According to official data, there has been growth in recent years in the country’s maritime sector. Ivory Coast shipped goods worth USD 12,717 million in 2019, an -8.5% dip as compared to the previous year.

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Ghana makes strong push to save currency, Cedi, orders mining companies to sell 20% stock

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As part of its many initiatives to out of its current economic challenge, Ghana has ordered all large-scale mining companies to sell 20% of their entire stock.

The gold rich country wants the companies to pay the Bank of Ghana with refined gold at their refineries from Jan. 1, 2023.

According to Vice-President, Mahamudu Bawumia said in a social media post on Friday, the government is planning a new policy where gold rather than U.S. dollar reserves will be used to buy oil products.

The move is meant to tackle dwindling foreign currency reserves coupled with the demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.

“The Bank of Ghana and the Precious Minerals Marketing Company (PMMC) will coordinate with the large-scale mining companies to ensure compliance with this directive,” the vice-president said.

“The gold to be purchased by the Bank of Ghana and the PMMC will be in cedis at spot price with no discounts,” he added.

The VP further revealed that community mining schemes and licensed small-scale miners will also have to sell gold to the government.

Statista reports that gold reserves in Ghana stood at a volume of 8.74 metric tons from the first quarter of 2015 to the third quarter of 2021.

Moreover, gold mine production in the country reached a volume of 150 metric tons in 2020, an increase compared to the previous year. Ghana did not suspend its production of gold in 2020 amid the coronavirus (COVID-19) pandemic.

Ghana hinted at the Gold for payment policy in May but the continued fall to a point of being rated worst in the world demands pragmatic measures. Hopefully, the gold-for-pay policy will bring some solace.

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