Zimbabwe’s Renewable Energy Sector Boosted by $10 Million Investment
Zimbabwe’s renewable energy ambitions have gained momentum 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 in the country.
The long-term senior debt financing will enable Cicada Solar to expand its operations, addressing Zimbabwe’s persistent energy challenges while fostering economic growth through affordable energy solutions and vendor financing programs. Cicada currently manages four active solar projects, with additional initiatives under development.
Jonathan Wood, Managing Director of Cicada Solar, emphasized the importance of sustainable energy in Zimbabwe’s development, stating:
“Zimbabwe’s growth depends on sustainable and affordable power. We’re committed to making a meaningful impact in this space.”
The FEI, managed by Cygnum Capital, specializes in funding small-scale renewable energy projects across Africa, including commercial and industrial solar ventures. With $1.1 billion in assets under management, Cygnum supports energy infrastructure in 35 African nations.
The transaction was facilitated with legal guidance from Burges Salmon, led by Stuart McMillan and James Horton. FEI also engaged AFRY and IBIS Consulting for additional support. McMillan described the deal as a significant step forward for Zimbabwe’s renewable energy sector.
In a related development, Ghana-based ManoCap Energy secured $20 million in debt funding from ESG-focused investment firm Mirova in July, highlighting growing investor interest in Africa’s renewable energy potential.
