KINSHASA, The Democractic Republic of Congo (BG) – The African Export-Import Bank (Afreximbank) on Wednesday announced a financing agreement to support a private-sector renewable energy project in the Democratic Republic of Congo (DRC).
The project, a partnership with Kipay Investments SAS (Kipay), represents Afreximbank’s first private-sector renewable energy initiative in the DRC, marking a significant step in expanding green infrastructure in Central Africa.
The financing will cover technical and bankability studies, legal and financial advisory, and fundraising for developing a reservoir-based hydropower plant along the Lufira River.
With a capacity of up to 200 MW, the project aims to deliver clean, reliable, and affordable power to local mining companies and surrounding communities.
The initiative aligns with Afreximbank’s climate finance strategy and is expected to reduce greenhouse gas emissions by approximately 108,000 metric tons of CO₂-equivalent annually.
This effort supports the DRC’s climate targets under the Paris Agreement and its updated Nationally Determined Contributions (NDCs).
“This signing ceremony underscores Afreximbank’s commitment to support renewable energy projects that spur industrialization and export development activities while promoting a just energy transition,” Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank.
She added that the bank is “committed to supporting DRC’s energy transition, enhancing the country’s energy security whilst leveraging its vast renewable energy potential to develop sustainable trade-enabling energy infrastructure.”
Socio-Economic Benefits
The project is expected to create over 2,000 direct and 952 indirect jobs while also boosting local fishing and economic activities in the reservoir area.
It will further provide electricity to communities, enhance education and healthcare access, and generate tax revenue for the DRC government over the project’s 30-year duration.
Eric Monga, CEO of Kipay Investments SAS, highlighted the project’s potential to drive socio-economic development in the region.
“It is important that local communities reap the benefits of the project — including creation of new jobs and capacity building for the future renewable energy sector in the DRC,” he said.
A Strategic Vision
Awani emphasized Afreximbank’s innovative approach in structuring the project.
“This financing reinforces Afreximbank’s commitment to mobilizing private capital to develop renewable energy projects and secure a sustainable future for DRC and the region. We are also proud to highlight the innovative structure deployed that encompasses a captive market that enhances the project’s bankability.”
Kipay Investments SAS, incorporated to develop and manage the hydropower plant, anticipates the project will catalyze the development of industrial clusters around the mining area and foster value retention by powering copper and cobalt beneficiation.
The ground-breaking project is a pivotal step toward a sustainable, energy-secure future for the DRC and its neighboring regions.
The project aligns well with the African Union’s agenda. The African Union’s Agenda 2063 emphasizes the need for sustainable development, energy security, and regional integration.
