29/03/2022
Shumba Energy is trying to attract investors by developing solar energy projects in light of the global trends of countries and companies to shift away from fossil fuels.
Indeed, the Botswana-based company succeeded in obtaining $950,000 in funding from international investors to develop its $80 million solar energy project, with a capacity of 100 megawatts, as part of its plan to shift towards renewable energy.
In July last year, the Botswana Energy Regulatory Authority granted a license to build a large-capacity solar power project of 100 megawatts for Shumba Energy; this makes it the first independent energy producer to build a large solar plant in the country.
Botswana depends on providing its 600 megawatts of electricity needs on coal-fired power stations, and imports coming into the country, mainly from South Africa and Mozambique.
The largest solar energy project:
Full funding - expected by the second quarter of 2022 - will make the solar project the largest in Botswana, and will be located in the north-eastern region of the country, according to the Energy Capital and Power platform.
The move comes in the context of Shumba Energy's commitment - which holds licenses for an estimated 4 billion tons of coal - to abandon fossil fuels and shift towards renewable energy sources.
For his part, the managing director of the company, Mashael Fumavi, said: "We believe that coal is not finished yet, but in the long term, our bet will be on renewable energy".
He added, "This is really the right time to accelerate the pace of expansion of projects of this nature, especially for Botswana, because our generation has relied 99% on fossil fuels.
Focus on renewable energy:
"With 50 percent of global energy investments last year devoted to solar energy production, it has become one of the most available forms of energy, and even much cheaper than coal," according to Fumavi.
Botswana has the highest levels of solar irradiance - a measure of the amount of sunlight - at more than 3,000 kilowatt-hours per square meter per year, according to the World Solar Data Agency.
The country's integrated resource plan aims to generate 81% of electricity from renewable energy sources in the energy mix by 2040.
