Qair, STOA set up African renewable investment platform

French renewable power producer Qair and investment fund STOA have launched a joint platform to invest in renewable energy initiatives in Africa, starting with a 24-MWp solar project in Burkina Faso.

Qair will be the controlling owner of MIHIA Holding (Make It Happen In Africa) with a 51% stake, it said last week. STOA, a fund created by French state-owned fund Caisse des Depots et Consignations (CDC) and the Agence Francaise de Developpement (AFD), will hold the remaining 49%.

The new platform will focus on solar, wind, hydropower, waste-to-energy and energy storage projects. Its major goal will be to develop a sustainable energy mix across African nations.

The first project to be undertaken by MIHIA is the 24-MWp Zano photovoltaic (PV) scheme, developed in partnership with the Burkinabe company Syscom Network.

Construction of the plant is due to start soon in the village of Zano, in the northern province of Bam’s Tikare department. Once commissioned in the second half of 2022, its 54,500 PV panels are expected to generate 48,000 MWh of electricity per year. The annual power output is estimated to be enough to supply close to 75,000 local homes.

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