Afreximbank funds hydropower project in DRC

Afreximbank has signed a financing agreement for a 200 MW hydropower project along the Lufira River in the Democratic Republic of Congo (DRC), in partnership with Kipay Investments. This marks the bank’s first private-sector renewable energy project in the DRC.

The project includes the development of a reservoir-based hydropower plant aimed at providing clean, affordable power to mining companies, supporting copper and cobalt beneficiation, and enhancing electricity access for nearby communities. It aligns with DRC’s climate targets under the Paris Agreement, reducing greenhouse gas emissions by 108,000 metric tonnes of CO₂ annually.

Afreximbank will finance technical studies, legal advisory, and fundraising while leading the project’s debt structuring. Kipay Investments will manage the plant’s development, construction, and operation.

The project is expected to create 2,000 direct jobs and 952 indirect jobs, boost fishing and economic activities on the reservoir, and generate tax revenues for the DRC over its 30-year lifespan. Additionally, it will foster industrial clusters around mining areas, promoting regional development.