Japanese conglomerate Mitsubishi has decided to invest in NEoT Offgrid Africa (NOA), an investment platform developing distributed renewable energy projects in Africa.
Mitsubishi aims to join NOA’s initiative to promote businesses that use batteries to bring power to areas without access to electricity (off-grid areas) in Africa.
In September last year, NEoT Capital announced a new partnership signed with EDF and Meridiam to launch its new investment platform. The objective of NOA is to invest hundreds of millions of Euros in the continent in distributed energy projects.
NOA is developing its business around providing solutions such as power sources, including solar power generation systems and storage batteries and household appliances to households in off-grid areas.
As per Mitsubishi, more than 600 million people in the continent live in areas without transmission and distribution networks, where kerosene lamps are used for lighting. With solar panels and batteries, these households can use electric appliances such as lighting fixtures, mobile phone chargers, radios and TVs, which could not be used otherwise.
By partnering with NOA, the Japanese company aims to expand its distributed power business in Sub-Saharan Africa, starting with Cote d’Ivoire. It will further expand projects related to power supply services for business customers such as mobile towers in off-grid areas.
Mitsubishi is also working with EDF in developing electric mobility solutions that use batteries, through NEoT Green Mobility (NGM), a joint venture established last year.
NGM focuses on providing turnkey electric mobility solutions such as electric buses and charging infrastructure to transportation bureaus and transportation operators in urban areas in Europe.