💰 Camco secures $107m for REPP 2 fund |☁️ Huawei local cloud service in Nigeria

Today’s Menu ☕️

💵 WATT Renewable Secures $15 Million to Expand Solar Power Solutions in Nigeria
💰 Camco secures $107 million for REPP 2 fund to accelerate renewable energy in Africa
☁️ Huawei launches local cloud service in Nigeria to boost data sovereignty and support tech ecosystem
🤖 Google unveils Gemini 2.0 Flash AI model with advanced image and audio generation capabilities
🛒 NCAC and NITDA set to launch a new eCommerce platform called BuyNigeria.ng
🧑🏽‍💻 NITDA warns of Grandoreiro malware threatening African financial institutions and customers

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💵 INVESTMENTS

WATT Renewable Secures $15 Million to Expand Solar Power Solutions in Nigeria

WATT Renewable Corporation, a pioneer in sustainable energy solutions, has secured a $15 million debt facility to expand its hybrid solar power operations in Nigeria. The funding, provided by AFRIGREEN Debt Impact Fund, will be directed towards building and operating solar power plants to serve commercial and industrial clients, particularly in telecommunications and financial services.

These hybrid solar systems aim to reduce diesel usage, cut carbon emissions, and enable significant energy cost savings for businesses. The initiative supports Nigeria’s energy transformation by addressing the challenges of unreliable power supply, especially in rural and industrial areas.

Late last year, WATT equally secured $13 million from Empower New Energy, a renewable energy financier and co-developer that finances, builds, and owns clean power plants for commercial, industrial, and agricultural energy users...……continue reading

💰CAPITAL

Camco secures $107 million for REPP 2 fund to accelerate renewable energy in Africa

Camco, a leading climate and impact fund manager, has announced the successful first close of $107 million for its Renewable Energy Performance Platform 2 (REPP 2) debt fund. Additionally, an extra $78 million has been pledged, contingent upon meeting certain conditions.

The primary goal of this fund is to accelerate the decarbonization of Africa’s energy grid and to drive significant advancements in renewable energy development across the continent. The initiative has garnered support from several key investors, including the Green Climate Fund (GCF), Norfund, FMO, BIO, Ceniarth, and the UK-funded Renewable Energy Performance Platform (REPP).

REPP 2 is designed as a blended finance vehicle, aiming to attract both public and private investments into Sub-Saharan Africa’s distributed and small-scale renewable energy market. This innovative approach not only supports decarbonization efforts but also addresses the substantial $22 billion annual funding gap required to achieve Sustainable Development Goal 7 (SDG7), which focuses on providing universal access to reliable electricity....……continue reading

☁️ CLOUD SERVICES

Huawei launches local cloud service in Nigeria to boost data sovereignty and support tech ecosystem

Huawei has launched its local cloud service in Nigeria, marking a significant milestone in its African growth strategy. This launch is set to offer enhanced data sovereignty, reduced latency, and bolstered support for local businesses, aligning with Nigeria’s regulatory environment and digital transformation goals. Unveiled on December 10, 2024, Huawei’s local cloud service ensures that sensitive data remains within national borders, adhering to Nigeria’s data protection policies.

This development is expected to significantly reduce latency, providing Nigerian businesses with faster and more reliable access to cloud resources. The improved performance will benefit startups and small to medium-sized enterprises (SMEs) that rely on cloud-based applications, enhancing their productivity and competitiveness in both local and international markets...……continue reading

🤖 ARTIFICIAL INTELLIGENCE

Google unveils Gemini 2.0 Flash AI model with advanced image and audio generation capabilities

Google has unveiled its next major AI model, Gemini 2.0 Flash, designed to compete with the latest offerings from OpenAI. This new model, announced on Wednesday, boasts the ability to natively generate images and audio in addition to text. Furthermore, 2.0 Flash can utilize third-party apps and services, enabling it to tap into Google Search, execute code, and more.

An experimental release of 2.0 Flash is now available through the Gemini API and Google’s AI developer platforms, AI Studio and Vertex AI. However, the audio and image generation capabilities are initially accessible only to “early access partners,” with a broader rollout planned for January.

In the coming months, Google plans to integrate 2.0 Flash into a variety of products, including Android Studio, Chrome DevTools, Firebase, Gemini Code Assist, and others.....……continue reading

🛒 ECOMMERCE

NCAC and NITDA set to launch a new eCommerce platform called BuyNigeria.ng

The National Council for Arts and Culture (NCAC) and the National Information Technology Development Agency (NITDA) have joined forces to launch an exciting initiative aimed at bringing Nigerian markets online through an eCommerce platform called BuyNigeria.ng.

This project is designed to showcase Nigerian artisans and traders on a global stage, blending the country’s rich cultural heritage with cutting-edge technology. The initiative will initially focus on key cities such as Lagos, Kano, Aba, and Abuja, providing local businesses with the opportunity to gain digital visibility and expand their reach.

The collaboration between NCAC and NITDA goes beyond merely creating an online marketplace. The two organizations have ambitious plans to fully digitize the cultural and creative sectors in Nigeria. This includes launching training programs to empower millions of Nigerians, developing tech infrastructure such as podcast studios, digital labs, and marketing tools, and integrating digital literacy into popular platforms like Nigeria’s Got Talent. These efforts aim to create more opportunities for creatives to thrive in a digitally connected world...……continue reading

🧑🏽‍💻 CYBERCRIME

NITDA warns of Grandoreiro malware threatening African financial institutions and customers

The National Information Technology Development Agency (NITDA) has raised alarms about a new banking malware, Grandoreiro, that poses a significant threat to African financial institutions and their customers. Originating in Latin America, this sophisticated malware employs phishing techniques to infiltrate banking systems and compromise sensitive user information.

Grandoreiro operates by deceiving users into sharing critical banking details, such as account passwords and personal identification numbers (PINs). Once activated, the malware tracks user activities, records keystrokes, and transmits stolen data to cybercriminals, potentially leading to severe financial losses.

NITDA has urged financial institutions to reinforce their cybersecurity frameworks. Recommendations include deploying advanced threat detection systems, conducting regular security audits, and educating staff on identifying and countering potential cyber threats....……continue reading

OTHER STORIES

• Cauris Finance, an impact credit fund with a focus on Africa, has announced the successful closing of a US$40 million debt facility to enhance its mission of supporting socially impactful African fintech companies……read more

• LAfricaMobile, a prominent player in cloud communication and artificial intelligence (AI), has successfully concluded its Series A funding round, securing a total of €6.5 million ($7 million)..……read more

• Eyone, a Senegalese startup specializing in digital health, has raised a $1 million to consolidate its leadership in its sector and accelerate its expansion in Africa…….read more

• Kenyan companies SunCulture, a pioneer in solar-powered irrigation solutions, and Turaco, a leading mass-market insurtech company, have jointly launched “SunCulture Protect,” a new initiative aimed at providing enhanced protection to smallholder farmers utilizing SunCulture’s pay-as-you-go (PAYG) devices…….read more

• Starlink launches in Cape Verde, advancing internet connectivity across Africa…..read more

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