Africa Leads Growth in Solar Energy as Demand Spreads Beyond Traditional Markets, Report Says 

Solar panels are seen on the roof of a company in Nairobi, Kenya, on Sept. 1, 2023. (AP)
Solar panels are seen on the roof of a company in Nairobi, Kenya, on Sept. 1, 2023. (AP)
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Africa Leads Growth in Solar Energy as Demand Spreads Beyond Traditional Markets, Report Says 

Solar panels are seen on the roof of a company in Nairobi, Kenya, on Sept. 1, 2023. (AP)
Solar panels are seen on the roof of a company in Nairobi, Kenya, on Sept. 1, 2023. (AP)

Africa was the world’s fastest-growing solar market in 2025, defying a global slowdown and reshaping where the momentum in renewable energy is concentrated, according to an industry report released in late last month.

The report by the Africa Solar Industry Association says the continent's solar installed capacity expanded 17% in 2025, boosted by imports of Chinese-made solar panels. Global solar power capacity rose 23% in 2025 to 618 GW, slowing from a 44% increase in 2024.

“Chinese companies are the main drivers in Africa’s green transition,” said Cynthia Angweya-Muhati, acting CEO of the Kenya Renewable Energy Association. “They are aggressively investing in and building robust supply chains in Africa green energy ecosystem.”

Some of that capacity has yet to be rolled out. Africa has only 23.4 gigawatts peak (GWp) of working solar capacity even though nearly 64 GWp of solar equipment has been shipped to the continent since 2017. A gigawatt peak represents 1 billion watts of maximum, optimum power output under ideal conditions.

“Africa's growth is driven by changing policies and enabling conditions in a number of countries,” said John Van Zuylen, CEO of the Africa Solar Industry Association.

“Solar energy has moved beyond a handful of early adopters to become a broader continental priority,” he said recently on the sidelines of the Inter Solar Africa summit in Nairobi. “What we are seeing is not temporary. It is policies aligning with market dynamics.”

Historically, South Africa dominated solar imports in Africa, at one point accounting for roughly half of all panels shipped to the continent. The latest data show its share has slipped below a third as demand surged elsewhere. Last year, 20 African nations set new annual records for solar imports, as 25 countries imported a total of at least 100 megawatts of capacity.

Nigeria has overtaken Egypt as Africa's second-largest importer as solar energy and battery storage provide a practical and affordable alternative to diesel generators and unreliable grid power. In Algeria, solar imports soared more than 30-fold year-on-year. Imports also surged in Zambia and Botswana.

At least 23 African countries, including South Africa, Tunisia, Kenya, Chad and the Central African Republic, are now generating over 5% of their electricity from solar energy, the report said.

Prices have fallen both for solar panels and batteries, mostly from China, enabling households and businesses to rely on solar plus batteries for round-the-clock electricity, the report said. Battery storage costs in Africa fell to $112 per kilowatt-hour in 2025 from an average of $144 per kilowatt-hour in 2023 as improved technology made storage systems more flexible and longer lasting.

“This ever-decreasing price of storage has game-changing implications for Africa, which has a dire need for stable and baseload power,” said Van Zuyken.

The gradual removal of diesel subsidies in Nigeria in the past two years also has helped accelerate adoption of solar energy. The policy was implemented sector by sector to cushion its impact, making diesel increasingly expensive and nudging businesses and households toward solar. In September, Nigeria announced plans for a 1 GW solar panel factory, the largest in West Africa. Similar facilities are under construction in Egypt, South Africa and Ethiopia.

As Africa moves to build its own manufacturing capacity, the industry is looking to China to transfer knowhow to help alleviate Africa’s dependence on imported equipment and technology.

Jobs won't be confined to manufacturing.

“The solar jobs boom is occurring in services including installation, maintenance, distribution and financing, where thousands of small and medium enterprises are emerging to meet rising demand,” Van Zuylen said.

Unlike regions such as the Middle East, where governments publish clear 10 or 20-year energy roadmaps, many African markets lack consistent policy signals. So, uncertainty over policies remains a challenge. Solar firms operating across Africa say unpredictable tax regimes, shifting import duties and unclear long-term energy plans undermine investor confidence.

“The problem is not the opportunity. It’s visibility,” said Amos Wemanya, senior analyst on renewable energy at Powershift Africa. “If a government announces a plan, companies need to trust that it will remain in place.”



Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 


IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.