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Novastar Ventures Closes $147 Million Financing for Africa People and Planet Fund III
Thomas Adjei
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April 30, 2026
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Novastar Ventures has reached the final close of its third fund, the Novastar Ventures Africa People and Planet Fund III (NVIII), securing $147 million to deepen its bets on climate-focused and impact-driven startups across the continent. The fund drew commitments from a mix of returning and new limited partners, with strong participation from Japanese investors. These include SBI Holdings, Sumitomo Mitsui Banking Corporation (SMBC), Mitsubishi Corporation, Mitsui O.S.K. Lines, and the Japan International Cooperation Agency (JICA). [Read more]:
Moroccan startup GoSwap has secured its first funding round from Azur Innovation Fund, a significant step in its mission to revolutionize urban mobility. The investment, part of a larger goal to raise over 20 million dirhams, will accelerate the deployment of its innovative battery-swapping network for electric scooters. This move positions GoSwap to address key economic and environmental challenges in Morocco's major cities. [
BasiGo aims to roll out new charging facilities this year at gas stations along Kenyaβs coastline as well as in the countryβs center and west, Managing Director Moses Nderitu told Semafor, in a move to scale-up rapidly. The company currently has 11 charging stations, of which 10 are in the Nairobi metropolitan area, and more than 100 buses on the roads. The plan would require tens of new charging stations to cover key routes.[
Afreenergy Solar has secured USD 4.6 million (EUR 4.3 million) in financing from the Private Infrastructure Development Group (PIDG) to scale operations in Senegal and deploy up to 30 MW of solar and up to 10 MWh of battery energy storage systems (BESS) for commercial and industrial (C&I) customers. PIDG is making the commitment through its project development arm, InfraCo. [
Ghana hosted a three-day strategy meeting of the African Group of Negotiators (AGN), with climate experts and national focal points working to consolidate a unified African position ahead of COP31 in Turkey and COP32 in Ethiopia. [
The African Development Bank, through its Sustainable Energy Fund for Africa, has approved a $5.65 million reimbursable grant to support the launch of a new climate finance instrument targeting off-grid renewable energy in fragile African markets. The facility is co-financed by the Nordic Development Fund with an additional $5.65 million, bringing total initial funding to $11.3 million. [
The African Development Bank has approved $150 million in financing for a floating solar plant on Mozambiqueβs Cahora Bassa reservoir, marking one of the largest floating photovoltaic transactions on the continent. The project will be implemented by Electricidade de MoΓ§ambique and is designed to integrate solar generation directly with the existing Cahora Bassa hydropower system. [
The green climate fund (GCF) has approved USD960.3 million in climate finance to support 18 projects in developing countries as they move to advance renewable energy deployment and energy access. Approximately USD441million equivalent to 46% of the funding is designated for seven projects in Africa, underscoring the GCFs commitment to supporting electrification in a continent where 600 million people currently live in energy poverty.[
The United States is stepping up signals of interest in Cameroonβs critical minerals. On March 30, the U.S. chargΓ© dβaffaires in YaoundΓ© met with Cameroonβs acting minister of Mines, Industry, and Technological Development, accompanied by Australiaβs high commissioner based in Abuja. [
BFA Global and FSD Africa today announced $273,000 in follow-on funding and venture-building support for four early-stage alumni of previous Triggering Exponential Climate Action (TECA) venture-building program cohorts. The four early-stage small and growing businesses (SGBs) had previously participated in the TECA program, which seeks to grow climate solutions from concept to investment, fostering resilience and protecting the most vulnerable communities in East Africa. The small and growing businesses have demonstrated early traction in advancing solutions in clean energy, cold storage, carbon market access, and food systems. [
Sistema.bio, a global leader in biogas technology and climate solutions for smallholder farmers, today announced the financial close and launch of FarmCarbon, a pioneering carbon finance vehicle designed to channel global climate capital directly to farmers. [
Fidelity Bank Ghana has launched the Fidelity Green Lending Fund (GLF). Fidelity Bank Ghana has launched the Fidelity Green Lending Fund (GLF), a dedicated concessionary financing facility designed to support businesses operating within Ghanaβs growing green economy. The Fund provides tailored financing to climate-friendly and environmentally responsible businesses whose operations reduce environmental harm, promote sustainability, and contribute to inclusive economic growth.[
Through international cooperation and financing derived from the sale of greenhouse gas (GHG) mitigation outcomes, the National Clean Energy Programme supports solar PV installations for businesses across Ghana by providing them with subsidies and performance-based financing. [
The Rockefeller Foundation has announced a $10 million commitment to support the development and implementation of renewable energy projects across Africa. The funding aims to accelerate projects that often remain stalled in early development stages due to financing and technical barriers. 
British International Investment (BII), the UKβs development finance institution, has provided $15m in mezzanine debt to Starsight Energy Africa Group. The capital is earmarked for scaling commercial and industrial (C&I) solar solutions across West Africa, with the majority of funds directed toward operations in Nigeria and Ghana. [
FSD Africa Investments (FSDAi) and Allied Climate Partners (ACP) have announced a combined anchor commitment of $50 million to the first close of the African Transition Acceleration Fund, a new investment vehicle aimed at accelerating Africaβs energy transition. [
The global energy innovation landscape is entering a transformative phase, shaped by growing concerns over energy security, industrial competitiveness, and the resilience of infrastructure, according to the latest State of Energy Innovation report by the International Energy Agency (IEA). The second edition of the report highlights that energy technologies are now part of multi-trillion-dollar global markets. [
Persistent has announced the launch of the $70 million Persistent Africa Climate Venture Fund (Persistent ACV Fund), a landmark earlyβstage investment vehicle designed to accelerate climate-focused innovation across Africa. The fund has secured a strong first close of $52 million, which includes a dedicated $5 million Venture Building Facility (VBF) to support entrepreneurs beyond capital deployment. [
The Public Utilities Regulatory Commission (PURC) has introduced a dedicated tariff of GHS 2.16 per KWh and a flat monthly fee of GHS 500 for commercial electric vehicle charging β the first time Ghana has formally regulated electricity pricing for the sector. The move signals official recognition of commercial EV charging as a distinct economic activity, a foundational step for attracting serious private investment in charging infrastructure. [
The African Development Bank Group (the Bank Group) and the United Nations Development Programme (UNDP), through the AI Hub for Sustainable Development, have launched the AI 10 Billion Initiative, a transformative continental drive to accelerate responsible artificial intelligence adoption and inclusive digital economic growth across Africa. [
Skoot Technology (Skoot) has announced the launch of the Skoot e3W, a smart electric three-wheeler powered by SUN Mobilityβs battery swapping technology and distributed in Kenya by Car & General. Built on a Piaggio-designed vehicle, the Skoot e3W allows drivers to replace depleted batteries in minutes, minimizing downtime. Through a unified mobile platform, drivers can manage their lease, locate nearby swap stations, and access delivery contracts directly from their phones. [
Acumen, a global impact investor, has backed Vitara, a Ghana-based agribusiness working to transform how smallholder farmers sell their crops and earn income. The investment, anchored in Vitaraβs pre-series A funding round, is meant to support the companyβs expansion in linking rural producers directly with international buyers and building more inclusive, transparent supply chains. [
Weego, a MoroccanβSenegalese mobility startup, secured $1.1 million in funding to expand its transport platform in Africa, aiming to integrate various transport options into one user-friendly interface. [
East African electric mobility and distributed energy services company Zeno has raised US$25 million in funding to expand its electric vehicle and charging operations across the region. Founded in 2022 by Michael Spencer, a former Tesla executive, Zeno provides interoperable, multi-modal charging for two- and three-wheel electric vehicles, a segment where both range and downtime strongly shape adoption. [
Farm 360 works with 953 digitally registered farmers across multiple value chains, has planted over 108,000 trees across 340 hectares, and created more than 150 jobs. [
BasiGo, a Kenyan electric bus startup, is testing a scheduled commuter service in Nairobi, the countryβs capital, adding a new product line alongside its core electric vehicle supply business. [
Swedfund has committed $17.7 million to the Hummingbirds Gondwana platform to scale up nature-based climate projects across Africa. The investment is designed to restore forests, promote sustainable land use and expand clean cooking solutions in rural communities. More importantly, it is structured to prove that environmental protection can go hand in hand with sustainable business growth. [
Meridian Port Services has commenced the implementation of a solar power project at Terminal 3 of Tema Port in Ghana, marking a step toward integrating on-site renewable energy into port operations. The initiative forms part of MPSβs broader strategy to reduce carbon emissions, lower long-term electricity costs, and strengthen energy resilience at the container terminal. [
Kenyan e-mobility startup Arc Ride has secured a $5 million equity commitment from the International Finance Corporation (IFC). This investment from the World Bank's private arm will anchor the company's upcoming Series A funding round. The capital is set to accelerate Arc Ride's expansion across East Africa, meeting the region's growing demand for sustainable transport. [
Country Director, Heifer Nigeria, Dr. Lekan Tobe said the 2026 challenge focuses on identifying innovations that are not only technically feasible but also climate smart, ensuring they deliver tangible value to the almost 40 million smallholder farmers who drive Nigeria's agri-economy. [
Mariseth Farms, a women-led agribusiness, has secured $850,000 to empower smallholder farmers and promote sustainable agricultural growth across Ghana. The funding, provided by RDF Ghana, Sahel Capital, and ABSA Bank, will support in-house production, expand the supplier network, recruit extension officers, and establish new off-taker partnerships. [
BYD has achieved technical progress on its sulfide solid-state battery, reporting improvements in cycle life and fast-charging performance, with small-batch production expected in 2027. The companyβs investor relations department confirmed multiple development paths in solid-state technology, highlighting sulfide electrolytes as a key focus. This milestone positions BYD alongside global battery makers preparing to begin pilot production of solid-state batteries in the mid-2020s, as reported by IT-home. [
On January 31, 2026, the world's first 400MWh energy storage station using 628Ah ultra-large battery cells entered operation. Equipped with 80 sets of minimalist integrated 5MWh DC energy storage systems ("Mr. Giant") and 40 sets of integrated power conversion cabins, this marks a critical leap in EVE Energy's large battery technology from pioneering exploration to grid-scale validation, solidifying a foundation for high-quality industry growth.[
Zanzibar received its first 10 electric buses at Malindi Port, marking a significant step in modernizing public transport, reducing congestion, and promoting eco-friendly commuting. The Zan Bus project, managed by South Africa's Unitrans Transport Company and coordinated by the Zanzibar Social Security Fund (ZSSF), will begin operations in February 2026. [
The company announced a seven-million-dollar loan from Nithio, a United States-based climate fintech financier known for its specialized energy access investments. This strategic capital injection is poised to accelerate the deployment of electric motorcycles and critical battery infrastructure across key African markets. [
Kenya-based venture firm Delta40 has secured $20 million to scale financing for early-stage startups across Africa, with support from the Soros Economic Development Fund and the Rockefeller Foundation. Its focus areas include energy and mobility, agriculture and food systems, and financial services. [
Eskom Holdings SOC Ltd has issued a tender for the engineering, procurement and construction of a 17 MW solar PV plant at its Duvha Power Station in Mpumalanga, marking another step in the utilityβs efforts to integrate renewable energy capacity within its existing coal-fired power station fleet. [
Rome will offer African countries the chance to suspend repayments when hit by extreme climate events, Italian Prime Minister Giorgia Meloni told the African Union (AU) Summit in Addis Ababa.[
Morocco-based mobility startup Enakl has closed a $2.3 million Seed round, led by Azur Innovation Fund, Witamax, and MFounders, alongside follow-on investment from Catalyst Fund and Digital Africa. [
The continent imported 18.2 GW of solar modules in 2025, far exceeding expected utility-scale installations, indicating a large share is going into distributed and off-grid systems, says the Global Solar Council [
SolarAfrica has secured financial close on approximately USD 94.2 million (ZAR 1.5 billion) for the development of SunCentral 2, a 114megawatt utility-scale solar power plant in South Africaβs Northern Cape. The debt financing has been provided by FirstRand Bank Limited through its Rand Merchant Bank division and Investec Bank Limited through its Corporate and Institutional Banking division. The project is expected to deliver first power in 2026. [
GoCab, a mobility and financial services platform, has raised $45 million in new financing to scale electric mobility and expand access to ethical, Shariah-compliant financing for gig-economy drivers and delivery couriers across Africa. The company positions its model around a structured pathway that helps workers generate stable income while progressively gaining ownership of the vehicles they use for work. [
Proparco has announced a significant investment in the Helios Climate Fund, deepening its strategic partnership with Helios Investment Partners. This commitment is part of the fund's successful second closing, which raised total commitments to approximately USD 250 million. The initiative aims to mobilize crucial private capital to accelerate Africaβs transition to a low-carbon economy and foster sustainable development across the continent [
MAX plans to grow its electric vehicle fleet, roll out battery-swapping and clean energy infrastructure, enhance its proprietary fleet management and IoT capabilities, and support regional expansion across West and Central Africa. Leadership has underscored ambitions to back 250,000 drivers by 2027 and to surpass $150 million in annual recurring revenue as part of its next phase of scaling.
Launched at COP28 and anchored by the Green Climate Fund, H2R aims to unlock clean, distributed energy for almost 70 million people in underserved and hard-to-reach regions across 17 countries, including Malawi, Zambia and Somalia, where conventional capital has struggled to operate.
Revibe, the fast-growing marketplace for refurbished electronics, has raised $17 million in a new funding round led by Partech, with participation from E& Capital, Burda Principal Investments, and EQNX, alongside existing investors.
Impact Fund Denmark, the Danish development finance institution (DFI), has invested in Africa GreenCo, an African renewable energy buyer and seller, through a $6m (β¬5.1m) loan.
The Africa Go Green Fund (AGG), a specialist climate debt fund managed by Cygnum Capital has raised USD 32.7 million (EUR 30 million) in debt financing from DEG (Deutsche Investitions- und Entwicklungsgesellschaft), the German development finance institution and a subsidiary of KfW. The investment is expected to promote commercially viable energy-efficient and climate-friendly solutions across Africa.