Africa Clean Energy Solution’s African Projects Remain Resilient Amidst Global Economic Trends, Thanks to Insulation from Currency Fluctuations and US Dollar Denomination

Published On: November 14, 2023Company: Africa Clean Energy Solutions (
What is the impact of the global economic scenario on's African projects?
The global economic growth and inflation rates do not seem to affect's African projects significantly. Although interest rates in the US have risen, it had little impact on these projects as they are still in the permitting phase. The projects are also insulated from local currency fluctuations as they are denominated in US dollars. However, in South Africa, the rise in the prime interest rate and the depreciation of the rand against the US dollar pose challenges in project costings.


  • Global economic growth was 3.5% in 2022 and is expected to decrease to 3.0% in 2023 and 2024.
  • Global inflation is projected to fall from 8.7% in 2022 to 6.8% in 2023 and further to 5.2% in 2024.
  • The projects in Kenya, Uganda, and Zambia, denominated in US$, are not affected by local currency fluctuations.
  • Interest rate hikes in the US had little impact on these projects as they are still in the permitting phase.
  • Necessary operations like feasibility studies and permit obtainment are either ongoing or scheduled.
  • In South Africa, the prime interest rate rose from 8.25% to 11.25% within a year causing a negative impact on economic growth, but inflation fell from 7.8% to 5.4% in the same span.
  • A depreciation of the rand against the US dollar makes the costing of projects difficult but the company mitigates this by keeping valid customer quotes for only 30 days.
  • Amid rising power issues and demand, ACES is focusing on both short-term and long-term strategies involving rooftop and ground-mounted solar installations.
  • A total of 800kW rooftop solar installations were completed and more proposals are under consideration.
  • The company is also developing 3 GMS projects that will produce 369MW DC once completed.
  • The company has successfully raised capital by issuing new shares and from interested investors.

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About Africa Clean Energy Solutions (

Africa Clean Energy Solutions Limited (ACES) was incorporated in Mauritius on 8 December 2017 and holds a GBC1 license. ACES has been established with the aim of developing and operating clean energy power plants throughout Africa and to become a significant independent provider of clean energy. The goal of the company is to become a utility company in various African countries in the renewable energy field. Africa Clean Energy Solutions Limited is listed on the Stock Exchange of Mauritius.

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