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Egypt’s Prime Minister Mustafa Madbouly and Central Bank of Egypt governor Hassan Abdalla face an imminent decision on whether to allow the operators of solar power projects at the Benban Solar Farm to convert Egyptian pound profits into dollars so they can meet a mid-July debt repayment deadline. At stake are both short-term financial stability and long-term credibility.

Petronas has shed some of its most significant African assets, as the Malaysian NOC revises its global portfolio to focus on higher grade assets outside the continent. However, its exit from Africa has added to an already complicated situation in Chad, writes James Gavin.

As Cairo seeks buyers for its prized power generation assets, it may have to accept lower prices than it wants, as investors shift away from gas-fuelled plants in light of climate change concerns. Potential buyers from the Gulf and elsewhere also recognise Egypt is under pressure to sell as a result of the country’s debt crisis. Complicating matters still further is the enmity between key arms of the state which could delay any deals, writes Moataz Khalil with John Hamilton.

The signing of a land agreement for a 10GW wind project by Masdar, Infinity Power and Hassan Allam Utilities is a major step forward for one of the huge renewable energy projects announced last year at the COP27 climate summit in Sharm El Sheikh.

Amid a waning consensus over strategy, the Opec+ meeting in early June broke up with African members unhappy at an unwelcome squeeze on their future production while Saudi Arabia made a unilateral output cut of 1m b/d, reflecting Riyadh’s determination to shape market forces, writes Jon Marks.

Amid the worst economic crisis since the Mubarak regime’s collapse in 2011 – highlighted by another credit downgrade in early May – foreign investors in Egypt are struggling to convert their local profits into hard currency. But even in this tough business environment some investors and financiers are signing up to major new renewable energy commitments, suggesting the prospects for profit and strategic positioning still outweigh the risks from dysfunction.

A first cargo of liquefied natural gas (LNG) had arrived at Italy’s new regasification terminal in Piombino, and had begun offloading at the Tuscan facility, Eni said on 5 May. The LNG was supplied from the Damietta liquefaction plant in Egypt, which Eni now operates in a joint venture with Egyptian Natural Gas Holding Company (Egas).

The prospects for giga-scale renewable power projects in North Africa have never been better, leveraging off export-led green hydrogen projects and the advantages of adding cheap non-emitting capacity to already well-developed grids. But the latest figures from African Energy Live Data show that, over the next five years, North Africa will instead pour ever more natural gas into a growing fleet of open cycle plants, while relatively few wind and solar projects have firm completion dates.

A group of Japanese and French banks have demonstrated their confidence in the long-term prospects for Egypt’s renewable energy (RE) sector by confirming support for one of its largest wind projects to reach financial close. The commitment is significant as several even larger projects are in the pipeline, while the wider economic outlook for Egypt is deteriorating.

London Stock Exchange-quoted Centamin, owner of the Sukari gold mine near Marsa Alam on Egypt's Red Sea Coast, has announced plans to increase the capacity of its 30MW solar PV plant.

China Energy Engineering Corporation expects to start implementing its green ammonia (GNH3) production facility in May, showing there is still momentum behind Cairo’s promotion of its green hydrogen (GH2) prospects, even if the current financial situation is dire.

A continued flow of renewable energy and green hydrogen deals, a planned upstream licensing round and LNG exports from two liquefaction terminals suggest business is operating as usual, but Egypt’s debt crisis and the extent of expected reforms mean investors should brace themselves for upheaval, writes John Hamilton.

In a move its principals said would create Africa’s largest renewable energy (RE) company, Amsterdam-headquartered Lekela Power BV on 20 March announced the completion of its acquisition by the Infinity Power Holding BV joint venture of Cairo-based Infinity Power and United Arab Emirates state-owned Masdar (Abu Dhabi Future Energy Company).

While inflation and supply chain challenges have slowed the progress of many renewable projects, Amea Power has continued to expand its portfolio of solar and wind projects, with some 1.1GW of capacity operational or under construction, and a further 6GW under development. And it has big ambitions for green hydrogen and ammonia, the Dubai-based developer told Marc Howard.

Amea Power executive chairman and founder Hussain Al-Nowais in late February provided a detailed insight into 11 of the Dubai-based developer’s projects under development in African markets.