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South Africa’s TBI Investment Managers has completed its first renewable energy deal with a R440m ($29m) refinancing of Emvelo’s 15% equity stake in the 100MW Karoshoek Solar One  concentrated solar power project, which came online in 2018. The deal was done through TBI’s Amandla Renewable Energy Fund, which was set up in 2019 to focus on refinancing equity stakes in South Africa’s renewable energy IPP procurement programme (REIPPP), TBI head of renewable energy Laurentius Human told African Energy.

South Africa
Issue 432 - 11 February 2021

Kenya: Geothermal lifts KenGen profits

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Kenya Electricity Generating Company (KenGen) on 27 January announced a Ksh 13.9bn ($126.8m) profit before tax for the year to June 2020, thanks to revenues from Olkaria V and proceeds from geothermal drilling in Ethiopia. Profit for 2018/19 was Ksh 11.6bn. In October 2019 KenGen clinched a $43.8m contract to drill 12 geothermal wells for Tulu Moye Geothermal Operations, following an earlier $69.3m agreement with Ethiopian Electric Power for drilling at Aluto-Langano.

Kenya
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Off-grid developer Winch Energy has confirmed its funding for an ambitious solar mini-grid project, comprising 49 sites in Uganda and Sierra Leone. As Winch chief executive Nicholas Wrigley told African Energy in January, the funding, which comprises $100m of debt and equity, is for a new platform, Winch Energy IPP Holdings (WIPP).

Sierra Leone | Uganda
Issue 433 - 25 February 2021

Angola: World Bank $250m power programme

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The World Bank Group (WBG) on 17 February approved an International Bank for Reconstruction and Development loan worth $250m for the $417m Electricity Sector Improvement and Access Project (ESIAP) in Angola. The French Development Agency is providing the remaining $167m for the project, which is expected to run until September 2026.

Angola
Issue 433 - 25 February 2021

Nuwa Capital reaches first close

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Dubai- and Riyadh-based Nuwa Capital aims to close a $100m fund by year-end as it looks to invest in start-ups across the Middle East and Africa.

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President Kenyatta has set up a taskforce to review the PPAs signed by monopoly distributor Kenya Power and electricity producers, in a fresh bid to renegotiate terms in favour of the struggling state-owned utility, reports Neville Otuki in Nairobi.

Kenya
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The Regio fund will use public and private capital to “build climate change-mitigation capacity in the markets that are most at threat from the effects of climate change,” Yeboah added. The IFC expects Regio to have a similar investment return profile to JP Morgan’s US dollar-denominated Emerging Markets Bond Index.

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The government is committed to ending gas flaring, but the main initiative to do so is in danger of stalling once again after delays to potential projects, lack of data and apparent official lack of concern which have frustrated bidders, writes Ajay Ubhi.

Nigeria
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The National Assembly (parliament) on 20 April approved a bill authorising $150m of funding from the World Bank Group (WBG)’s International Development Association (IDA) for the 130MW Kandadji hydropower plant. The WBG last June approved by the package of a $100m soft loan (with six years grace) and $50m grant to help fund the first phase of resettlement and livelihood support.

Niger
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National Oil Corporation (NOC) successfully used a temporary declaration of force majeure at the Marsa el-Hariga export terminal to secure payment of budget arrears from the Government of National Unity (GNU). The suspension of exports for just over a week was an indication of the scratchy relationship between NOC and the new Ministry of Oil and Gas, with each side yet to test the limits of its role in the new administration.

Libya
Free

Tanzania Petroleum Development Corporation (TPDC) appears to have decided to retain its 15% stake in the East African Crude Oil Pipeline (Eacop) and not to exercise an option to reduce its holding to 5% in the project, which is expected to come to the international market for debt finance later this year

Tanzania
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Announcing Q1 21 results on 20 May, SDX Energy chief executive Mark Reid thanked London-based multilateral the European Bank for Reconstruction and Development (EBRD) for renewing a $10m credit facility. The EBRD in December signed an agreement for Project Green Light II to provide SDX Energy Morocco up to $25m from a senior secured reserve-based loan, to part-finance its $65m investment plan to expand operations in the kingdom.

Morocco
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Sub-Saharan Africa (SSA) was hit hard by the pandemic but there are indications that the region will recover some of the lost ground in 2021. Live Data has already confirmed more than 1.8GW of new capacity has come online this year, although 900MW of this was in South Africa.

Issue 440 - 10 June 2021

Nigeria: Lekoil’s assets

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Lekoil Nigeria is one of several Lekoil subsidiaries that also include Lekgas, Lekoil Exploration and Production, Lekoil Management Corporation, Lekoil Ltd and Lekoil 310. The Lagos-based arm is official equity holder for its Nigerian assets, as ‘technical operator’ in OPLs 310 and 325.

Nigeria
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Algeria has long been a major gas flarer but time may be running out for the practice as the EU moves to enforce its carbon border adjustment mechanism, writes Ajay Ubhi. Algeria’s consistently high level of gas flaring could start to threaten its gas export market to the Europe once the European Union’s carbon border adjustment mechanism (CBAM) comes into force.

Algeria