Search results

Djibouti has become the 14th member of the Lagos-based Africa Finance Corporation, a multilateral finance institution investing in infrastructure projects across Africa. “Djibouti is a small but important market, with natural strengths as a transport and logistics hub thanks to the government’s successful free trade policies and its location at the gateway to the Red Sea. Djibouti offers some great investment opportunities and AFC is delighted to be assisting Djibouti to meet its full growth potential and to create jobs for its citizens,” said president and chief executive Andrew Alli.

Energy minister Gilbert Tshiongo Tshibinkubula Wa Tumba and mines minister Martin Kabwelulu Labilo sat side by side at Spintelligent’s annual IPAD DRC conference, in Kinshasa on 27 October, to announce a new ‘strategic partnership’ along with the Ministry of Transport. Mining drives the DRC economy, but it cannot function without the energy and transport infrastructure Congo so lacks.

The government is planning to raise FCFA360bn ($583m) before the end of the year to help clear debts to crude suppliers accumulated by Société Ivoirienne de Raffinage (SIR) since 2008. A restructuring plan was approved by cabinet in October 2016 to help the refinery tackle its financial problems. The government is considering the best option for securing funds, but is expected to opt for long-term bank debt, to be recovered at least partially via a levy on pump prices.

The Islamic Development Bank signed a $200m loan agreement on 11 February to support the construction of the 45MW M’Dez and 125MW El Menzel hydroelectric power stations. The two plants form the M’Dez El Menzel complex, which is a key development for the Upper Sebou River.

The AEEP Status Report unveiled at the Africa-EU Energy Partnership’s second high-level meeting in Addis Ababa on 12 February has provided an indicator of progress in meeting a set of ‘political targets’ set in 2010 that it would be desirable to achieve by 2020. Among the most important of these is data for generation from renewable energy (RE) technologies, compiled for the AEEP Secretariat, operated by the EU Energy Initiative Partnership Dialogue Facility in Germany, and compiled by a multi-disciplinary team from African Energy’s parent company Cross-border Information (CbI).

Zimbabwe appeals for funds but international investors remain wary

The US Trade and Development Agency on 10 February approved a $1.1m grant to the Nigerian National Petroleum Corporation Gas and Power Investment Company to support development of a 1,350MW combined-cycle gas power plant in Abuja. The grant will fund technical, economic and financial studies for the plant which will be carried out by the US’ Continuum Associates and GE International Operations (Nigeria). The grant agreement was signed at the Nigeria International Petroleum Summit in Abuja.

Investors led by Japan’s Marubeni Corporation have made a $26m investment in UK pay-as-you-go solar company Azuri Technologies. Azuri, which has offices in Nigeria, Kenya, Tanzania, Uganda and Zambia, said the capital infusion would enable it to accelerate expansion in existing sub-Saharan Africa markets and roll out its solar lighting, TV and additional services into new markets. Azuri has sold more than 150,000 solar home systems and has adopted a comparatively cautious approach to building its business.

Zimbabwe Energy Regulatory Authority (Zera) confirmed in early June that the beleaguered Zimbabwe Electricity Distribution Company (ZETDC) has applied for a tariff review for 2017, citing increases in the cost of power production. Zera acting chief executive Misheck Siyakatshana said a decision on the tariff review would have to wait until an audit of the utility’s operations and structures by Deloitte & Touche is completed. ZETDC is the transmission and distribution subsidiary of Zesa Holdings.

The Zambian authorities are planning to issue their delayed debut Eurobond after presidential elections in Q4 2011 – which will also allow global bond markets to take stock after a period of turmoil in the Eurozone

Plans for a joint venture between leading Cairo-based private equity company Citadel Capital and Qatar Islamic Bank-backed investment company QInvest to build regasification facilities and import gas for Egypt’s domestic market have caused a degree of puzzlement in the industry. A 22 November statement from Citadel does not explain where the gas will come from or how the infrastructure and gas will be paid for. It says Citadel, QInvest and a group of Qatari investors will form a joint venture to “construct and own the facilities required to position a floating LNG storage and regasification unit (FSRU) at a location in Egypt to deliver natural gas to high-volume end-users”.

The African Development Bank (AfDB) board on 20 May approved a loan of $70.5m to finance the Tanzania Power Sector Reform and Governance Support Programme (PSRGSP). The bank said the loan would provide budget resources for the 2014-15 financial year, with the aim of promoting inclusive growth and enhanced economic competitiveness through power sector, economic and financial governance reforms. The $70.5m is part of a $140m loan over three years, and will be followed by $35m for the 2015-16 and 2016-17 fiscal years.

Dutch development bank FMO has named Peter van Mierlo as its new chief executive. Van Mierlo, who was previously chair of the board of management of PwC Netherlands and managing partner of PwC Europe, will take over on 1 July. He succeeds Jürgen Rigterink, who left FMO in April to join the European Bank for Reconstruction and Development. He will serve on FMO’s management board alongside chief investment officer Linda Broekhuizen and chief risk and finance officer Fatoumata Bouaré.

The African Development Bank (AfDB) on 17 December approved a €24m ($27m) loan for the expansion of the Kribi gas power plant. The expansion project will increase the capacity of the 215MW plant, which has been operating since May 2013, to 340MW. The loan was approved under the AfDB’s New Deal on Energy for Africa initiative, which aims to help achieve universal energy access in Africa by 2030.

The Competition Authority has unconditionally authorised the purchase of 74% of the shares in Jindal BVI Ltd by South Africa’s Glendal Trading Ltd. Jindal BVI is a subsidiary of Jindal Steel & Power (Mauritius) Ltd (JSPL) and is the holding company for the Jindal Mmamabula Energy project (JMEP), an integrated coal power project able to produce up to 1,200MW of power.