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A planned $187m financing deal between London AIM-listed San Leon Energy and Tri Ri Asset Management has foundered, with the New York-based finance house blaming regulatory and compliance problems.

Nigeria
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Project bulletin

Having reached financial close on its three Koruson II projects, Anglo American/EDF JV Envusa Energy expects to start construction in H1 2024, to install combined wind and solar capacity of 520MW in South Africa’s Northern Cape.

South Africa
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Australian junior Deep Yellow has raised the equity to fund development of its flagship Tumas uranium project, where a new NamPower grid connection and 20MWp solar IPP are planned to supply power.

Namibia
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France’s TotalEnergies and QatarEnergy have signed a farm-in agreement to take majority control between them of Block 3B/4B, offshore South Africa. Existing partners say the block is on trend with major Orange Basin discoveries including Venus and Graff offshore Namibia.

South Africa
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Italian major Eni has announced a new find on Block CI-205, which it called the second-largest hydrocarbons discovery to date in Côte d’Ivoire, following its Baleine discovery in 2021.

Côte d'Ivoire
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London AIM-listed Chariot has confirmed that a feasibility study for the 10GW Project Nour green hydrogen (GH2) project had been completed and handed to the Mauritanian government.  Chariot and project partner TotalEnergies are planning a phased development. The Mauritanian government has signed memoranda of understanding (MoUs) for several other large GH2 projects as it aims to be “the largest producer and exporter of hydrogen on the African continent.”

Mauritania
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Project bulletin

Hive Hydrogen has signed an agreement with Cape Town-based Genesis Eco-Energy Developments to secure 372MW of wind electricity for its multi-billion dollar Coega green ammonia plant in Nelson Mandela Bay.  

South Africa
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Mining companies are planning to cut thousands of jobs in response to negative domestic and international factors, which could cause wider economic problems and difficulties for the government in the run-up to the late May general election. Critical minerals offer huge potential, but structural constraints weigh heavy on investors.

South Africa
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Vaalco Energy’s purchase of Svenska Petroleum Exploration will give the US indie a 27.4% interest in Block CI-40, which holds the producing Baobab field offshore Côte d’Ivoire, in a deal that further reduces beleaguered Saudi-Ethiopian tycoon Sheikh Mohammed Al-Amoudi’s business empire.

Côte d'Ivoire
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Hopes that a buyer would emerge to take over Morocco’s mothballed Samir refinery have not been fulfilled, while arbitration proceedings enter a sixth year over Mohammed Hussein Al-Amoudi’s controversial asset in Mohammedia.

Morocco
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Commissioning of Geometric’s 141MW Aba gas-to-power plant adds sorely-needed on-grid capacity.  Selling to its own ringfenced distribution network, Aba also points to a potential new model of vertical integration. Meanwhile, the Tinubu government’s bold macro reforms have contributed to a significant economic crisis. It is nonetheless pushing on with efforts to repay $2.16bn owed to IPPs, although some question where the money will come from, write Leonard Lawal in Lagos and Marc Howard.

Nigeria
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Kenya has put in place a green hydrogen framework giving impetus to a growing number of private sector projects that could drive capital-intensive post-carbon industries. African Energy rounds up the renewable energy-driven projects that are making the running in Kenya’s early-stage GH2 economy.

Kenya
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A degree of pressure has been lifted from President William Ruto, as his government secured $1.65bn from a dollar eurobond, as well as over $1bn from multilaterals, allowing Nairobi to avert the threat of default on its big repayment due in June. The shilling has emerged stronger, but the economy remains fragile, while the electricity supply industry is in need of a significantly improved performance. President Ruto is focused on reducing the cost of electricity and has devised a three-point plan to invest in transmission and distribution, develop LNG import facilities and accelerate geothermal power. His government may also try to lower end-user tariffs by slowing down the granting of PPAs or putting pressure on the regulator.  

Kenya
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The seven memoranda of understanding signed by the Egyptian government on 28 February show new tax incentives are attracting interest. The MoUs add a number of substantial names to the roster of companies planning green hydrogen schemes, but less well-known names and local players are also on the list of those speculating on Egypt’s GH2 potential.

Egypt
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Weighed down by financial and geopolitical risks, President Abdel Fattah El Sisi’s administration continues to push its green hydrogen (GH2) agenda - including the signing of seven new agreements. It is a risky proposition but, if schemes can be proved bankable, tens of billions of dollars of investment could transform Egypt’s economic prospects. John Hamilton looks at who is involved and where GH2 megaprojects have got to so far.

Egypt