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The African Development Bank (AfDB) has approved a $50m grant for Eritrea's Dekemhare 30MWp solar PV and 15MW/30MWh battery storage plant.

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.

A group of local investors has injected $12.1m into independent power producer Decentral Energy Managers to help it expand its commercial and industrial (C&I) footprint.

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.

The International Monetary Fund has trimmed its economic growth expectations for sub-Saharan Africa in its latest World Economic Outlook to 3.6% for 2023. Low-income countries are expected to outperform most of their richer neighbours, but some analysts have warned the IMF is being overly optimistic.

London Stock Exchange (LSE)-listed Pensana said on 3 April that $550m of financing for its Longonjo mixed rare earth sulphate mine in Angola and its Saltend rare earth separation facility in the United Kingdom was “at an advanced stage”.

After outlining contingent support for Mozambican natural gas projects, the World Bank has told African Energy it may back other projects on a ‘selective basis’, with criteria that could favour African markets, writes Marc Howard.

Lagos-headquartered Rensource plans to launch a Series B funding round in the near future, aiming to raise $12m by end-year, which it will use to advance its 70MW commercial and industrial project pipeline, chief executive Prince Ojeabulu told African Energy.

Kenya’s first independent power transmission (IPT) projects – the 165km 400kV line from Lessos to Loosuk and the 72km 220kV line from Kisumu to Musaga – are expected to reach financial close by end-2023, with construction to start thereafter, according to project sources.

President Nana Akufo-Addo’s cash-strapped government is mired in disputes with power producers, oil companies and other big investors, amid creditors’ concerns over its refinancing plans and a build-up of payment arrears. This is complicating the finalisation of an expected $3bn IMF facility and efforts to relaunch Ghana’s investment drive, write Jon Marks and AE staff.

The Ghanaian government is making another effort to renegotiate state electricity distributor Electricity Company of Ghana (ECG)’s supply deals with independent power producers (IPPs), in a bid to replace take-or-pay agreements that have left the state liable for unused electricity while amassing large debts.

Recourse to arbitration by Tullow Oil – Ghana’s largest crude producer, along with Dallas-based Kosmos Energy, through their equity stakes in the Jubilee and Tweneboa-Enyenra-Ntomme (Ten) fields – underlines a number of difficult issues facing the London (LSE)- and Ghana Stock Exchange-listed company.

 London-listed Tullow Oil reported a rise in revenues and profits in its full-year results issued in early March and sought to focus attention on its prospects in Ghana and Kenya instead of its high levels of debt and ongoing litigation issues. African Energy takes a closer look at Tullow’s prospects for 2023 and beyond.

Rand Merchant Bank (RMB) has acquired a stake in Ubiquity Energy, owner of electricity trading platform Energy Exchange of Southern Africa.

Australian Securities Exchange (ASX)-listed Magnis Energy Technologies has signed a binding funding proposal for up to A$50m ($33.4m) with US investment fund SBC Global.