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Private equity firm Bamboo Capital Partners and impact investor Persistent Energy Capital announced on 6 November a strategic partnership to invest in companies active in the off-grid energy sector in Africa. Under the partnership, Bamboo Capital will invest in Persistent Energy through its $53m Oasis Fund.

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Taiwan’s CPC Corporation has farmed down half of its 70% stake in three exploration licences to CEFC China Energy Company, following a drilling programme in 2015. According to the transfer agreement between CPC and China CEFC Energy, the privately owned Chinese firm paid $114m for a 35% stake, Taiwan’s Central News Agency reported. CPC retains 35% and state oil company Société des Hydrocarbures du Tchad (SHT) holds the other 30%. CPC’s OPIC Africa subsidiary operates the Chari Ouest III, Chari Sud II and Lac Tchad 1 blocks.

Chad
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Maersk Oil has agreed to acquire a 15% interest in Block 16 from Devon Energy for an initial payment of $70m, subject to government approval.

Angola
Issue 203 - 18 February 2011

Bidding groups form for Gabon pre-salt

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Several oil majors are putting bids together for the new deep and ultra-deep blocks that will enable Gabon to explore its pre-salt potential. The government announced last November that it was

Gabon
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Sudan is seeking to revitalise its oil industry in a bid to raise production following the easing of sanctions. Oil minister Azhari Abdalla said the government was considering a licensing round in H2 2019 and planned to redraw some of the 16 blocks that are currently open to reduce their size. “We are open for direct negotiations in the meantime,” he told reporters at a press briefing during Africa Oil Week in Cape Town on 6 November.

Sudan
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Australian gold miner Resolute Mining has signed a joint development agreement with South Africa’s Ignite Energy Projects for a 40MW solar hybrid power plant at the Syama gold mine. The plant, which will combine solar photovoltaic (PV), battery and heavy fuel oil (HFO) technologies, will be built and financed as an independent power producer (IPP). Resolute said it would be the world’s largest off-grid, fully integrated hybrid power plant for a stand-alone mining operation when it enters full operation by the end of 2020.

Mali
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Parliament has given the government the go-ahead to borrow $1.4bn from the Export-Import Bank of China to fund the 600MW Karuma hydropower project on the Victoria Nile. The approval will allow construction to continue. Commissioning is expected in four years’ time. The loan will cover 85% of the $1.6bn cost of the project, with the remaining $253.26m being met by the government. Approval of the loan, which was granted on 25 March, followed heated debates in parliament over whether the deal offered value for money.

Uganda
Issue 155 - 23 January 2009

Senelec struggles to make ends meet

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The parastatal’s financing troubles are causing serious problems for Senegal’s power supply as Senelec runs short of funds to buy fuel for its generators and keep the turbines running, writes Our Dakar Correspondent.

Senegal
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The progress of cross-border interconnection projects can be painfully slow in sub-Saharan Africa - underlined by the failure to get the five-nation Western Corridor project going (AE 186/7) - but companies anxious to assure stable supplies are pushing for more

Botswana | Namibia | Zambia
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There was little surprise when SunEdison filed for Chapter 11 bankruptcy protection on 21 April, given the scale of its fall from grace – from nearly $10bn market capitalisation in mid-2015 to a 99% share price collapse and emergency asset sales less than one year later. The US developer’s crisis poses questions about the future of its substantial portfolio – which includes five projects with combined 371MW capacity in South Africa, awarded in the Renewable Energy Independent Power Producer Procurement (REIPPP) programme’s expanded fourth round – and the health of the wider solar industry.

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Angola’s new president João Lourenço has sacked José Filomeno dos Santos as head of Angola’s sovereign wealth fund and set up a committee to manage the body. The sacking of José Filomeno, known as Zenú, the son of former president José Eduardo dos Santos, follows Lourenço’s removal on 15 November of Isabel dos Santos as head of the all-powerful national oil company Sonangol. Isabel’s sacking startled commentators who had thought Lourenço would keep everything much as president dos Santos had left it.

Angola
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Statoil has agreed to sell its 5% participating interest in the Eni-operated Block 15/06 to the concessionaire Sonangol EP for $200m, as part of efforts to rationalise its portfolio. Eni is expected to start up the West Hub project on the block by year-end, with wells connected to a 100,000 b/d floating production, storage and offloading (FPSO) vessel, aiming for peak production of 80,000 b/d in 2016, from the Sangos, Cinguvu, Mpungi and Vandumbu discoveries. This will be followed by the East Hub project, sanctioned last year, to develop the Cabaça South-East discovery with ten wells connected to an 80,000 b/d capacity FPSO.

Angola
Issue 277 - 20 May 2014

Misinvoicing quantified by NGO

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A report from US-based advocacy group Global Financial Integrity (GFI) has highlighted how much money is siphoned out of African countries due to the practice of over or understating invoices. In its report, Hiding in Plain Sight, GFI analysed data on bilateral trade flows for 2002–11 from the United Nations’ Comtrade database to estimate misinvoicing for Ghana, Kenya, Mozambique, Tanzania, and Uganda. It found that Tanzania experienced the greatest annual average gross illicit flows with $1.87bn. Kenya is second with $1.51bn/yr, and Ghana’s figure of $1.44bn is also significant. Uganda had illicit outflows of $884m/yr, and Mozambique’s figure is $585m.

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ESKOM: Bank finance deal for Medupi boilers; SONELGAZ: Growth accompanied by rising debt

Algeria | South Africa
Issue 194 - 25 September 2010

US funding for transmission

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US ambassador Alfonso Lenhardt on 13 September signed two power transmission contracts awarded under the Millennium Challenge Corporation (MCC) compact signed in 2008 (AE 148/8).

Tanzania