African Development Bank

In this edition of the Weekend Read, we turn to Egypt. The gigawatt-scale Benban project showcases the North African country’s solar potential, and premium prices for gas exports make the case for a more diverse energy mix. A nation with grand renewables targets – but slow installation rates – may finally be weaning itself off fossil fuel resources.

The authorities in Mauritania have obtained $289.5 million of financing for two solar projects, including a $272 million loan – the largest ever granted to the country by the African Development Bank – for a recently approved 225 kV electricity interconnection.

The African Development Bank (AfDB) has launched an expression of interest for a consulting study on solar manufacturing in the Desert to Power Sahel countries. Interested parties have until June 7 to submit their bids.

Electricidade de Moçambique (EDM) will obtain $2.5 million from the African Development Bank (AfDB) to fund studies into floating solar and battery systems.

Norwegian developer Empower New Energy has secured $74 million of mostly public funds from investors and will top it up to build a $100 million, three-year cash pile.

The African Development Bank has announced that European and US donors will provide $20 million of concessional loans to support pay-as-you-go solar companies in sub-Saharan Africa.

Private Infrastructure Development Group recently made a non-binding commitment in Brussels to a provide funds for a project that aims to bring 10 GW of solar to Africa’s Sahel region.

The government of Sao Tome and Principe is inviting bids to build a 1.5 MW solar plant which it appears is destined to replace a thermoelectric facility.

Lack of locally-denominated finance, and of sufficiently long-term loans, are well established hurdles to the development of photovoltaics in Africa.

A business based at a Namibian mine has signed a 15-year power purchase agreement which will back the construction of a 5.4MW solar project. Elsewhere, the AfDB wants to roll-out solar panels to provide electricity access to six million people across six nations over the next six years.