The nation’s Ministry of Finance is tendering six large-scale projects in Afar, Somali, Oromia and Tigray. The plants will be developed under a public-private partnership framework and their construction is expected to raise around $795 million.
The International Financial Corporation will help the country’s government competitively tender the project, which is expected to be developed through a public-private partnership.
The Ngonye project proposed by Italian energy giant Enel Group and Zambia’s Industrial Development Corporation, will be financially underpinned by senior loans of up to $10 million from the International Finance Corporation, up to $12 million from IFC-Canada Climate Change Program and up to $11.75 million from the European Investment Bank.
Three of the world’s leading development finance institutions (DFIs) commit US$424.5 million of investment in green bonds, specifically for developing markets.
US$12 million in private finance has been earmarked for a 7 MW solar PV rooftop system in Gaza, Palestine. Up to 800 jobs are expected to be created.
Scatec Solar, alongside Norfund Investments and Electricidade de Mozambique have closed financing and begun construction on the first utility-scale solar plant in Mozambique, a 40 MW project to be located close to the city of Mocuba.
The PV plant will be the nation’s largest once complete, and will be implemented under the International Finance Corporation’s Scaling Solar program.
Expectation is rising that the World Bank’s Scaling Solar program will soon expand to include energy storage. A presentation by global law firm, Eversheds Sutherland this week in London added further weight to this.
The European Bank for Reconstruction and Development is providing a US$22 million shot in the arm for a 50 MW solar power plant in the Risha region developed by Saudi ACWA Power. The bank has also announced plans to invest up to $100 million to back development of the green bond markets, and pledged its support to city climate projects allocating over $500 million with an eye to scaling up green urban financing.
The European Bank of Reconstruction and Development has identified 16 new solar projects in Egypt with a cumulative capacity of 750 MW to receive financing, while International Finance Corp will support development of a further 13 solar parks.
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