YMMY Finance Holding set to invest US$3.3bn in Niger for several projects

NIGER – Morocco’s YMMY Finance Holding announced that it will invest US$3.3 billion (MAD 29.4 billion) in projects in Niger’s capital city of Niamey, reports Morocco World News. The announcement follows the signing of a Memorandum of Understanding (MoU) between the Moroccan financier and the city of Niamey. “There are six projects that will be carried out over 8 years and the majority fall under a Public-Private-Partnership (PPP) contract at a cost of US$3.3 billion,” said Chairman of the YMMY Finance Holding group, Ahmed Lotfi. A PPP is an investment…

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Woodside Energy completes acquisition of FAR’s stake in Sangomar project

SENEGAL – Woodside Energy, an Australian petroleum exploration and production company, has completed the acquisition of the entire participating interest of FAR Senegal RSSD S.A. (FAR) in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture. The purchase price was US$45 million plus a working capital adjustment of approximately US$167 million to reflect the acquisition effective date of 1 January 2020. The final completion payment to FAR, after adjustments and remedying of FAR’s defaults under the joint operating agreement, was approximately US$126 million. Additional payments of up…

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CDC Group invests US$36m in urban property fund Divercity for affordable housing

SOUTH AFRICA – CDC Group, the UK government’s development finance institution, has invested ZAR500 million (US$36 million) in Divercity Urban Property Fund (Divercity), a platform dedicated to building affordable housing and focusing on the regeneration of South African cities. The platform will use this funding to build green housing in Johannesburg. Carel Kleynhans, CEO of Divercity,  expressed confidence that CDC will add significant value to the funds’ goal of changing the face of affordable rental housing in South Africa and establish it as an investment-grade asset class. “The business is…

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Daystar power secures US$20m loan from IFC to invest in hybrid renewable energy systems

WEST AFRICA – Daystar Power, a provider of hybrid solar power solutions to businesses, has announced the successful completion of a US$20 million loan from the International Finance Corporation (IFC). The loan will be used to invest in hybrid renewable energy systems by Daystar Power’s Nigerian subsidiary. The financing consists of a US$10 million subordinated loan from the Canada-IFC Renewable Energy Program for Africa and a US$10 million IFC local currency loan. Daystar is also collaborating with the IFC’s Energy2Equal program, which is supported by the Canadian government, to address…

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Fintech startup Payhippo raises US$1m pre-seed funding to scale its offering

NIGERIA – Payhippo, a fintech startup, has raised US$1 million in pre-seed funding to scale its offering, which provides vital loans to small businesses. Investors include Ventures Platform, Future Africa, Launch Africa, Sherpa Ventures, DFS Lab, Hustle Fund and Mercy Corps Ventures. Payhippo had previously raised external capital from Nigerian angel investors and early-stage venture builder Aidi Ventures. Payhippo said it will use the funds to hire more engineers and a Head of Finance to keep up with the current growth. Launched in January of last year by Chioma Okotcha,…

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Predator Oil & Gas completes drilling of gas formation MOU-1

MOROCCO – Predator Oil & Gas, the Jersey-based oil and gas company, has announced completion of the drilling of MOU-1. The occurrence of good gas shows in MOU-1 with evidence of thermogenic gas migration supports in this part of the Guercif Basin the pre-drill geological interpretation for a deep gas “kitchen” connected to shallower reservoirs by large faults. Based on these positive results the Company will be proposing to its partner to drill the previously defined MOU-4 location later this year to the northeast of MOU-1, and to commission an…

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100MW Kipeto wind power commences commercial operations

KENYA – Pan-African developer BTE Renewables and Kenyan-owned renewable developer Craftskills, has announced that Kipeto Energy Plc has completed the Kipeto wind farm, located in Kajiado County South of Nairobi. All of the project’s 60 wind turbines are now producing power to the national grid, making Kipeto Kenya’s second-largest wind power project providing power to the equivalent of approximately 250,000 households. Kipeto is BTE Renewables’ fifth project to reach commercial operations in the last year, now having 384MW in operations in Kenya and South Africa. Dr. Kenneth Namunje, Chairman and…

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Digital tech startup Damanesign raises US$450,000 funding to improve its operation

MOROCCO – Damanesign, a Morocco-based digital trust solutions startup, has successfully raised MAD4 million (US$450,000) in funds led by Maroc Numeric Fund II to improve its digital products and develop its operations. Founded in 2021 by Zouhair Hamdaoui, Damanesign is a startup that is seizing new legislation opportunities on digital trust in Morocco to provide users with the utmost safety in the documentation. Damanesign provides electronic signatures, seals, and timestamps allowing users to sign and have documents signed in total security while guaranteeing their probative value. Damanesign also offers advanced…

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5G subscriptions in Sub-Saharan Africa to reach 70 million by 2026 – Ericsson

SSA – Ericsson, a Swedish multinational networking and telecommunications company projects that 5G mobile subscriptions will hit 70 Million in Sub-Sahara Africa by 2026. The forecast, which features in the latest Ericsson Mobility Report, confirms the expectation that 5G will become the fastest adopted mobile generation and is expected to surpass a billion subscriptions two years ahead of the 4G LTE timeline for the same milestone.  The report features breakout statistics from Sub-Saharan African markets where around 15 percent of mobile subscriptions were for 4G at the end of 2020.  Mobile…

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Alliance for Rural Electrification and SIAZ sign deal to boost energy access with renewables in Zambia

ZAMBIA – The Alliance for Rural Electrification (ARE) and the Solar Industry Association of Zambia (SAIZ), have joined forces to improve global energy access for at least 500 million people, create over five million green jobs, and avoid at least one billion tons of CO2e emissions by 2030. The two bodies aim to achieve this by promoting renewable energy technologies, such as household and mini-grid solar solutions, especially in rural areas with little access to electricity. The Brussels-based ARE has also signed similar agreements in Benin, Nigeria, Zambia, Tanzania, and Cameroon.…

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