Power generating company Egbin Power Plc set to raise US$1.8bn to increase its generating capacity

NIGERIA – Egbin Power Plc, a power generating company, has announced that it plans to raise the sum of US$1.8 billion in a bid to increase its present generating capacity from 970 megawatts to 1,320 megawatts in its second phase growth plans. The company also plans to export electricity generated through the West African Power Pool with its increased generating capacity. “The plan is to raise the fund to be available to kick off,” the company said in a statement, adding that it is looking at a combination of debt…

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World Bank approves US$142m loan to integrate solar energy into Zanzibar grid

ZANZIBAR – The World Bank Group has approved US$142 million for the modernisation of Zanzibar’s electricity network and the integration of renewable energy and allow the electrification of 400,000 people in this Indian Ocean archipelago. Of this funding, US$117 million represents a credit from the International Development Association (IDA) while remaining US$22 million is a loan from the Clean Technology Fund (CTF), which is also providing a US$3 million grant. The funds will be used to implement the Zanzibar Energy Sector Access and Transformation Project (Zesta). The project is being…

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South Africa increases license-exemption cap on distributed projects to 100 MW in a bid to tackle power crisis

SOUTH AFRICA – President Cyril Ramaphosa has announced that the license-exemption cap on self- or distributed-generation plants would be raised from 1 MW to 100 MW to help address the country’s electricity crisis, which has been weighing down economic growth and confidence for more than a decade. The increase would be facilitated by an amendment to Schedule 2 of the Electricity Regulation Act “within the next 60 days or sooner”. It exceeds calls made by organized business and labor to increase the threshold to at least 50 MW, and allows the so-called embedded-generation…

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Zagus Power Systems introduces new power provider in the Nigerian market

NIGERIA – Zagus Power Systems Limited, a power solutions provider, has introduced Zektron to provide power in the Nigerian market and to eliminating epileptic power supply. Zektron is a Turkish manufactured brand of Automatic Voltage Regulators (AVR), Smart Uninterrupted Power Supply (UPS) and renewable energy systems. The Zektron, according to Zagus Power Systems, is aimed at providing the very best of power solutions to organisations in the telecommunications, manufacturing, hospitality, private and government sectors among others in the country. It described Zektron as a globally recognised brand of UPS and…

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Gambia launches US$23m electricity project to benefit 685 communities

GAMBIA – The Gambian Vice President has laid the foundation stone for the Greater Banjul Area (GBA) Transmission and Distribution Modernisation Project at the Salagi Forest Park which is part of its plan to meet the target of Energy for all. The project is co-funded by the World Bank, European Union, and European Investment Bank as part of The Gambia’s Electricity Restoration and Modernisation Project (GERMP) at a total project cost of US$23 million, with the contract awarded to TBEA, a Chinese company. Fafa Sanyang, the country’s Minister of Petroleum…

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Rwanda gets US$84m financing from AfDB to boost electricity access

RWANDA – The Board of Directors of the African Development Bank Group (AfDB), has approved  US$84.22 million in loans and grants to electrify nearly 80,000 rural households in south Rwanda. The electricity project will advance the country’s goal of universal electrification and benefit small businesses and youth.   The funds comprise a loan of US$36.77 million from the Bank Group’s African Development Fund and a US$47.45 million ADF grant. The project financing was approved on 26 May 2021. The Transmission System Reinforcement and Last Mile Connectivity project will provide first-time…

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Total rebrands as TotalEnergies, transforms into a broad energy company

WORLD – Shareholders of French energy giant Total have approved, almost unanimously, the resolution to change the company’s name to TotalEnergies, reflecting its strategic transformation into a broad energy company. In tandem with this name change, TotalEnergies is adopting a new visual identity. “Energy is life. We all need it and it’s a source of progress. So today, to contribute to the sustainable development of the planet facing the climate challenge, we are moving forward, together, towards new energies. Energy is reinventing itself, and this energy journey is ours. Our ambition is…

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IFC invests in two trade finance facilities to support imports of crucial energy products

WEST AFRICA – IFC has invested in two trade finance facilities arranged by Société Générale for Addax Energy S.A to support imports of crucial energy products into several West African countries. IFC’s US$20 million investment in a US$230 million facility will help Addax finance imports of refined petroleum products into Benin, Côte d’Ivoire, Senegal, and Sierra Leone and distribute the products in Burkina Faso, the Gambia, Guinea, Mali, and Niger. An IFC investment of US$40 million in a second facility also arranged by Société Générale for Addax, will finance the…

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Ivanhoe Mines Energy and La Société Nationale d’Electricité sign MoU to strengthen hydropower in DRC

DRC – Ivanhoe Mines Energy has signed a Memorandum of Understanding in a public-private partnership with the DRC’s state-owned power company La Société Nationale d’Electricité (SNEL) to deliver reliable, clean, and renewable hydropower to the Kamoa Mine. Ivanhoe Mine’s Co-Chairs Robert Friedland and Yufeng ‘Miles’ Sun explained that Ivanhoe Mines Energy DRC’s (which is a sister company of Kamoa Copper SA) public-private partnership with SNEL is aimed at working together to strengthen the grid’s capacity. This objective is to be met with renewable energy through the upgrade of a major…

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Total commences production from Zinia Phase 2 short-cycle project

ANGOLA – Broad energy company Total, operator of Block 17 in Angola, together with the Angolan National Oil, Gas and Biofuels Agency, have announced the start of production from Zinia Phase 2 short-cycle project, connected to existing Pazflor’s FPSO (Floating Production, Storage and Offloading unit). The project includes the drilling of nine wells and is expected to reach a production of 40,000 barrels of oil per day by mid-2022.  Located in water depths from 600 to 1,200 meters and about 150 kilometres from the Angolan coast, Zinia Phase 2 resources…

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