AfDB lends Angola US$530m for hydropower transmission

ANGOLA – The African Development Bank (AfDB) has approved a US$530 million loan to Angola which will be used to build a transmission line to link the north and south of Angola, as well as to connect households to the national electricity grid. Of the funding allocated by the African Development Bank, US$480 million represents a loan from the pan-African financial institution while the other US$50 million of the funding comes from the Africa Growing Together Fund (AGTF), a US$2 billion fund established in 2014 by the AfDB and the…

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Rwanda’s HQ Peat Power Plant construction nears completion after more than 3 years

RWANDA – MHQ Peat Power Plant in Rwanda is nearing completion after approximately three years of construction, the General Manager of HQ Power Dominique Gubbini, the General Manager of HQ Power, the company behind the development of the facility has said. HQ Power is owned by a Turkish investor called HAKAN AS, an international power company dubbed Quantum Power, with the participation of Themis, a leading project developer and investor with an exclusive focus on incremental renewable power generation assets in Sub Saharan Africa. Mr. Gubbini said that by March 2021, the plant which…

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AfDB approves US$120m loan to build Malagarasi hydro-power project in Tanzania

TANZANIA – The African Development Bank (AfDB) has approved a US$120 million loan to fund the construction of a 50MW hydro-power plant in Western Tanzania that will provide reliable renewable energy in Kigoma region. The Malagarasi hydro-power project has several components: a run-of-the-river hydro-power plant facility; a 54- km, 132 kV transmission line that will connect to Tanzania’s national grid; a distribution network expansion operation that includes rural electrification and last-mile connections; project management and contract administration support; and compensation and resettlement of affected persons. Bank President Adesina Akinwumi noted…

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DRC re-ignites plans to sell Grand Inga dam power to Africa

DRC – The Democratic Republic of Congo has restarted plans to sell the power from Grand Inga dam project to the continent. The ambitious plan had been put on hold due to the novel corona virus disease which has disrupted most of the activities in the continent. However, at a Council of Ministers summit on June 12, President Félix Tshisekedi announced that the country was planning to market the power potential of the Grand Inga dam at African Heads of State meeting to be held soon. President Tshisekedi explained that…

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Côte D’Ivoire’s Azito Energie secures US$31m from EAIF to fund power plant expansion

COTE D’IVORE – The Emerging Africa Infrastructure Fund (EAIF), a member of the Private Infrastructure Development Group (PIDG), has lent €28m (about US$30.98 million) to fund the expansion of the Azito Energie gas-fired power station in Côte D’Ivoire. Martijn Proos, Director at EAIF’s fund managers, Investec Asset Management, said:“Azito Energie is a proven business with a management team that has  operated  a successful plant for a number of years.” Proos explained that expanding Côte D’Ivoire’s base load electricity capacity will improve the resilience of the economy, help stimulate business activity…

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IFC leads other lenders in advancing US$453m loan to Nepal’s energy company for hydroelectric power plant construction

NEPAL —IFC, a member of the World Bank Group, and a consortium of other lenders have finalized a $453 million debt financing package that will support the construction of a landmark hydroelectric plant in central Nepal. The plant according to an IFC press release, will increase Nepal’s electricity supply by one-third from today’s levels and provide clean, reliable power to some 9 million people. IFC is the lead arranger of the debt package, which includes eight other lenders, and is one of the largest foreign direct investments in Nepal’s history.…

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AFC invests US$197.8m in Cote d’Ivoire hydroelectric power project

Cote d’Ivoire – The Africa Finance Corporation (AFC), an infrastructure development finance institution in Africa, announced financial close of a credit facility towards Cote d’Ivoire’s 44-MW Singrobo-Ahouaty hydroelectric power project (SAHP). AFC’s commitment to the Ivoire Hydro Energy (IHE) amounts to a total of US$197.8 million, comprising a majority equity investment of US$27.7 million, and a bridge loan facility of US$170.1 million. AFC revealed that it has already completed the first disbursement of the investment. IHE’s other shareholders include Themis, a project development company, and IHE Holding, a company incorporated…

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