Deal Watch: Middle East & Africa

Reports on major debt, equity and M&A deals from Middle East & Africa

• India’s Exim Bank approves USD165 million loan for Cameroon’s 400 kV line

  May 18, 2022
  The Export-Import Bank of India (Exim Bank) has approved a USD164.69 million (or about XAF97.8 billion) loan to construct a power line between Nachtigal and Bafoussam to evacuate electricity from the future 420 MW Nachtigal hydroelectric plant, in the Center region of Cameroon to the West region.

• AfDB approves USD180 million loan to reinforce Rwanda’s transmission connectivity

  May 2, 2022
  The African Development Bank (AfDB) has approved USD180 million in loans to improve transmission and last-mile connectivity. The project will include the construction of 137 km of high voltage line and six substations to strengthen the grid.

• Cameroon borrows USD165 billion for 400 kV Nachtigal–Bafoussam line

  April 6, 2022
  Cameroon will borrow USD164.69 million to construct a power line between Nachtigal and Bafoussam to evacuate electricity from the future 420 MW Nachtigal hydroelectric plant, in the Center region of Cameroon, to the West. A loan agreement was signed with Export-Import Bank of India (Exim Bank) for USD164.69 million (or about XAF97.8 billion), for the financing of the 400 kV transmission line, as well as related works.

• KFAED signs loan agreement with GCCIA for extending grid connection

  March 26, 2022
  The Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement worth USD115.5 million with the Gulf Cooperation Council Interconnection Authority (GCCIA) for financing of the development of the GCC electricity interconnection system and further connecting it with the Iraq’s grid.

• Globeleq achieves financial closer for solar+energy storage plant in Mozambique

  January 6, 2022
  UK-based independent power producer (IPP) Globeleq, in partnership with Portuguese power producer Source Energia, and Mozambique’s national electricity company Electricidade de Moçambique (EDM), have achieved financial closer of Cuamba solar project in Mozambique.

• Germany’s national development bank grants funds for Namibia’s first grid-scale BESS

  December 28, 2021
  Germany’s KfW development bank has granted funds worth EUR20 million to Namibia’s government-owned electric utility company, NamPower, for the development of the African country’s first grid-scale battery storage project.

• Cameroon-Chad interconnection receives USD350 million grant

  December 21, 2021
  The Projet d'interconnexion du réseau électrique Cameroun-Tchad (PIRECT) or the Cameroon-Chad Electricity Grid Interconnection Projecthas received an approximately USD 306 million financial boost from the World Bank Group.

• Senegal’s Senelec to receive loan from ITFC

  November 23, 2021
  International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (IsDB), has approved a loan of EUR100 million to Senegal’s national electricity company Société Nationale d'électricité du Sénégal (Senelec) to give a boost to the energy sector.

• Tanzanian TANESCO signs USD30 million deal with Indian Tech Mahindra

  November 10, 2021
  Tanzania Electric Supply Company (TANESCO) has signed a USD30 million deal with Indian technology firm Tech Mahindra to improve efficiency in the power utility company, which is undergoing transformation.

• Egyptian EETC signs EGP4 billion syndicate loan contract [free access]

  August 23, 2021
  The Egyptian Electricity Transmission Company (EETC) has signed an EGP4 billion loan deal with the National Bank of Egypt (NBE), Commercial International Bank-Egypt (CIB), Banque du Caire, and the National Bank of Kuwait (NBK).

• AfDB grants USD6 million for West African Sahel Transmission Backbone

  July 12, 2021
  The African Development Bank (AfDB) has approved a grant worth USD6 million for launching the initial phase of the Desert to Power West Africa Regional Energy Programme, which is an AfDB initiative expected to transform the Sahel region by harnessing the region's abundant solar potential.

• Indian Exim Bank lends USD35 million for executing 225 kV project in Senegal

  July 12, 2021
  The Export-Import Bank (EXIM Bank) of India has extended a loan of USD35.26 million for executing a 225 kV transmission line project in Senegal, which is being executed by Indian engineering, procurement and construction (EPC) major Kalpataru Power Transmission Limited (KPTL).

• Japanese JBIC signs loan agreement with Saudi’s SEC for T&D projects

  July 8, 2021
  The Japan Bank for International Cooperation (JBIC) has signed a loan agreement worth USD500 million with Saudi Electricity Company (SEC), of which JBIC's portion is USD250 million.

• AfDB grants USD83.6 million to support second Ethiopia–Djibouti link

  July 8, 2021
  The African Development Bank (AfDB) has approved a grant worth USD83.6 million for supporting the implementation of the 230 kV Ethiopia–Djibouti Second Power Interconnection project.

• World Bank approves funding for West Africa's regional electricity access, BESS

  June 16, 2021
  Recently, the World Bank has approved financing worth USD465 million for executing the Regional Electricity Access and Battery-Energy Storage Technologies (BEST) Project for the member countries of the Economic Community of West African States (ECOWAS).

• Zanzibar gets approval for USD142 million ZESTA Project

  June 15, 2021
  The World Bank has approved USD142 million of funding for the implementation of the Zanzibar Energy Sector Access and Transformation (ZESTA) Project, which aims to modernise Zanzibar's electricity network and integrate the upcoming renewable energy (RE) installations into the grid.

• Financial support extended by EIB, EU for 225 kV Guinea–Mali link

  April 26, 2021
  The European Investment Bank (EIB) and the European Union (EU) will provide financial assistance worth EUR330 million for the development of the 225/30 kV Projetd’ Interconnexion Électrique Guinée Mali (PIEGM) or the Guinea–Mali Electric Interconnection Project, which will evacuate power from both countries’ hydropower plants (HPPs) and provide millions of people in West Africa with access to clean and affordable energy.

• Angola receives USD530 million of financial support from AfDB for 400 kV line

  March 16, 2021
  The African Development Bank (AfDB) will provide financial support worth USD530 million for the construction of the 343-km-long, 400 kV Huambo–Lubango transmission line project.

• UAE-based FEWA’s ownership transferred to Emirates Investment Authority

  February 15, 2021
  The United Arab Emirates’ (UAE) Federal Electricity and Water Authority’s (FEWA) ownership has been transferred to the UAE’s sovereign wealth fund, the Emirates Investment Authority, and now will be known as Etihad Water and Electricity (EWE).

• Ghana’s GRIDCo receives grant to upgrade interconnection with Burkina Faso

  January 27, 2021
  The European Union (EU), through the Agence Française de Développement (AFD), has approved additional financial support of EUR9.7 million in the form of a grant to Ghana Grid Company Limited (GRIDCo) for upgrading Ghana’s section under the Ghana–Burkina Faso grid interconnection.