Deal Watch: Middle East & Africa

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

• World Bank approves USD465 million regional electricity access and battery storage project in West Africa

  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.

• Madagascar receives USD43 million loan from AfDB for PRIRTEM-II

  December 17, 2020
  The African Development Bank (AfDB) has approved a loan of USD42.9 million for financing the second phase of the Power Transmission Network Reinforcement and Interconnection Project in Madagascar (PRIRTEM-II).

• Tanzania secures USD31 million grant from AFD for 400 kV grid link with Zambia

  December 15, 2020
  Recently, the Agence Française de Développement (AFD) has signed a financing agreement with Tanzania for providing USD31.5 million in the form of a grant for the implementation of the Tanzania–Zambia Transmission Interconnector Project (TAZA).

• Saudi SEC signs syndicated financing agreement with seven local banks

  September 1, 2020
  As per news reports, the Saudi Electricity Company (SEC) has signed a seven-year unsecured syndicated borrowing agreement worth SAR9 billion with seven major Saudi banks, namely National Commercial Bank, Bank Albilad, Al-Rajhi Bank, Riyad Bank, Samba Financial Group, Banque Saudi Fransi and the Saudi British Bank.

• Jordan, Saudi Arabian Energy Ministries sign MoU for connecting grid networks

  August 18, 2020
  Jordan’s Ministry of Energy and Mineral Resources and Saudi Arabia’s Ministry of Energy have signed a memorandum of understanding (MoU) on the framework for connecting the power grids of both the countries, via 164-km-long line passing from Qurayyat (Saudi Arabia) to East Amman (Jordan).

• Gambian GERMP receives USD43 million grant from IDA

  July 8, 2020
  Recently, the Gambian government has received financial support worth USD43 million, in the form of a grant from the International Development Association (IDA), for the implementation of the Gambia Electricity Restoration and Modernisation Project (GERMP).

• UAE’s TAQA completes AED200 billion asset swap deal with ADPower

  July 2, 2020
  Abu Dhabi Power Corporation (ADPower), a subsidiary of government-owned Abu Dhabi Development Holding Company PJSC, has completed the transfer of majority of its power generation, transmission and distribution (T&D) assets to one of its subsidiaries — Abu Dhabi National Energy Company (TAQA), in exchange for 98.60% of share capital.

• AfDB to provide EUR30 million via EU for 225 kV Cameroon–Chad power link

  June 29, 2020
  Recently, the African Development Bank (AfDB) has signed an agreement for extending financial support worth EUR30 million through a European Union (EU) grant, for the implementation of the 225 kV Cameroon–Chad Interconnector Project (CCIP).

• AFD to provide EUR100 million loan to Tanzania for 400 kV link with Zambia

  June 29, 2020
  The Tanzanian Ministry of Finance and Planning and the Agence Française de Développement (AFD) have signed a financing agreement for providing EUR100 million through a concessional loan for the 400 kV Tanzania–Zambia interconnector, which is part of the Zambia–Tanzania–Kenya (ZTK) interconnection project.

• IDA provides USD385 million support for 225 kV Cameroon–Chad link

  June 16, 2020
  The World Bank’s International Development Association (IDA) has provided financial support worth USD385 million for the implementation of the 225 kV Cameroon–Chad Interconnector Project (CCIP), which aims to increase access to electricity and enable power trade between Cameroon and Chad.

• Madagascar receives EUR4 million support from AfDB for 205 MW Sahofika HPP

  May 26, 2020
  The African Development Fund (AfDB) has approved a EUR4.02 million loan for financing Madagascar’s EUR30 million, 205 MW Sahofika hydropower project (HPP), which entails construction of the HPP on a Build-Own-Operate-Transfer (BOOT) basis and a 75 km, 220 kV associated transmission line, with 110 km of access roads.

• NELSAP receives financial support from AfDB for DRC–Uganda interconnection

  May 19, 2020
  The African Development Bank (AfDB) will provide financial support to the Nile Equatorial Lakes Subsidiary Action Programme (NELSAP) for updating the feasibility study of the Democratic Republic of Congo (DRC)–Uganda interconnection, which is part of the NEL Interconnection Project.

• Jordan’s NEPCO to receive USD100 million emergency loan from EBRD

  May 5, 2020
  Jordan’s state-owned National Electric Power Company (NEPCO) will receive financial aid worth USD100 million in the form of an emergency loan from the European Bank for Reconstruction and Development (EBRD).

• UAE TAQA agrees AED200 billion asset swap deal with ADPower [free access]

  April 30, 2020
  Recently, Abu Dhabi Power Corporation (ADPower), a subsidiary of government-owned Abu Dhabi Development Holding Company PJSC, has received a nod from one of its subsidiaries — Abu Dhabi National Energy Company (TAQA), to transfer majority of ADPower’s electricity generation, transmission and distribution (T&D) and water companies, in return for 106,367,950,000 convertible shares in TAQA, and termination of the land lease agreement between ADPower and TAQA.

• Cameroon’s MINEPAT, AfDB sign XAF148 billion loan agreement for 225 kV link

  April 9, 2020
  As per news reports, Cameroon’s Ministère de l'Économie de Lla Planification et de L'Aménagement Du Territoire (MINEPAT) has officially signed a XAF148 billion loan agreement with the African Development Bank (AfDB) for the implementation of the 225 kV Cameroon–Chad Power Interconnector.