Category: Middle East & Africa Deal Watch

The Saudi Electric Company (SEC) has raised over USD3.56 billion to support its long-term growth …

Qatar Fund for Development (QFFD) has signed an agreement with Saudi’s Gulf Cooperation Council Interconnection Authority (GCCIA) to construct a Gulf electricity interconnection network, and link it to the southern Iraqi network.

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.

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 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.

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.

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 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.

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.

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.

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.

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).

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.

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).

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.

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.

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).

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.

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.