Page 18 - AfrElec Week 45 2022
P. 18
AfrElec RENEWABLES AfrElec
IFC may provide $83mn financing
package to partially fund 500-MW
wind farm in Ras Ghareb
EGYPT THE International Finance Corporation (IFC) procurement and construction (EPC) contrac-
is considering providing an $83mn financing tor, while Chinese energy group Envision will
package to an Emirati-Japanese consortium to supply the wind turbines.
part-fund their planned 500-MW wind farm The total cost of building the wind farm
in Ras Ghareb, according to a statement posted is estimated at $709mn, 80% of which will be
on the IFC’s website. The financing consists of financed by debt and the balance through equity.
a $75mn loan and interest rate swaps worth Further loans are anticipated from export credit
around $8mn. agencies and commercial banks. The electricity
The wind farm will be built by Amunet, produced will be sold to the state-owned Egyp-
60% owned by Al Nowais subsidiary AMEA tian Electricity Transmission Company under a
Power and 40% owned by Japan’s Sumitomo 25-year power purchase agreement (PPA). Con-
Corporation. A consortium led by PowerChina struction is set to begin in March 2023 and finish
Huadong Engineering will be the engineering, two and a half years later.
Skypower Global to build 500MW
solar farm in Zimbabwe
KENYA A Canadian renewable energy developer, Sky- since 2007 due to low generation and increasing
power Global (Skypower), has signed a mas- demand. As a result, the country rations power
ter agreement addendum with the Zimbabwe and imports between 200 and 450MW from
government paving the way for the company neighbouring Zambia, Mozambique and South
to begin building a 500MW solar plant in the Africa. The signing of the agreement in Egypt
southern African country, the state-owned Her- came after Zimbabwe’s cabinet approved the
ald reported on Wednesday (November 9). The framework agreement between Skypower and
signatories were Skypower founder, Kerry Adler, the government in August 2022.
and Zimbabwe’s energy minister, Soda Zhemu. Skypower owns and operates large solar sta-
They signed the deal on the sidelines of the UN tions in the Middle East, Africa, South East and
Climate Change Summit in Egypt. Central Asia, with a total output of 25,000MW.
“In our quest to modernise and industrialise, Adler said that the Zimbabwe project will cre-
energy is a critical enabler and I am happy that, ate 16,000 jobs.
after my sermon to Kerry [Adler], Zimbabwe “The president [Mnangagwa] not only took
is open for business and a safe destination for the initiative to engage with Skypower, but also
investment,” said Zimbabwe President, Emmer- took the initiative to show us why Zimbabwe is a
son Mnangagwa, at the signing ceremony. good investment destination,” he said.
Zimbabwe has not had enough electricity
P18 www. NEWSBASE .com Week 45 09•November•2022
