Page 9 - AfrElec Week 01 2023

AfrElec GAS GENERATION AfrElec

FEDA to acquire minority stake in

Nigeria’s Geregu Power

NIGERIA THE Fund for Export Development in Africa “Geregu Power is a key player in Nigeria’s
(FEDA), a subsidiary of the African Export-Im- power sector. FEDA is pleased to partner with
port Bank (Afreximbank), has received internal the Company in its next phase of growth.”
approval to acquire a minority stake in Geregu Geregu Power Chairman, Femi Otedola, wel-
Power Plc, a Nigerian energy company with a comed the interest shown by FEDA as a sign of
capacity of over 430 MW. the company’s belief in the future of the Nigerian
The acquisition, which is subject to satisfac- electricity supply industry. The investment from
tory diligence and documentation, is part of FEDA, which comes at a time of contracting
FEDA’s efforts to support leading energy plat- economic activity globally, is seen as a testament
forms in Africa, including renewables and tran- to Geregu Power’s long-term strategic plans and
sition fuels. will accelerate expansion into the wider West
In a statement, FEDA CEO Marlène Ngoyi African market, he said.
described the proposed investment in Geregu Geregu Power runs the Geregu Power Plant,
Power as an opportunity to drive the structural which was constructed by the Federal Go™
transformation of trade on the continent.

Savannah Resources extends due

diligence period for lithium asset

MOZAMBIQUE AIM-LISTED lithium developer Savannah January 27, 2023.
Resources (Savannah) has agreed with a pro- The extension, Savannah said in a release on
spective buyer to extend by a month the due dil- Friday (December 30), will allow more time for
igence period over a proposed sale of its asset in MRG to complete its due diligence on the pro-
Mozambique. posed transaction. All other aspects of the pro-
Through its subsidiary AME East Africa Lim- posed transaction remain unchanged.
ited, Savannah wants to sell the heavy mineral Savannah owns Western Europe’s largest
sands licence to ASX-traded MRG Metals Lim- spodumene lithium deposit, Barroso in Portu-
ited (MRG) and they have a binding agreement gal where it is conducting a definitive feasibility
to that effect. study. It seeks to contribute to the unfolding
Originally, Savannah and MRG had agreed to global transition from usage of fossil fuels to
have completed the due diligence by December cleaner options of which lithium is key. On the
24, 2022, but in separate releases, the companies other hand, MRG already owns four heavy min-
said they had mutually agreed to extend it to eral sands assets in southern Mozambique.™

Week 01 04•January•2023 www. NEWSBASE .com P9