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AfrElec RENEWABLES AfrElec
TotalEnergies, ConocoPhillips
complete acquisition of Hess’
share in Waha concessions
LIBYA TOTALENERGIES (France) and ConocoPhil- Waha concessions. Patrick Pouyanné, TotalEn-
lips (US) have completed the joint acquisition of ergies’ chairman and CEO, said at the time that
an 8.16% equity stake in the Waha concessions in the project would boost yields at the Mabruk
Libya from the US independent company Hess. field in central Libya, thereby raising the North
The French major confirmed the completion African country’s total crude oil output by
of the transaction in a statement on November 100,000 barrels per day (bpd).
15. As a result of the deal, it said its own holdings To this end, it noted, TotalEnergies has also
in the Waha concessions had risen from 16.33% reached agreement with General Electricity
to 20.41%. Co. of Libya (GECOL), one of its local partners,
TotalEnergies did not comment on the value on the location and commercial terms for con-
or terms of the acquisition. However, it did say struction of a new solar farm south of the city of
that the deal demonstrated its commitment to Misrata. This facility will have an installed gener-
supporting the efforts of National Oil Corp. ating capacity of 500 MW, it reported.
(NOC), Libya’s state-owned oil and gas concern, Pouyanné expressed satisfaction with the
to increase production and restore the petro- expansion of his company’s portfolio in Libya on
leum industry. It also said it intended to work November 15. “With nearly 70 years of presence
with NOC to develop dedicated solar energy in the country, TotalEnergies is firmly commit-
projects to support the operation of oil develop- ted to working alongside Libya’s National Oil
ment operations at the Waha sites. Corp. to develop the Waha fields, provide its
The French major had said in November expertise in reducing gas flaring and support the
2021, when Libya’s Government of National country in its energy transition with the develop-
Unity (GNU) authorised Hess’ sale of its 8.16% ment of solar energy projects,” he said.
stake, that it intended to pump $2bn into the
EBRD invests $40.5mn
in Infinity Power
EGYPT THE European Bank for Reconstruction and subsidiary, Infinity Power Holding, the joint ven-
Development (EBRD) is increasing its equity ture established with UAE’s Masdar. The Lekela
stake in Infinity Power, Egypt’s leading renew- acquisition will add 1.1GW of operational assets
able energy developer, through an additional and will transform Infinity Power into the largest
$41.5mn commitment. African renewable energy platform. Non-gener-
The new investment, alongside a $60mn ation assets such as new electric vehicle charging
capital injection by the EBRD in 2020, will sup- points and the electricity distribution network
port Infinity’s plans to expand within Egypt and will also benefit from the capital development.
beyond, funding the company’s portfolio of Infinity is a long-standing EBRD client and
development and acquisition projects. Egypt’s leading renewable energy developer,
A portion of the investment proceeds is ear- with a portfolio of 184MW operating solar PV
marked towards acquiring African renewable power plants in Egypt, and a pipeline of approx-
energy platform, Lekela Power, through IP’s imately 1.95GW in the region.
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