Page 10 - AfrElec Week 22 2022

AfrElec RENEWABLES AfrElec

South Korean firms eye Tunisia’s

tender for solar projects

TUNISIA SOUTH Korean firms are eyeing Tunisia’s tender In 2019, Tunisia received proposals through
for the production of 2 GW of solar energy that an international tender for the achievement
will be launched by end-June 2022, according to of five projects with a production capacity of
Tunisian Industry, Mines and Energy Minister 500 MW of electricity from solar photovoltaic
Neyla Nouira Kanji. energy.
The minister met this weekend with the Tunisia’s 2017-2022 renewable energy pro-
Korean Korean International Trade Association gramme aims to reduce energy use of traditional
officials and a group of Korean businessmen for sources by 30% and creates units to supply over
that purpose and other fields of investment inter- 1,800 MW of electricity from renewable sources.
ests, including the industrial, energy and renew- The country’s national strategy for solar power
able energy sectors. generation aims to reach 3,815 MW of installed
South Korea is willing to promote invest- solar capacity by 2030, in order to raise the share
ment and achieve new projects in Tunisia, head of solar in its power mix.™
of Korean International Trade Association
Young-Ju Kim explained.

Kibo Energy’s bid to acquire solar

farm in Zimbabwe collapses

ZIMBABWE AIM-LISTED renewables developer Kibo Kibo said in the release, and so its board decided
Energy has withdrawn its interest to acquire it was in the best interests of the company not to
100% of a solar farm in western Zimbabwe, it proceed with the proposed transaction.
announced in a release on Friday (May 27). The transaction involved the acquisition of a
The company had announced on March 21 project comprising a 100MW solar power gen-
its intention to acquire Victoria Falls Solar Park eration project located in Victoria Falls. The first
from Broomfield International Limited in a deal 25 MW of the project is fully funded and under
worth $12.6mn. Findings after conducting a due construction, with the first 5 MW of the 25 MW,
diligence investigation on the project were not expected to have been in production by end of
satisfactory, Kibo said. April 2022.
“If transactions do not meet our information Kibo had said that the Victoria Falls project
or returns requirements, it is not appropriate had all the necessary permits in place, including
to proceed,” said Kibo chief executive Louis the generation licence, environmental permit
Coetzee. “This transaction, following our due and grid connection. The project is underpinned
diligence process which included satisfying the by 10-year, US$-denominated power pur-
board on the documentation required for the chase agreements with mining and industrial
regulatory re-admission and subsequent revised customers.
economics, ultimately did not meet our acquisi- Following the collapse of the Victoria Falls
tion criteria.” deal, the company said it will now focus its
Certain aspects of the project required more efforts on its existing and new sustainable and
development work over a short period of time renewable energy projects, most notably its
and, in other instances, Broomfield was unable waste-to-energy project in South Africa, which
to provide certain material information with is progressing to financial close, and its new
regards to the project to Kibo’s satisfaction. long-duration energy storage solutions project
The parties were unable to reach an agree- to deploy 1GW in southern Africa over the
ment on a counteroffer presented by the com- course of the 5-year term in partnership with
pany to Broomfield as a result of the foregoing, CellCube.™

P10 www. NEWSBASE .com Week 22 02•June•2022