issue: 295 | 11 March 2019

Africa

BBOXX receives largest crowd-funded debt raise in the history of solar in Africa

BBOXX and Trine’s funding initiative has hit the EUR6-million mark in what is the largest crowd-funded debt raise in the history of solar energy in Africa. The pioneering collaboration between Trine, a service for sustainable investments in solar energy, and BBOXX, a next-generation utility, will accelerate BBOXX’s installation of pay-as-you-go solar home systems in Kenya, Rwanda, Togo, the Democratic Republic of Congo, Mali, Senegal and Guinea. This will positively impact the lives of over 200,000 underserved people in these countries. The investment will apply to customers across BBOXX’s distribution mix, unlocking potential in households, communities and SMEs across both rural and urban regions. 

Source: Energy Mix Report

Africa

Omidyar Network launches Flourish Ventures, a USD300-million venture capital for African and United States fintechs
Omidyar Network announces the launch of a venture capital baptised Flourish Ventures. The capital of this new venture is USD300-million provided by Pierre Omidyar, Omidyar Network’s founder and eBay co-founder. The financial resources will be used to fund the United States and African fintechs in the coming five years. "At Flourish, we will continue to back bold ideas and new business models that responsibly harness the power of technology to build a fair and customer-centric financial sector," the venture capital indicated on its website. It will launch its operations by the USD200-million assets formerly managed by Omidyar Network. Omidyar Network has an important portfolio in Africa. It funded Paga and Lidya, two Nigerian fintechs.

Source: Ecofin Agency

Africa

Vivo Energy concludes transaction with Engen, expands Africa network from 15-23 countries
Vivo Energy has announced its conclusion with Engen Holdings transaction, leading to expansion of its service station network to eight new countries in Africa and 230 Engen service stations, bringing the total number of service stations in the network to more than 2,000 in 23 African markets. For Vivo Energy, the new markets are: Gabon, Malawi, Mozambique, Reunion, Rwanda, Tanzania, Zambia and Zimbabwe. The consideration for the transaction includes Vivo Energy's issuance of 63.2 million new shares and USD62.1-million in cash. The cash element of the counterparty was financed by drawing on Vivo Energy's multicurrency credit facilities. Once the shares are issued, Engen will hold approximately 5% of Vivo Energy's shares.


Source: Africa Business Communities

Angola

Angola and Portugal sign 11 new cooperation protocols
Angola and Portugal signed 11 new cooperation protocols. The documents signed by the Foreign Ministers of both countries are focused on Local Administration, Security and Internal Order, Administrative Simplification and Modernisation, as well as an agreement on the paid activities of family members of diplomatic and consular staff. A Memorandum on the Training of Technical and Diplomatic Officials was also signed, along with a collaboration protocol between the Agency for Competitiveness and Innovation (Portugal) and the Institute for Support to Micro, Small and Medium Enterprises (Angola).


Source: Macau hub

Burkina Faso

Golden Rim raises USD2.25-million to advance Kouri

ASX-listed Golden Rim Resources has completed a book-build for placement to raise USD2.25-million. Hartleys acted as Lead Manager and Adelaide Equity Partners Limited acted as Co-Manager to the Placement. Commenting on the strong support for the Placement, Golden Rim’s Managing Director, said “This is a very exciting time for Golden Rim. We have worked hard over the past 12 months to define a 1.4 million ounce Mineral Resource at Kouri which remains open at depth and along strike. "We have also made a new gold discovery at Red Hill, negotiated the acquisition of the neighbouring Goueli and Margou permits and have undertaken a structural interpretation which has identified a number of high priority areas for drill testing”.

Source: Mining Review Africa

Cameroon

Cameroon focused Victoria Oil & Gas plans to raise up to GBP12.6-million

Victoria Oil & Gas, the integrated natural gas producing utility company in Cameroon, has announced a GBP12.6-million equity fundraise. The Company has entered into a conditional agreement for a subscription of 50,000,000 new Ordinary Shares, at an issue price of 13 pence per share, by YF Finance to raise GBP6.5-million, before expenses. YF Finance is the Company’s largest shareholder and is currently interested in 11,085,239 ordinary shares, representing approx. 7.37%. of the Company’s existing issued share capital.  YF Finance is wholly owned by Mr Askar Alshinbayev and has investments in several other international oil and gas companies. 

Source: Energy Mix Report

eSwatini

eSwatini joins Afreximbank as 51st participating state
The Kingdom of Eswatini has deposited the instrument of its accession to the 1993 Agreement for the Establishment of the African Export-Import Bank (Afreximbank), making it the 51st African country to become a participating or shareholder state of the continental trade finance institution. The instrument, signed by Prime Minister Ambrose Mandvulo Dlamini of Eswatini, was handed over to Prof. Benedict Oramah, President of Afreximbank, by Promise Msibi, Permanent Representative of Eswatini to the African Union and the country's Ambassador to Ethiopia, during a ceremony at the Bank's headquarters building.


Source: Africa Business Communities

Gambia

Gambia receives European Union backing for EUR142-million renewable energy programme
Access to clean energy in the Gambia is set to be transformed under a new EUR142-million initiative to harness solar power and supply clean energy across the country, backed by the European Investment Bank, World Bank and European Union. Once operational the scheme will increase energy supply in the Gambia by one fifth and transform electricity access in rural communities through the construction of a new photovoltaic plant at Jambur near Banjul, new power transmission and distribution infrastructure. The Gambia will be the first country in Africa, if not the only country in the world, to have provided renewable energy electrification for all public school and health facilities.


Source: Energy Mix Report

Ghana

Aker Energy announces successful drilling results in Pecan well offshore Ghana

Aker Energy, as the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block, announced that it encountered oil in the Pecan South-1A well offshore Ghana. A sidetrack will now be drilled to further appraise the volume potential. The Pecan South-1A well was drilled south of the main Pecan field in the DWT/CTP block and encountered oil. Aker Energy is in the process of analysing the well result and will commence further drilling in order to verify the volume estimate. These volumes will be an addition to the gross contingent resources (2C) from the existing discoveries in the area, previously estimated to 450 - 550 mmboe.

Source: Africa Business Communities

Ghana

REDAVIA to build solar farm for chocolate factory in Ghana
REDAVIA, a global market leader of cost-effective, reliable and clean solar power for businesses and communities, has been chosen by Barry Callebaut, the world’s leading manufacturer of high-quality chocolate and cocoa products, to establish a solar farm at their factory in Tema, Ghana. In Ghana, Barry Callebaut selected REDAVIA to deploy six solar units at a total of 504 kWp at the Barry Callebaut factory in the Free Zone Enclave in Tema. As the largest distributed solar company in Ghana, REDAVIA was the obvious choice for a multinational organisation like Barry Callebaut.


Source: Energy Mix Report

Guinea

OMVS and Sinohydro sign contract for the Koukoutamba hydroelectric project in Guinea
The High Commissioner of the Organisation for the Development of Senegal, Mr. Hamed Diane Ségéga, and the Chinese company Sinohydro corporated, signed in Conakry the commercial contract for the realisation of the project of hydroelectric development of Koukoutamba. The hydroelectric development of Koukoutamba is planned in Guinean territory on the Bafing, main tributary of the Senegal River, about 570 km north-east of the capital Conakry. It consists mainly of the dam, HV transmission lines, an access road of 150 km and the City of the Owner. The project will also participate in the regulation of flows in the Senegal River, to the benefit of activities related to agriculture, navigation, the supply of drinking water, fishing and the preservation of the basin’s ecosystems.


Source: Energy Mix Report

Ivory Coast

Globeleq works with partners to expand Azito plant in Ivory Coast
Globeleq, a leading independent power producer in Africa, and IPS (West Africa) a company owned by the Aga Khan Fund for Economic Development, have announced its subsidiary, Azito Energie SA, has signed an amended Concession Agreement with the Government of Côte d’Ivoire to add 250 MW to the existing Azito gas-fired power plant near Abidjan. The existing power plant currently generates 430 MW and plays an important part in the sector. The Phase IV expansion, combined with the technical MXL2 upgrade (being undertaken during 2019 adding 30 MW to the plant’s capacity), will see Azito supplying around 700 MW, or approximately 30% of Ivory Coast’s installed capacity.


Source: Energy Mix Report

Kenya

Kenya to issue a USD500-million bond for infrastructure projects
Central Bank of Kenya announced a 25- year USD500-million bond issuance to fund energy, water and transport projects. The Central bank indicated that the operation should start this month and investors could invest between USD1,000 and USD200,000. Only state-run firms, semi-autonomous government agencies and public universities can exceed the Ksh20-million limit. The fixed 12.2% interest rates should be paid every semester until 2044, the maturity period. Recently, Kenya has been really active in the debt market to fund its projects, notably those in its “Big 4 agenda.” The latter is aimed at boosting the economy by accelerating investments in four main sectors namely, agriculture, manufacturing, health and housing.


Source: Ecofin Agency

Kenya

Middle class set to gain from Sh12-billion Actis homes plan
London-based private equity company Actis has partnered with Indian firm Shapoorji Pallonji Real Estate to develop middle-income housing in Kenya. The Sh12-billion joint venture between the two firms will see them develop affordable and middle-income housing in the sub-Saharan Africa region, starting with Kenya. “Residential remains the largest real estate asset class globally. In a number of African markets, however, delivery is highly fragmented. Actis has been an active player in Kenya’s real estate. The private equity firm is the developer of the 47-acre Garden City Mall, a mixed-use development that features retail, residential and office space.


Source: Business Daily

Madagascar

World Bank provides USD150-million fund to increase access to electricity in Madagascar
The World Bank’s Board of Directors approved a USD150-million International Development Association (IDA) credit to provide improved access to electricity services for households, enterprises, and health facilities in Madagascar. With an electrification rate of only 15%, roughly four-fifths of Madagascar remain ‘in the dark’, shutting out large parts of the population from the digital economy and modern public services while severely restricting the country’s competitiveness. Moreover, the lack of electricity disproportionally affects rural areas, the poor, and female-headed households. The Least-Cost Electricity Access Development (LEAD) project will finance cost-effective investments in grid extension and densification using state-of-the-art planning tools and low-cost technologies to maximise the number of new connections per dollar spent.


Source: Energy Mix Report

Nigeria

PAT Limited signs USD20-million infrastructure deal with Watt Renewable Corp
Nigerian firm Pan African Towers (PAT) Limited has signed a USD20-million infrastructure investment deal with Canadian firm, Watt Renewable Corporation. The Partnership will see Watt Renewable provide alternative energy solutions like solar and other renewable to all towers owned and managed by PAT in Nigeria, to help the latter reduce exposure by as much as 50%. Speaking during the signing of the agreement deal, the Chief Executive Officer of PAT, Wole Abu, said the deal is significant because it’s a milestone in the firm’s journey of innovation, service delivery, and pushing Nigeria to the broadband target.


Source: Africa Business Communities

Rwanda

Symbion concludes sale of Rwandan methane extraction project

New York-based Symbion Power is selling its Rwanda investment – an ambitious project to produce electricity for east-central Africa through methane extraction. The sale transfers Symbion’s stake in the development of two plants in Lake Kivu, one of Africa’s Great Lakes, to its project partner, Highland Power Ltd (HPL). The Rift Valley lake forms part of the border between Rwanda and the Democratic Republic of Congo. The plants have a combined projected output of 81 megawatts and an expected investment price of USD250-million. The 2700 square kilometre (1,040-square-mile) body of water contains sufficient naturally occurring methane gas to generate an estimated 700 MW of much-needed electricity over 55 years.

Source: Energy Mix Report


Rwanda

Rwanda, Israel firm Ink USD66-million to develop Gabiro Agribusiness Hub

Government through Rwanda Development Board (RDB) has signed USD66.5-million deal to develop 5,600-hectare agricultural project in Eastern Province. The deal, according to RDB, is a joint venture with Netafim – an Israeli irrigation technology firm, for the development of the Gabiro Agribusiness Hub Project (GAHP). During the first phase, approximately USD66.5-million will be invested in the project over a period of 18 months to develop 5,600 hectares. The GAHP will support the production of crops for local consumption (staple crops), export and agricultural value-added products such as pastes, powders, oils and beverages intended mostly for export, RDB says.


Source: KT Press

 

Rwanda

Rwanda government secures USD20-million from BADEA to increase electricity supply in two districts
The Government of Rwanda and The Arab Bank for Economic Development in Africa (BADEA) have signed a concessional loan agreement worth USD20-million to finance rural electrification project in Nyamagabe and Nyaruguru Districts. The project envisages supply and construction of distribution networks and meters and service cables to connect houses, commercial and public centers in Nyaruguru and Nyamagabe Districts. The Project is expected to connect 13,324 households and 12,414 households in Nyaruguru and Nyamagabe respectively, thereby increasing the percentage of access to electricity in both districts from 33% currently to about 52% at the end of the project.


Source: Africa Business Communities

South Sudan

South Sudan nets USD14.2-million in non-oil revenue for first time, with the support of the AfDB

South Sudan has achieved its highest ever receipt of USD14.2-million in non-oil tax revenues for the first time in the nation’s history, through the efforts of a revamped state revenue authority. The impressive result - recorded at the end of January 2019 - is evidence that the Non-Oil Revenue Mobilisation and Accountability (NORMA) project in South Sudan, set up with a USD14.8-million grant from the African Development Bank to improve domestic resource mobilisation in the non-oil sector, is achieving its objectives. NORMA, in collaboration with the state National Revenue Authority (NRA), has driven accountability and transparency in the national revenue generating system.

Source: Ecofin Agency


Tanzania

11 mini-grids under construction in Tanzania

An independent renewable energy developer and majority shareholder of JUMEME Rural Power Supply, RP Global, announced that construction of the first phase of its ambitious solar-hybrid mini-grid project in Tanzania is in progress. In this first scaling phase, 11 new mini-grids are currently being constructed to bring 24/7 electricity supply to a population of more than 80,000 people. Built on a cluster of islands in Lake Victoria, these independent solar-hybrid mini-grids, equipped with battery storage technology, will electrify 20 villages. This project was enabled by the European Union, who provided co-financing through the ACP- EU Energy Facility. Commissioning is scheduled to take place in June of this year.

Source: ESI Africa


Tanzania

Fund lends USD27-million to hydro power project on Uganda – Tanzania border
PIDG company, The Emerging Africa Infrastructure Fund (EAIF) has announced the signing of a USD27-million loan to Kikagati Power Company Limited (KPCL), which is building a 14MW run-of-the-river hydroelectricity generating station at Kikagati on the Kagera River. KPCL is backed by the Africa Renewable Energy Fund, a USD205-million fund managed by Berkeley Energy. 100% of the energy generated will be bought by the Uganda Electricity Transmission Company Limited, Uganda’s single-buyer and transmission company, which will then sell half the energy on to Tanzania. KPCL’s plant is to consist of an 8.5m-high dam of 300m in length, three turbines of 5.5MW each and associated earthworks, control and plant rooms and allied infrastructure connecting the plant to switchyards in Uganda and Tanzania.


Source: Busiweek

Togo

Togo plans to acquire 300 mini-grids, among others, to achieve universal access to power by 2030
By 2030, Togo plans to acquire 300 mini-grids, in the framework of its rural electrification program. So far, four of the mini-grids have been installed. The solar systems will, according to reliable sources, help the country achieve universal access to power by 2030. Other initiatives aligning with this goal include the CIZO presidential scheme. The latter has already provided access to power, via solar kits, to more than 10,000 households. Also, four 30MW solar plants should be built by 2025. The government also plans to build three new hydropower dams; one in Sarakawa, another in Kéran, and the last’s location is yet to be decided.


Source: Togo First

Uganda/Kenya

104Km Majanji-Busia Road to Kenya almost complete
Traders will in October have another option through which to transport their goods. This follows an announcement by China Railway Bureau Group Company, the contractor assigned to the construction of Musita, Lumino, Busia-Majanji Road, whose completion is expected in seven months. The road is an alternative route connecting Musita Trading Centre on Jinja-Iganga Highway to Busia Town on the Uganda-Kenya border through Mayuge District. During a two-day excursion trip to the East, organised by the Public Procurement and Disposal Authority (PPDA) board, Mr Charles Bereket, the highway engineer, MBW Consulting Engineering Centre said the road was near completion.


Source: Daily Monitor

Zimbabwe

Zimbabwe’s Government opens up fuel imports

The government has liberalised the importation of fuel with Cabinet giving big companies with free funds the green light to import fuel for their own consumption. This is meant to augment supply gaps in the market. This comes as Cabinet also resolved that the ongoing partial privatisation of ZUPCO, which is in sync with public enterprise reforms espoused in Government’s Transitional Stabilisation Programme (TSP), be expedited to boost recapitalisation of the company. Energy and Power Development Minister Joram Gumbo said individuals will not be allowed to import fuel on their own. “Government has given the green light to mining companies and those in the farming sector to import fuel using their own funds,” he said.

Source: Energy Mix Report



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