AfDB funds energy projects in Egypt and Cote D’Ivoire
…Wins top infrastructure and energy accolades at the IJ Global Awards
Two African Development Bank-supported projects have won awards at the IJ global awards held in London, United Kingdom.
The Singrobo hydropower plant in Ivory Coast, in which the Bank played the Mandated Lead Arranger role won the Power Deal of the Year award, while the Kom Ombo Solar plant, financed by the Bank as Co-MLA won the Energy Transition Deal of the Year award.
The Singrobo hydropower was the first hydropower IPP, and private sector-funded climate action investment to reach financial close in West Africa in December 2022. The Bank financed €40 million out of the total cost of €174.3 million. Currently under construction, the project comprises the design, development, operation, and transfer of a 44MW hydroelectric plant on the Bandama River, and a 3.5-kilometer transmission line and substation to evacuate power. A long-term power purchase agreement will see all the energy produced by the Singrobo plant sold to Compagnie Ivoirienne d’Electricite, the operator of Cote d’Ivoire’s national grid. Upon completion, the plant will contribute to Côte d’Ivoire’s energy goal of generating 42% of its electricity from renewable sources by 2030.
The Kom Ombo solar PV plant consisting of the design, construction and operation of a greenfield 200 MW solar PV plant in Egypt, reached financial close in 2023. The Bank provided a $27.22 million senior loan.
The project complements other African Development Bank energy operations in Egypt, including the Benban solar park, and the 150MW Egypt’s Feed in Tarriff (FiT) projects. Successful implementation of the project will increase Egypt’s installed power generation capacity from renewable sources, and further diversify the energy mix in line with the country’s energy transition strategy, and the Bank’s green growth agenda.
Commenting on the awards, Wale Shonibare, the Bank’s Director for Energy Financial Solutions, Policy & Regulation said, “These awards are recognition of our continued efforts to deliver green, affordable, quality energy access to Africa, in line with the Bank’s energy and green growth agenda. We are encouraged to continue mobilizing private sector finance, and delivering innovative financial solutions that facilitate just energy transitions and address the unique financing needs of our regional member countries.”
The IJGlobal independent, peer-reviewed awards recognize notable global greenfield and refinancing deals in infrastructure and energy, and the organizations that made them happen.
