Scatec ASA, a renewable energy provider, has reached financial close for the Mogobe battery energy storage system (BESS) facility in South Africa. The project is part of the country’s Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP). Scatec secured a 15-year power purchase agreement (PPA) with the National Transmission Company of South Africa (NTCSA) to provide storage capacity for grid balancing. The estimated total capex for the project is ZAR 3.0 billion (USD 170 million), with Scatec’s EPC contracts accounting for approximately 83%. The project will be financed by ZAR 2.7 billion (USD 154 million) of non-recourse project debt, with Standard Bank of South Africa as the mandated lead arranger. The remaining equity will be provided by Scatec (51%), Perpetua Mogobe (RF) (Pty) Ltd (46.5%), and a holding company of the Mogobe Local Community Trust (2.5%). Scatec will serve as the engineering, procurement, and construction (EPC) provider, as well as providing operations & maintenance (O&M) and asset management (AM) services for the project. “This marks a new milestone for Scatec in South Africa and for the renewable energy transition in the country. The Mogobe BESS project is a first of a kind and reaffirms our standing as a leading…
The International Monetary Fund (IMF) Executive Board has approved a 40-month Extended Credit Facility (ECF) arrangement for Liberia, totaling US$210 million. This arrangement aims to support Liberia’s economic recovery and development efforts. The ECF will provide financial assistance to Liberia while implementing key policy reforms to strengthen macroeconomic stability, enhance public financial management, and promote sustainable and inclusive growth. The IMF’s approval of the ECF underscores Liberia’s commitment to these reforms and its potential for economic progress. The ECF arrangement is expected to help Liberia address the challenges posed by the COVID-19 pandemic and recent commodity price shocks. By supporting economic recovery and development, the IMF aims to improve the lives of Liberians and promote regional stability. Key objectives of the ECF arrangement include: The IMF will continue to monitor Liberia’s progress in implementing the ECF program and provide technical assistance as needed.
The UK Government has announced a £1.9 million investment to support economic growth and strengthen technology and innovation across West Africa. Through the West Africa Research and Innovation Hub (WARIH), the government will partner with countries in the region to drive innovation and development. Sankore, a new initiative launched under WARIH, aims to facilitate the commercialization of innovative solutions, improve innovation policy, and enhance government digital service delivery. The initiative will provide funding and support to non-profit organizations working in these areas. Launching a call for proposals at a press conference in Accra, Lord Collins, UK Minister for Africa, said “This initiative is all about how we can work together to strengthen the global technology sector, creating opportunities for rapidly growing economies with lots of potential to compete on the world stage. The Sankore grant fosters partnerships at its heart, with a strong message that we go far when we go together.” Nigeria’s Minister of Innovation Science and Technology, Uche Nnaji said “Sankore project is a pivotal opportunity for Nigeria to enhance its innovation landscape, by strengthening industry-science linkages and developing an enabling policy environment. This partnership underscores our shared commitment to developing practical solutions that lead to sustainable and…
The Council for Scientific and Industrial Research – Crops Research Institute (CSIR-CRI) has embarked on a significant soil mapping initiative under the Agroecology and Circular Economy for Ecosystem Services (ACE4ES) project. This initiative aims to promote sustainable agricultural practices and strengthen ecosystem services across several African countries, including Ghana, Nigeria, Benin, and Tanzania. Led by experts in soil science, agronomy, and GIS technology, the soil mapping exercise will gather crucial information about soil characteristics across diverse agro-ecological zones. This data will inform the implementation of agroecological methods, such as crop diversification, composting, and biochar application, to improve soil fertility, reduce greenhouse gas emissions, and enhance climate resilience. The ACE4ES project prioritizes reducing Short-Lived Climate Pollutants (SLCPs), including methane and black carbon, in agriculture. Soil mapping plays a pivotal role in this effort by providing a comprehensive understanding of soil properties. This information enables the team to recommend targeted agroecological practices that enhance soil health, crop yields, and environmental sustainability. Dr. Kwaku Onwona-Hwesofour Asante, lead scientist of the ACE4ES project, stressed the importance of the initiative, stating, “This soil mapping exercise will offer us precise, location-specific data, enabling us to tailor agroecological practices for different regions. It’s crucial for improving soil…
The Congolese Ministry of Forest Economy and the Wildlife Conservation Society (WCS) have formally launched Africa’s first High Integrity Forest Investment Initiative (HIFOR) project in Nouabalé-Ndoki National Park. HIFOR is a groundbreaking initiative designed to address the lack of market-based finance for tropical forests that maintain high ecological integrity. These forests play a crucial role in climate regulation, biodiversity conservation, and supporting sustainable livelihoods. The project, launched on August 30, aims to generate HIFOR units, representing one hectare of well-conserved high integrity tropical forest. These units can be sold to generate revenue for forest conservation and support sustainable development in the region. Nouabalé-Ndoki National Park, a key biodiversity area, is the first site in Africa to be recognized for its ecological integrity and selected for the HIFOR pilot project. The park covers over 0.4 million hectares of high-integrity tropical forest and has absorbed an estimated 11 million tons of CO2 over the past decade. “This project marks a significant step in developing innovative financial mechanisms to protect our forests and ecosystems,” commented Forest Economy Minister Rosalie Matondo at the launch ceremony. HIFOR complements existing financing instruments by offering a non-compensatory tradeable asset that cannot be used for offsetting purposes. The…
Ok Tedi Mining Limited (OTML) has awarded a K36.1 million contract to Fly Engineering & Asset Management Limited (FEAML) for the construction of a 28.74-kilometer road connecting the villages of Atemkit and Kavorabip in North Fly District, Western Province. The project, funded through the National Government’s Tax Credit Scheme (TCS), will provide critical infrastructure for the two communities, whose residents are principle landowners of the Ok Tedi Mine operation. Currently, the only access to Atemkit and Kavorabip is by helicopter. “The people of Atemkit and Kavorabip are principle landowners just like the people of Finalbin and Bultem. Unfortunately it took Ok Tedi and the Government too long to recognise them through such infrastructure projects,” said OTML Managing Director & Chief Executive Officer Kedi Ilimbit. “Today we are witnessing the signing of a road construction project that will link these very people to the rest of Western Province,” added Mr Ilimbit. The road construction project is expected to be completed within 30 months. “Though this has taken a long time, we are thankful and grateful for this project to finally begin,” said Mr Donald. Western Governor Taboi Awi Yoto thanked the landowners and community for their continued support of the mine.
African Export-Import Bank (Afreximbank) and the Uganda Development Bank (UDB) have signed a Joint Project Preparation Facility (JPPF) Framework Agreement to accelerate industrialization and export development in Uganda. The partnership aims to provide early-stage financing and technical support to public and private sector entities for project preparation. By de-risking projects and advancing them to bankability, the JPPF will unlock investments in key sectors such as energy, transport, logistics, special economic zones, manufacturing, agro-processing, hospitality, tourism, mining, and solid minerals. Afreximbank and UDB will jointly mobilize up to US$25 million in project preparation funds. The facility will cover feasibility studies, project development advisory services, and related costs. Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank (Afreximbank), signed the agreement on behalf of Afreximbank while Mr. Samuel Edem Maitum, Director of Credit, UDB signed on behalf of his organisation on 14 June 2024 in Nassau, The Bahamas. Commenting on the execution of the agreement, Mrs. Awani stated: “The JPPF is a critical collaborative tool through which the Bank and its partners pool resources to prepare bankable projects, given that one of the major challenges in developing projects was moving commercially viable projects to financial close. “Through this…
Ethiopian Airlines Group has announced the award of a consultancy contract to a consortium led by Dar Al-Handasah Consultants (Shair and Partners) for the design of its new global hub airport in Abusera. The airport is a cornerstone of the airline’s 15-year strategic plan to become a global aviation leader. The new airport, set to be Africa’s largest, will have an initial capacity of 60 million passengers annually, expanding to 110 million passengers in subsequent phases. Its strategic location, lower altitude, and planned express rail link to Addis Ababa will enhance operational efficiency and passenger experience. Ethiopian’s CEO Mesfin Tasew stated: “With its exceptional capacity and world-class facilities, this new airport promises to elevate African aviation.” To deliver this transformational new project, Ethiopian Airlines awarded a consultancy contract to a consortium led by Dar Al-Handasah Consultants (Shair and Partners), with Zaha Hadid Architects (ZHA), Pascall+Watson Architects, Landrum&Brown, and TY Lin. Dar, TY Lin, and Landrum&Brown belong to Sidara, a global collaborative that ranks 1st in aviation (Engineering News Record 2023). ZHA brings award-winning design capabilities and a global track-record of acclaimed airport projects, while Pascall+Watson Architects has successfully completed over 2,000 aviation projects across 70 airports. The consortium, which includes…
EcoMatcher Limited, a leader in digital tree-planting technology, and VNV Advisory Services, a renowned expert in sustainable development, have announced a strategic partnership to launch TREES+, a new initiative offering certified, transparent tree planting projects. The TREES+ program will provide customers with the ability to track and manage individual trees through EcoMatcher’s innovative platform while ensuring the highest environmental standards through Verra or Gold Standard certification. By combining EcoMatcher’s advanced technology with VNV’s expertise in sustainable development, the partnership aims to empower businesses to engage in impactful reforestation efforts. TREES+ projects will offer detailed information on each tree, including species, planting date, and location, enabling customers to offset their carbon footprint with verified and validated emission reductions. Initial TREES+ projects will be launched in Egypt, India, Indonesia, and Madagascar, with a focus on creating measurable and long-term environmental benefits. The Verra or Gold Standard certifications will guarantee the highest level of credibility and transparency for each project. “Our partnership with VNV, a global leader in carbon credit projects, marks a significant milestone in our mission to make tree planting transparent and impactful,” said Bas Fransen, CEO of EcoMatcher. “By ensuring that the projects are certified by Verra or Gold Standard,…
The Heritage Management Organization (HERITΛGE) announced the second round of recipients for its HerMaP Africa small grants program. This initiative, generously supported by the Mellon Foundation’s Humanities in Place program, empowers organizations, groups, and individuals working with African heritage. Funding for Local Projects with Lasting Impact A total of $333,000 was awarded to 26 projects across 17 African nations. These projects focus on both the protection and promotion of local cultural and natural heritage, aiming to contribute to the socio-economic development of communities. This builds upon the initial $220,000 awarded in the first round earlier this year, bringing the program total to over $550,000. By year’s end, HERITΛGE expects to award a total of $1 million through the HerMaP Africa program. Unlocking Potential, Empowering Communities “We are extremely pleased to announce this second round of small grant awards for African projects. We are already seeing what the scheme is doing to unlock the potential of heritage in Africa and make a difference for the development of local communities through the work undertaken by the first 19 grantees,” said HERITΛGE Director, Dr. Evangelos Kyriakidis. “Heritage has the ability to empower and we are already seeing local communities using our grants, in…
