Two energy projects in Africa have won awards at the IJ global awards held in London, United Kingdom.
The Singrobo hydropower plant in Ivory Coast won the Power Deal of the Year award, while the Kom Ombo Solar plant won the Energy Transition Deal of the Year award.
Singrobo project has been under the African Development Bank (AfDB) watch in which the Bank played the Mandated Lead Arranger role.
Kom Ombo Solar on the other hand is financed by the Bank as Co-MLA.
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 Funding Involved
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.
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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.
Socio-Political Impact of Projects
The project complements other AfDB 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.
“These awards are a 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,” said Wale Shonibare, the Bank’s Director for Energy Financial Solutions, Policy & Regulation.
The IJGlobal independent, peer-reviewed awards recognize notable global greenfield and refinancing deals in infrastructure and energy, and the organizations that made them happen.
