Africa has seen increasing uptake of solar, especially in the northern part of the continent. In fact, solar power is becoming a popular alternative to fossil fuel-based energy generation and it is supplementing hydropower in countries where water resources are scarce. It is gaining traction across the utility scale, commercial and industrial as well as micro- and mini-grid segments.
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The African Development Bank (AfDB) has announced the sanctioning of a loan to support ACWA Power’s 200 MW Kom Ombo solar power project in Egypt. The bank will offer funding of $27.2 million in the form of a senior loan with the European Bank for Reconstruction and Development, the Green Climate Fund Arab Bank, and the OPEC Fund for International Development being the key contributors. The total cost of the project is $156.4 million.
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The European Bank for Reconstruction and Development (EBRD) is providing an initial $4.2 million loan to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary. This loan will support one of the first green private-to-private projects in the country and is part of a financing package of up to $10 million to expand TAQA Arabia’s private-to-private renewable energy business.
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Located in the Gulf of Suez, part of the governorate of the Red Sea, this wind power complex will have a capacity of 2,000 MW. The mega project developed by independent power producers (IPP) should bring the country’s renewable energy production capacity to 10,000 MW. Germany-based Siemens is reportedly developing 500 MW of this capacity.
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To illustrate the transition from conventional power to renewable power generation in Africa: in the time period from 2008 to 2012, the share of renewables in power generation investments was at about 15 per cent, which increased to over 80 per cent for the period between 2013 to 2019.
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The African Development Bank has approved a Euro 225 million loan to finance Egypt’s Electricity...
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