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South Africa: UKCI agrees BEE focused financing

UK Climate Investments (UKCI) has announced a financing agreement worth £14m ($17m) with majority black-owned and managed renewable asset manager H1 Holdings. The financing will support development of the 140MW Kangnas wind farm in the Northern...

South Africa: Bigger losses, bigger bailouts at Eskom

Eskom has reported a net loss after tax of R20.7bn ($1.4bn) for the year to March 2019, up from R2.3bn for the year to March 2018. While expenditure was reduced by R9.9bn, this was less than the targeted R10.6bn and was fully absorbed in...

Genel Energy farmout plans

Genel Energy plans to farm down its 75% interest in the SL-10B and SL-13 blocks onshore Somaliland. In its H1 results on 6 August, Genel said interpretation of the 2018 2D seismic data together with continued basin analysis has led to the...

Project agreements signed for Ruzizi III

Industrial Promotion Services and Norway’s SN Power have signed a 25-year concession agreement and power purchase agreements for the Ruzizi III hydropower plant with the governments and power utilities of Burundi, Democratic Republic of Congo and...

AIIM fund reaches final close

African Infrastructure Investment Managers (AIIM), a member of Old Mutual Alternative Investments, announced in late July that it has reached final close on its third African Infrastructure Investment Fund (AIIF3). The fund raised $320m, making...

Nigeria’s new government will face financial, security stresses

Nigeria has endured another long wait for President Muhammadu Buhari to announce his new government. Re-elected in February, Buhari finally swore in members of his new cabinet on 21 August. During the long interim, key officers of state have...

Nigeria: Ministry of Power, Housing and Works broken up

The Ministry of Power, Housing and Works, one of the so-called super ministries established in President Muhammadu Buhari’s first term, has been broken into two and a new power minister appointed. Although former minister Babatunde Fashola was...

Namibia: Qatar Petroleum farms into Orange Basin blocks

Qatar Petroleum (QP) has further expanded its African holdings, acquiring stakes from Total in deep-water blocks 2912 and 2913B in the Orange Basin. The French major plans a well next year on Block 2913B. Total said it would transfer to QP a 30%...

Namibia: Nabirm Global awards CSEM survey contract

Windhoek-based Nabirm Global has given Electromagnetic Geoservices ASA a contract for a proprietary 3D controlled source electromagnetic (CSEM) survey over Block 2113A (PEL 58) in the Walvis Basin. Subject to vessel availability, acquisition is...

Mozambique: Mocuba solar plant starts up

The 30MWac Mocuba solar PV plant in Zambézia province began operating on 30 July, developer Scatec Solar has announced. The $80m project, which is expected to generate 79GWh/yr, has been under construction since March 2018. Mocuba is located on a...

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