Ghana: Minority Demands Suspension Of ‘Illegitimate’ Electricity Service Charges
Ghana’s Minority Parliamentarians are demanding an immediate suspension of recent increment in services and other related charges by the Electricity Company of Ghana (ECG).
In a statement issued and copied to energynewsafrica.com, the Minority’s Spokesperson on Energy, John Abdulai Jinapor described it as worrying considering the quantum of the increment.
“Even more worrying is the fact that these increments have been carried out in the most opaque and clandestine manner without recourse to any public announcement by the Public Utility and Regulatory Commission,” he explained.
He said the Minority completely rejects these draconian price hikes given the current economic conditions as well as the surreptitious manner with which the exercise has been carried out.
“This unorthodox approach is in complete violation of laid down processes which require that consumers are notified of such adjustments before implementation,” he stated.
“We, therefore, call for the immediate suspension of these price increments to allow for better consultation and also ensure that due process adheres to in this regard,” he concluded.
The Gambia Launches RFP For Block A1 Licensing Round
The Gambian Ministry of Petroleum and Energy has opened its doors to receive proposals for prospective investors for Block A1.
In November 2021, the country’s Minister for Petroleum and Energy Hon. Fafa Sanyang and some officials of the Ministry launched licensing round for its oil block during the Africa Oil Week in Dubai, UAE.
Last week the Ministry launched Request for Proposal (RFP) for the Block A1 and invited investors to send their proposals for consideration.
The Request for Proposal (RFP) is now available for download on the Ministry of Petroleum’s website https://www.mope.gm/news.
Granted initially to BP in 2019, Block A1 became available in August 2021 after the company exited the block. This was part of BP company’s strategy to pivot from producing resources to integrating energy. During its time as licensee, BP performed the required work obligations, including reprocessing 2D and 3D data, conducting geohazard, geology and geophysical studies, and progressed the block so that it is now drill ready. The 2D and 3D BP reprocessed data is available for licence from TGS, at extremely competitive rates (entry level purchase price 10,000 USD). Additional reports and other data in relation to the block will also be made available free of charge to bidders.
The deadline for submission of bids is June 6, 2022. Bidders will be required to submit bids electronically through a data room platform.
“We encourage all interested bidders to visit to the Ministry’s website, download the RFP and to register their interest with the Commission in accordance with the instructions in the RFP,” the Ministry said.
“Our key objective in designing the licensing round is to ensure an attractive fiscal regime with low entry conditions for bidders, transparent procurement process and participation rules, and clear technical and financial minimum qualification criteria. In accordance with best practice there will be one biddable term, which is further explained in RFP,” the Permanent Secretary at the Ministry of Petroleum and Energy, Lamin Camara, commented.
The Commissioner for Petroleum, Jerreh Barrow, said: “Our government team has the necessary experience and is well prepared to repeat the success of the 2018 licensing round, and to once more, start and finish the licensing round within the timeframe (February 2021 to June 2022) announced”.
“The Government wishes to seize this opportunity to thank BP for their strong collaboration during the past two years and their excellent technical work on the block. We are excited to open our doors again to the international oil community, and look forward to working with a new partner in Block A1” says the Honourable Fafa Sanyang, Minister of Petroleum and Energy, The Gambia.
Source: https://energynewsafrica.com
Guyana Pledges To Balance Oil Investment With Residents’ Economic Welfare
Guyana’s President Irfaan Ali on Tuesday defended his country’s right to develop its oil industry for its residents while insisting local goods and services requirements are not meant to block foreign investments.
A string of discoveries off its coast is on the verge of turning the tiny South American country into an oil powerhouse.
International producers, led by Exxon Mobil Corporation, have found more than 10 billion barrels of recoverable oil and gas that are poised to reshape the impoverished nation of fewer than 800,000 people.
“We welcome Exxon. We welcome investments,” Ali said at the inauguration of a week-long energy conference.
“Local growth and increased productivity must be built into the system to bring benefit to the people.”
Calls are mounting on the government to secure tangible benefits for its citizens. In one example, officials are considering a national oil company to explore new areas rather than hold an auction to bring in outside investors.
In a tumultuous session at the country’s National Assembly in December, a bill was passed requiring between 5% and 100% of energy project content to come from activities by local contractors and licensees.
Exxon Chief Executive Darren Woods said Guyana has a promising future ahead and signaled the oil company’s interest in pursuing new offshore areas and developing the country’s power supplies using gas from its offshore fields.
The Exxon-led consortium with Hess Corp and CNOOC Ltd , could expand its oil production to 1 million barrels per day by the end of the decade, Woods told a group that included executives from oil services firms’ Baker Hughes, SBM Offshore and TechnipFMC.
“Additional exploration,” said Woods, “may present even more development opportunities” in other parts of the offshore basin.
A gas-to-power project Exxon is pursuing with the government separately could lower the nation’s cost of electricity, he said.
Exxon late last year outlined an onshore supply base expected to expand jobs and boost local fabrication starting with its fourth production unit. The project could bring total investment in Guyana to $30 billion.
Energy projects often take longer to be developed than a government term of office, leading to upheaval when a change of administrations occur, said Johan Sydow, a project manager at Hope Energy Development, which is developing a 25 megawatt wind energy project in the country backed by the World Bank.
“Lots of projects get terminated when government changes,” said Sydow. “We ran into red tape. We are in the government plan, but we don’t know when it will move forward,” he added.
“Everyone is related; the community is very small, (and) you are always two steps away from a politician,” Sydow said.
Source: Reuters
Ghana: COPEC, IES Predict Hike In Fuel Prices
Two energy think tanks in the Republic of Ghana have predicted an increment in fuel prices on the local market in the second pricing window beginning from today, Wednesday, February 16, 2022.
A statement issued by the Chamber of Petroleum Consumers (COPEC) and the Institute for Energy Security (IES) agreed that consumers would be paying more for fuel for the rest of the month.
COPEC, in its analysis, said it anticipates about 36 pesewas increment in petrol and 40 pesewas increment in diesel.
IES, on the other hand, was silent on the expected increment in both petrol and diesel.
According to COPEC, “From 16th February 2022, at FOB price of $880.79 for petrol, our projected ex-pump price is GHS7.764. So, it’s expected that the max ex-pump price shall be hovering around GHS7.750.”
“From 16th February 2022, at FOB price of $828.58 for diesel, our projected ex-pump price is GHS7.981. So, it’s expected that the max ex-pump price shall be hovering around GHS7.950,” COPEC added.
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On its part, IES said: “For the rest of February 2022, the Institute for Energy Security (IES) anticipates another jump in the prices of Liquefied Petroleum Gas (LPG), diesel and petrol at the pump to bite consumers, coming on the back of a 4.47 per cent increase in the price of Brent crude, a 4.63 per cent rise in LPG price, a 7.17 per cent increase in the price of gasoline, and a 7.43 per cent jump in gasoil price; all on the international oil and fuel markets. Further depreciation of the Ghana cedi against the US dollar adds to the factors expected to push up the prices of liquid and gaseous fuels in the country.
“Data captured by the IES Economic Desk from the Foreign Exchange (Forex) market shows that the Ghanaian cedi depreciated against the U.S. dollar by 1.74 per cent on average terms in the first pricing-window of February 2022 to trade at Gh¢6.40 from the previous window’s rate of Gh¢6.29 to the international currency.”
Currently, both petrol and diesel are sold at between Gh¢7.20 and Gh¢7.58 per litre.
Crude oil prices have been soaring since the beginning of the year.
On Monday, International Benchmark-Brent hit $95.42 per barrel while West Texas Intermediate (WTI) traded at $94.33
Source: https://energynewsafrica.com
EU Says It Is Prepared For Partial Disruption Of Russian Gas Flows
The European Union would be able to cope with a partial disruption to gas imports from Russia, European Commission President Ursula von der Leyen said.
Escalating tensions with Russia over Ukraine have raised concerns about Russian gas flows to Europe, prompting the EU to review its contingency plans for supply shocks, and EU and U.S. officials to seek alternative supplies.
“Our models now show that for partial disruption or further decrease of gas deliveries by Gazprom, we are now rather on the safe side,” von der Leyen told reporters in Strasbourg on Tuesday.
Russia supplies about 40% of Europe’s natural gas. Gas prices soared in Europe as tight supply collided with high demand in economies emerging from the COVID-19 pandemic last year, and amid lower than expected imports from Russia.
The EU has spoken with the United States, Qatar, Egypt, Azerbaijan, Nigeria and South Korea about increasing gas and liquefied natural gas (LNG) deliveries, either through additional shipments or contract swaps, von der Leyen said.
“We have also spoken to major suppliers of LNG… in order to ask whether we could swap contracts in favour of the EU,” she said, adding that Japan was willing to do this.
“These efforts are now distinctly paying off.”
Japan last week said it would divert some LNG cargoes to Europe, in response to EU and U.S. requests. European LNG imports hit a record high of around 11 bcm in January, with just under half coming from the United States.
The potential short-term impact of a disruption to Russian gas supply has eased as Europe heads towards spring, when demand for gas-fuelled heating typically declines. Europe’s gas storage levels are currently around 34% full.
Von der Leyen said infrastructure development in recent years meant Europe was better equipped to distribute gas and power between countries, but that a complete halt to Russian gas supplies would still require additional measures.
EU rules require countries to have a plan to respond to a gas supply crunch, including potential government interventions such as curtailing industrial facilities to prioritise gas supplies to households.
EU countries are responsible for their own energy policies, and reliance on gas differs from state to state. Denmark’s main power source is wind, for example, while Hungary produces electricity mainly from nuclear and gas.
Von der Leyen said Russia’s military build-up near Ukraine had emphasised the need for Europe to curb reliance on Russian gas, and this would be aided by its planned shift to renewable energy.
Source: Reuters
Ghana: MiDA Illuminates 523.68km Roads And Streets In 20 MMDAs
The Millennium Development Authority (MiDA), a Government of Ghana entity responsible for the implementation of Ghana Power Compact II, is illuminating 523.68km of roads and streets in parts of Accra and the Eastern Region with high energy-efficient and durable street lighting luminaires.
The street lightning activity, which falls under MiDA’s Energy Efficiency and Demand Side Management Project, covers the installation of 14,287 energy-efficient luminaires on 146 selected roads in 20 Metropolitan, Municipal, and District Assemblies (MMDAs) in the Greater Accra and Eastern Regions.
The Street Lighting (SL) Project is being implemented in two tranches for US$13.17 million.
A statement by MiDA and copied to energynewsafrica.com explained that works on tranche one have already been completed while tranche two roads will be completed in April 2022.
“Tranche One works have been completed, with 177.76 km of street lighting either upgraded or fitted with new installations. The Tranche Two Works, comprising 345.92km of streets, including the GIMPA by-pass and roads that cover twenty MMDAs are ongoing, ” the statement said.
MiDA described street lighting as essential road furniture which ensures security at night for road users in our communities, contributes to improved road safety and enhances our quality of life and standard of living.
It added that they have the potential to boost investments that aid economic growth and support efforts to reduce poverty.
It continued that the project would help to reduce electricity consumption from street lighting by 40 per cent and reduce the cost burden on the beneficiary Assemblies.
The statement said officials from the beneficiary Assemblies, MiDA and the three project contractors namely Elsewedy Electric T&D (Lot 1), Prefos Ltd (Lot 2), and Process and Plant Automation Ltd (Lot 3), have embarked on a final inspection of works ahead of the official handing-over ceremony.
The Millennium Challenge Corporation (MCC), a United States Government Agency, is funding the project under the Power Compact Programme signed with the Government of Ghana.
Source: https://energynewsafrica.com
Ghana To Pass Laws To Regulate Manufacturing & Importation Of Solar Systems-Kofi Agyarko
Ghana is in the process of passing legislations that would regulate the manufacturing and importation of solar systems in the country.
The solar industry is growing steadily in the West African nation with more companies and individuals investing in solar systems to generate electricity on their own.
However, the absence of legislations to regulate the solar industry to ensure that only quality solar systems are imported into the country is serving as a disincentive to people who may want to invest in solar systems.
It is in this regard that Ghana’s technical electricity regulator, the Energy Commission, has drafted regulations that would regulate the industry to insulate the market against substandard products.
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The regulations are focusing on three components of solar systems namely; solar panels, solar batteries and inverters.
Last week, the Energy Commission held a two-day stakeholder engagement with solar industry players in Accra, the capital of Ghana, to discuss the draft regulation.
The workshop provided an opportunity for the industry players to make input into the regulation.
The Energy Commission is expected to also engage the Subsidiary Legislation Committee in Parliament.
After a successful engagement with relevant stakeholders, the Commission would then, through the Energy Minister, put the draft regulations before Parliament for consideration and passage into laws.
Speaking to energynewsafrica.com Director for Renewable Energy and Energy Efficiency at the Energy Commission, Mr Kofi Adu Agyarko said the stakeholder engagement was one of the important requirements for getting the regulation in place.
He said the Commission would incorporate the views of the stakeholders and publish them in the media before they would be forwarded to Parliament for consideration.
He said consumers would be sensitised through the media.
He was hopeful that in less than a year, the regulation should come into force.
Mr Kofi Adu Agyarko expressed the belief that the passage of the regulation would go a long way to sanitize the solar industry.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com
Nigeria: Buhari Wants Senate To Approve US$6.14Billion Supplementary Budget For Fuel Subsidy
Nigerian President Muhammadu Buhari has reportedly written to the Senate, seeking the approval of a supplementary budget which contains N2.557 trillion (US$6,147,764,416.00) meant to provide for subsidy on petroleum products from June to December 2022.
According to a report filed by Vanguard, President Buhari’s letter was read on Tuesday during plenary by the President of the Senate, Senator Ahmad Lawan.
The amount approved for subsidy on petroleum products from January to June was N443 billion and with the present request, the total amount stands at N3 trillion.
President Buhari has also written to the Senate, seeking a review of the Finance Act 2021.
Source: https://energynewsafrica.com
Ghana: Stop Tampering With Seals, Fuel Siphoning-NPA Boss To Tanker Drivers
Ghana’s petroleum downstream regulator National Petroleum Authority (NPA) has advised petroleum tanker drivers to desist from tampering with seals on the truck and fuel siphoning on the way to their destination.
To ensure the integrity of petroleum products on Bulk Road Vehicles (tankers), the NPA has installed seals on all licenced tankers.
Sadly, some recalcitrant drivers have been tampering with the seals while on their way to discharge fuel to depots.
Interacting with executives of the Buipe Branch Tanker Drivers Union as part of his five regional tours of petroleum installations and other state institutions, Dr Abdul-Hamid said that there are more than 15 incidents of seal tampering on daily basis, a situation he said was very worrying.
On fuel siphoning, he said not only was the siphoning of fuel a loss to the government but it also endangered the lives and properties of Ghanaians in the event of a fire that sometimes results from such activities.
He referred to the fire incident at Kaase in the Ashanti Region, which he said investigations into that incident would be concluded this week and the culprits would be punished according to the law, he promised.
He urged the executives to support the fight and educate their members to desist from carrying out these criminal activities.
The Vice-Chairman of the Tanker Drivers Union, Nashiru Mohammed, on his part, said he would educate his members to conduct their activity according to the regulations.
He further appealed to the NPA’s Chief Executive to help boost the level of activities at the Buipe depot to increase their business.
The General Manager, Terminal and Transmission of BOST, Josiah Ato Kwamina said in the last two years, there have been some works done at the depot to expand the capacity and operations.
He said with their current facilities, they are ready for an increase in demand.
Ghana: Residents Of Damongo Flee As Fuel Tanker ExplodesSource: https://energynewsafrica.com
Kenya Power To Lay Off Over 2000 Staff
Kenya’s power utility company has hinted at a major cost-cutting measure that would see about 2000 of its staff being laid off.
The company says it is implementing what it described as voluntary employee retirement (VER).
This plan is expected to save Kenya Power some Sh.1.54 billion.
The exercise will trim about 20 per cent of the entire workforce and would be carried out in three phases between May and June 2023 at a one-off cost of nearly Sh. 5.30 billion.
Once these employees are sent home, the national power provider will hire a fresh 830 younger, agile workforce at a cheaper cost.
Kenya Power estimates the cost of layoff and hiring new staff at Sh. 6.26 billion.
This will be funded in three equal phases in May, January 2023 and June 2023.
“The company, because of low attrition rate, has an ageing and expensive workforce resulting in staff cost growing at nearly twice the rate of revenue growth,” Acting Chief Executive Officer, Engineer Rosemary Oduor said as reported by the Kenyan media.
“In an environment where low operational costs and agility are critical requirements, productivity and quality of service have been negatively impacted.”
She added that “this calls for the company to put in place a human capital focused on a business sustainability plan that will enhance effective customer engagement, manage staff costs and infuse agility while at the same time managing knowledge transfer.”
According to Engineer Oduor, a majority of the 1,962 staff targeted in the upcoming sackings are artisans (571), technicians (180), engineers (155), clerks (151), drivers (138), craftsmen (131), commercial services officers (122), and meter readers (110).
Source: https://energynewsafrica.com
Nigeria: TCN Takes Delivery Of 15 Brand New Power Transformers To Boost Power Supply
The Transmission Company of Nigeria, TCN, has taken delivery of fifteen brand new power transformers from the Apapa port, Lagos, earlier last week, energynewsafrica.com has learnt.
The transformers comprise ten 60MVA 132/33kV and five 150MVA 330/132kV capacity transformers delivered to TCN Central Store in Ojo, Lagos State, for onward delivery to various TCN project sites across the West African nation.
According to the Acting Managing Director/CEO of TCN, Engr Sule Abdulaziz, the contract for the supply of the transformers under the Nigerian Electricity Transmission Project (NETAP) was funded by the World Bank.
He, however, said TCN decides on the project site the transformers will be installed.
He informed that on installation and connection to the grid, the 10 60MVA 132/33kV power transformers and the five 150MVA 330/132kV transformers will add 637MW and 850MW respectively to the transmission network, consequently increasing the total capacity of the transmission system by 1487MW while ensuring N-1 reliability criteria in the substations, which is strategic in enhancing grid stability.
Engr Abdulaziz noted that earlier in August last year, the World Bank also funded transformer supply contracts which brought in ten 60MVA132/33kV transformers and twenty-five earthing transformers.
Out of the ten 60MVA transformers, five were installed in Karu and Gombe Substations, two are currently being installed in Kano, and one in Lagos State.
“This is the first time in the history of TCN that it took delivery of large numbers of transformers within a short period,” he said in a statement copied to energynewsafrica.com.
“These are milestone achievements for TCN, as it strives to implement its short-term development plan under the Nigerian Electricity Grid Maintenance, Expansion, and Rehabilitation Programme (NEGMERP).
“The World Bank-sponsored NETAP project is only one of the TCN donor-funded projects aimed at expanding the transmission grid, while also prioritizing maintenance of the existing transmission infrastructures,” he said.
TCN is equally executing several projects funded by the Agence Français de Développement (AFD).
On the other hand, processes for projects funded by the African Development Bank (AfDB) is progressing very fast and TCN will soon sign contracts for 330kV & 132kV Substations. Meanwhile, the procurement of consultants for projects funded by the Japan International Cooperation Agency (JICA) will soon commence.
Source: https://energynewsafrica.com
Nigeria: AEDC Targets 180,000 Meters Installation
The Abuja Electricity Distribution Company (AEDC) is set to reducing its metering gap with the installation of 180,000 meters as it resumed its Meter Assets Provider’s (MAPs) scheme.
The company also launched an online vending platform that allows electricity customers to buy energy directly from the company’s website rather than the various third-party vendors.
Speaking at a briefing in Abuja last Tuesday, the chief technical officer, AEDC, Engr. Oluwafemi Zacchaeus explained that the relaunch of the MAP scheme was to bridge the meter demand gap after the completion of phase zero of the Federal Government’s National Mass Metering Programme (NMMP).
According to him, with the resumed MAPS scheme, willing customers will advance money to MAP/AEDC for the purchase of meters while they will be refunded through vending, after installation.
He disclosed that the MAPS framework will run till the commencement of the phase1 of the NMMP.
Zacchaeus stressed that it currently has six participating MAPS vendors- Mojec, Protogy, Turbo energy, Momas, CIG and Holley.
He noted that the AEDC is in the process of engaging more MAPs but added that only vendors with sufficient stock of meters in Nigeria will be considered.
The Technical Officer also stressed that in a bid to ensure constant availability of meters, each vendor has committed to supply 50,000 meters monthly in the Company stores across all its franchise areas.
Under the framework, AEDC is targeting a total of 135,000 single-phase and 45,000 three-phase meters going for N63,061.32 and N117,910.69 (VAT inclusive) respectively.
On his part, the company’s chief marketing officer, Donald Etim said the new vending platform was borne of the desire to create more access options for customers thus reducing the burden of additional costs.
He said with the platform, customers can now buy power directly from its website.
“With this platform, customers are not only assured of the elimination of extra charges such as service charge, commission and convenience fees, they are also assured of easy reconciliation of their account, 24/7 online real-time service, as well as instant value for the energy purchased from any part of its franchise area,” he said.
Source: https://energynewsafrica.com
Ghana: NPA To Ban Transporters Whose Truck Engage In Fuel Diversion
Ghana’s petroleum downstream regulator, the National Petroleum Authority (NPA), has served notice to ban transporters whose fuel tanker will be caught engaging in fuel diversion.
According to Dr Mustapha Abdul-Hamid, who assumed the role of CEO of NPA some seven months ago, the Authority had been lenient in the past but said that this time around, there would be no room for such illegal activities to fester.
The NPA has installed trackers and seals on tankers that transport fuel from the various depots. However, some drivers manage to break the seal and divert fuel without reaching their intended destination.
Speaking during his visit to the BOST depot in Kumasi in the Ashanti Region to end a five-day tour of the Northern Regions of Ghana, Dr Mustapha Abdul-Hamid said transporters whose tankers would be caught engaging in fuel diversion would be banned indefinitely.
“The loading of the products are done with the aid of technology but when tanker owners leave the BOST depot, instead of them going straight to wherever they are supposed to offload the product, they will go to certain unauthorised yards where they tamper with the seal of the Bulk Road Vehicles and siphon fuel. So now, we have to do real-time monitoring and by that action, immediately we see that a tanker truck is diverting, we will call the nearest police.”
Dr Mustapha Abdul-Hamid has said his primary objective is to ensure that rules and regulations are adhered to by various players in the petroleum downstream industry.
Touching on the recent explosion at Kaase, which involved a fuel tanker, suggested to be engaging in fuel siphoning, he said the state security is investigating the case, saying the authority would soon let Ghanaians know the outcome of the investigation.
Source: https://energynewsafrica.com
South Africa’s Largest Renewable Energy Project Redstone CSP Achieves First Debt Draw Down
South African Redstone concentrated solar power (CSP) project has achieved its first debt drawdown on the largest renewable energy investment in South Africa to date.
The African Development Bank acted as the Mandated Lead Arranger (MLA) and Coordinating Bank for the ZAR 11.6 billion(US$762,390,628.00) total investment, with a commitment of ZAR 2.306 billion to the transaction.
The project has also secured financing from leading international and South African financial institutions including ABSA Bank, CDC Group, Development Bank of Southern Africa (DBSA), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) Investec Bank, Nedbank Limited, Sanlam Limited, and the Industrial Development Corporation of South Africa.
Redstone is led by ACWA Power, a leading Saudi developer, investor and operator of power generation, water desalination and hydrogen plants in 12 countries, which is also the lead shareholder in Redstone with co-shareholders including the Central Energy Fund, Pele Green Energy and the local community.
Located in the Northern Cape Province of South Africa, the Redstone project will be equipped with a 12-hour thermal storage system that will deliver clean and reliable electricity to nearly 200,000 households round the clock.
The construction for the project is well underway and is currently in its ninth month of construction. The engineering works for the project is over 58% completed, whereas procurement and construction works stand at over 45% and 6% respectively. A key construction milestone, tower foundation for the project has been completed with the commencement of operations scheduled for Q4 2023.
Through the successful mobilization of international project finance, Redstone has facilitated approximately ZAR 7 billion in foreign direct investment to fund and support the strategic energy transition goals of the country.
Redstone CSP will offset an estimated 440 metric tons of CO2 emissions per year while also providing value-adding ancillary services to Eskom, and it is the first renewable energy project to offer ancillary services in the country. The project is certified under the Climate Bonds Standard and Certification Scheme and aligned with the goals of the Paris Climate Agreement which seeks to limit global warming to under 2 degrees Celsius. In addition to efficiently delivering clean energy to the national grid, the Redstone project will offer tangible socioeconomic value through utilizing local supply chains and creating job opportunities: the project will reach close to 44% local content on procurement during the construction period; create more than 2,000 construction jobs at peak, with about 400 from the local community; and create approximately 100 permanent direct jobs during the operating period.
The strategic importance of this project was recognized by the South African National Energy Association (SANEA) who awarded ACWA Power with the “Leading the way in the energy sector” Prize in October 2021.
AfDB’s Vice President in charge of Power, Energy, Climate Change and Green Growth Dr. Kevin Kariuki said: “Redstone will play an important role in South Africa’s decarbonization efforts. We are therefore pleased to have played such a prominent role in the project’s structuring and financing. Furthermore, the Bank looks forward to playing an even bigger part in supporting South Africa’s just energy transition by harnessing the abundant renewable sources of energy through innovative partnerships with the private sector.”
African Development Bank Director of Energy Financial Solution and Policy Regulations Wale Shonibare said: “This project marks a landmark project finance investment in South Africa and demonstrates the commercial viability of CSP technology in enhancing clean energy generation. Redstone’s capability to convert solar power into baseload energy at scale, aligns with AfDB’s Climate Change & Green Growth Policy and Strategy of investing for clean and inclusive growth.”
The Bank’s Director General of the Southern African Region Leila Mokaddem said: “The African Development Bank is privileged and proud to play the MLA and Coordinating Bank’s role for this largest renewable project in South Africa alongside our partners ABSA, CDC, DBSA, DEG, FMO, Investec, Nedbank, and Sanlam, reflecting our shared objectives of supporting the energy transition to address the threat of climate change across Africa.”
South Africa Boosts Capacity For Electricity GenerationSource: https://energynewsafrica.com