Niger: AfDB Approves Over $144M To Enhance Energy Access And Economic Competitiveness
The African Development Bank Group has approved a loan of $144.27 million to the Republic of Niger for the first phase of a program aimed at reforming energy sector laws and addressing the country’s critical power shortage.
The West African nation is implementing an Energy Sector Governance and Competitiveness Support Program to address governance challenges by strengthening public financial management systems, particularly tax revenue mobilization and control.
The program will also support the clearance of domestic arrears, public-private dialogue, and the adoption of an industrial and commercial policy to bolster support for Nigerien businesses.
The Bank’s support will underpin ambitious energy objectives, including increasing national electricity access from 22.5% to 30% by 2026, while boosting manufacturing’s contribution to GDP from 2.5% to 3.8%.
A key component focuses on the renewable energy capacity development framework and includes plans to generate 240 MW of solar energy by 2030, with 50 MW coming online before December 2026. The program particularly emphasizes social inclusion, with specific measures to support internally displaced persons, women, and youth.
With over 507,000 internally displaced persons nationwide due to security challenges in the Sahel region, targeted interventions will ensure that vulnerable populations benefit from improved economic opportunities.
Despite challenges, the Nigerien economy has shown remarkable resilience, with GDP growth climbing to 8.8% in 2024, and oil production expected to increase from 20,000 to 90,000 barrels per day by 2026.
However, only 22.5% of the population enjoys access to electricity, one of the lowest rates in West Africa.
In rural areas, where 80% of Nigeriens live, only 4.5% have access to electricity, forcing families to rely on biomass for 94% of their energy needs.
Niger’s strategic energy compact, formally adopted by decree, provides a framework to attract $527 million in private sector investment by 2030.
The project will establish high-level coordination mechanisms and update national energy policies to create an enabling environment for private participation in mini-grid developments crucial for rural electrification.
“This program represents our commitment to supporting Niger’s economic recovery and energy independence,” said Lamin Barrow, African Development Bank Director General for West Africa.
“By improving access to energy and strengthening governance frameworks, we are helping to lay the foundations for sustainable growth that will benefit all Nigeriens, particularly the most vulnerable populations.”
Source: https://energynewsafrica.com
Burkina Faso: AfDB Supports Burkina Faso’s Renewable Energy Ambitions With €6 Million Funding For Dédougou Solar Project
The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) has committed €6 million in concessional finance to support the development of an 18 MW solar power plant in Dédougou, Burkina Faso.
The funding package includes a €2.5 million senior concessional loan and a €3.5 million reimbursable grant, complemented by loans from the Dutch Entrepreneurial Development Bank (FMO).
The Dédougou Solar Power Plant is part of the Desert-to-Power initiative, a flagship program led by the African Development Bank aimed at transforming the Sahel region into a major solar energy hub.
The project aligns with Burkina Faso’s national roadmap and will help increase the country’s energy generation capacity, diversify its energy mix, and provide reliable and affordable electricity to support economic growth and local livelihoods.
The project is expected to have a significant impact on the region, reducing electricity costs and boosting access to energy. It will also prioritize sustainability through a comprehensive Environmental and Social Management System, ensuring responsible operations and mitigating potential environmental and social risks.
Dr. Daniel Schroth, Director for Renewable Energy and Energy Efficiency at the African Development Bank, hailed the project as a significant milestone for Burkina Faso and the Sahel region, demonstrating the potential for solar energy to drive inclusive and sustainable development.
Abdoulaye Toure, CFO of Qair Africa, the project’s developer, expressed gratitude to SEFA and FMO for their support, saying it marked a significant milestone in Qair’s journey in Burkina Faso and reflected the company’s commitment to accelerating the energy transition across Africa.
The Dédougou Solar Power Plant is expected to serve as a model for future renewable energy projects in the Sahel region, accelerating the transition towards sustainable power and fostering economic growth and development.
Source: https://energynewsafrica.com
U.S. Gives Chevron Green Light To Return To Venezuela
The US government has granted Chevron a sanction exemption for its operations in Venezuela, but only on the condition that no money from these operations would go to the Venezuelan government, according to Reuters, citing unnamed sources.
A week ago, Reuters reported that the US government was considering reversing its earlier decision to force Chevron out of Venezuela amid a new sanction push against the Maduro government. Chevron was cautious in its reaction to the report.
“Chevron conducts its business globally in compliance with laws and regulations applicable to its business, as well as the sanctions frameworks provided for by the US government, including in Venezuela,” the company said last week in reaction to the news it could be allowed to return to Venezuela, where it produced some 240,000 barrels of oil daily.
Amid these reports, ING predicted that Venezuelan crude oil supply would gradually return over the second half of the year. TradeWinds forecast a rebound in demand for Aframax and Suezmax tankers following the decision.
Kpler noted in a commentary that the exemption granted to Chevron would result in a price correction for heavy crude grades. The data analytics provider said the exemption was “expected to help cool the heat in the heavy crude market — albeit arriving somewhat late, as the peak summer demand season is nearing its end.”
Kpler senior crude oil analyst Muyu Xu added, “Nevertheless, it introduces upside risk to global supply just as the market is on the brink of shifting into oversupply by late Q3.” The US was importing Venezuelan crude at a peak rate of around 300,000 barrels daily last year and early this year, according to Kpler.
Source: https://energynewsafrica.com
Kenya: KenGen Unveils First Battery Storage System To Power Data Center
Kenya’s Electricity Generating Company PLC (KenGen) has commissioned a new Battery Energy Storage System (BESS) to provide reliable and uninterrupted power supply from renewable energy to its modular data center.
The newly installed 1.16 megawatt-hour (MWh) battery system will serve the company’s 52-kilowatt Modular Data Center (MDC) at its headquarters in Nairobi.
The storage system is designed to guarantee stable electricity supply even during periods of low grid demand, underscoring the role of battery technology in enhancing energy resilience.
In a statement, the Managing Director and CEO of KenGen, Eng. Peter Njenga, said the move marks a significant step toward a low-carbon, digitally resilient future, marking a new frontier in Kenya’s long-term green energy strategy.
“By integrating battery storage into our data infrastructure, we are not only reducing our carbon footprint but also showcasing how energy utilities can lead in sustainable innovation,” he said.
The facility is expected to serve internal operations while providing a model for how utilities can use renewable storage to meet rising computing and connectivity demands.
The launch comes as a key pedestal for its Good to Great (G2G) 2034 strategic blueprint, which targets the rollout of 500 MWh of energy storage capacity over the next decade.
BESS is essentially a large-scale rechargeable battery that can store energy when it’s abundant, often from renewable sources like solar or wind, and then release it when needed.
The system offers multiple advantages, including improved grid stability, energy independence, cost efficiencies, and seamless backup capabilities.
It plays a crucial role in integrating renewable energy sources by storing excess energy produced during off-peak hours or when the sun isn’t shining or the wind isn’t blowing. When electricity enters the BESS, it is converted into chemical energy and stored within the battery cells.
An Energy Management System (EMS) monitors and manages the charging and discharging of the batteries, optimizing efficiency and battery life.
For power to be discharged, the stored chemical energy is converted back into electrical energy using a power conversion system (PCS), which converts the DC (Direct Current) from the batteries to Alternating Current (AC) power for use by the grid.
Source: https://energynewsafrica.com
“By integrating battery storage into our data infrastructure, we are not only reducing our carbon footprint but also showcasing how energy utilities can lead in sustainable innovation,” he said.
The facility is expected to serve internal operations while providing a model for how utilities can use renewable storage to meet rising computing and connectivity demands.
The launch comes as a key pedestal for its Good to Great (G2G) 2034 strategic blueprint, which targets the rollout of 500 MWh of energy storage capacity over the next decade.
BESS is essentially a large-scale rechargeable battery that can store energy when it’s abundant, often from renewable sources like solar or wind, and then release it when needed.
The system offers multiple advantages, including improved grid stability, energy independence, cost efficiencies, and seamless backup capabilities.
It plays a crucial role in integrating renewable energy sources by storing excess energy produced during off-peak hours or when the sun isn’t shining or the wind isn’t blowing. When electricity enters the BESS, it is converted into chemical energy and stored within the battery cells.
An Energy Management System (EMS) monitors and manages the charging and discharging of the batteries, optimizing efficiency and battery life.
For power to be discharged, the stored chemical energy is converted back into electrical energy using a power conversion system (PCS), which converts the DC (Direct Current) from the batteries to Alternating Current (AC) power for use by the grid.
Source: https://energynewsafrica.com Ghana: Energy Sector Accounts For 86% Of Irregularities-Auditor General’s Report
Ghana’s energy sector remains one of the key sectors of the economy that is putting pressure on the West African nation’s public spending, 2024 Auditor-General’s Report has revealed.
The 2024 Auditor-General’s report revealed a whopping GH¢15.8 billion, representing 86% of all public spending on irregularities, which originated from institutions under the Ministry of Energy.
These irregularities across public boards and statutory bodies amounted to GH¢18.4 billion, and it has doubled from the figure in the 2023 report.
The rate of irregularities shows systemic failures, specifically in revenue reporting, procurement, debt recovery, and contract compliance in the energy sector ecosystem.
At the nerve-centre of this is the Electricity Company of Ghana (ECG), where financial misreporting and weak internal controls resulted in most of the most critical irregularities.
In 2023, ECG underestimated over GH¢2.95 billion in revenue.
Rather than reporting the actual collection of GH¢11.59 billion, the company disclosed only GH¢8.64 billion to the Ministry of Energy and other related authorities.
The worst of ECG’s bad acts was its refusal to disburse GH¢1.29 billion in collected revenue to state-owned enterprises and Independent Power Producers (IPPs) under the Cash Waterfall Mechanism.
These infractions were pointed out by the Auditor-General as misleading and unjustified, representing major infractions of public trust and financial transparency
cover-up, and also refusal by the company to remit GH¢70.9 million in taxes to the Ghana Revenue Authority (GRA).
Besides, the company’s procurement practices were wrongly founded.
Rather than procuring directly from manufacturers, ECG purchased materials through middle-men increasing operational cost to over GH¢251 million and also paid GH¢75 million to Hubtel Limited for a digital payment platform minus legally binding contracts.
The audit also revealed that Hubtel collected over GH¢10.3 billion in revenue for ECG and took 1.5% commission before depositing the remainder, which is an infringement on the public financial regulations that demand gross collections to be accounted for before deductions.
The contract became effective in March 2024 but made operational retrospectively from January 2023, and it was promulgated without proper procurement clearance from the Public Procurement Authority.
Source: https://energynewsafrica.com
Ghana: Minister For Energy And Green Transition Visits Energy Commission
The Minister for Energy and Green Transition, Hon. John Abdulai Jinapor, has visited the Energy Commission as part of his familiarization tour of key energy institutions.
He was received by the Executive Secretary, Ms. Eunice A. Biritwum, and the management team, who presented a comprehensive overview of the Commission’s mandate, achievements, structure, and challenges.
Notable highlights included the launch of a solar-powered electric vehicle charging station, development of national EV standards, enforcement of appliance efficiency regulations, and certification of more than 18,000 professionals under the Electrical Wiring Regulations.
The Minister addressed key concerns raised by management and encouraged continued dialogue for deeper collaboration, while reaffirming the Commission’s strategic advisory role to the Ministry.
In an open engagement with staff, Hon. Jinapor commended the Commission’s work and urged staff to serve with dedication and ownership, stating: “Treat this organization as if it is your own. Do your best to serve Ghana, and I will advocate for your welfare.”
He also emphasized the importance of staff well-being and praised the appointment of Ms. Eunice A. Biritwum as the Commission’s first female Executive Secretary, underscoring his commitment to inclusive leadership.
The visit was well-received and left staff and management inspired by the Minister’s openness, vision, and encouragement to continue driving Ghana’s energy transition agenda.
Source: https://energynewsafrica.com
The Minister addressed key concerns raised by management and encouraged continued dialogue for deeper collaboration, while reaffirming the Commission’s strategic advisory role to the Ministry.
In an open engagement with staff, Hon. Jinapor commended the Commission’s work and urged staff to serve with dedication and ownership, stating: “Treat this organization as if it is your own. Do your best to serve Ghana, and I will advocate for your welfare.”
He also emphasized the importance of staff well-being and praised the appointment of Ms. Eunice A. Biritwum as the Commission’s first female Executive Secretary, underscoring his commitment to inclusive leadership.
The visit was well-received and left staff and management inspired by the Minister’s openness, vision, and encouragement to continue driving Ghana’s energy transition agenda.
Source: https://energynewsafrica.com Ghana: PURC Achieves 97.5 Per Cent Complaint Resolution In Upper East Region
The Upper East Regional Office of the Public Utilities Regulatory Commission (PURC) has achieved remarkable success in its operations within the first half of 2025.
At the beginning of this year, the office received a total of 636 complaints from aggrieved electricity and water consumers in both the Upper East and North East regions.
Out of these, 593 complaints were lodged against the Northern Electricity Distribution Company (NEDCo), while the remaining 43 were lodged against Ghana Water Limited (GWL).
NEDCo resolved 580 complaints, representing 97.8 per cent (580/593), while Ghana Water resolved 40 out of 43 complaints, representing 93 per cent (40/43).
Cumulatively, the total complaints resolved by the close of June stood at 97.5 per cent, with the remaining 2.5 per cent still at various stages of the Commission’s complaint management processes.
The remaining complaints are mostly related to faulty or damaged poles and transformers awaiting replacement.
Nonetheless, NEDCo has been able to replace five transformers and nine faulty poles within the same period under the PURC’s effective supervision.
An amount of GH¢385.00 was awarded in favour of a GWL customer.
The Upper East Region office of the PURC was opened in 2022 to bring its services closer to consumers in both the Upper East and North East regions.
Over the past three and a half years, the regional office has credibly performed its supervisory role over the two main utility service providers, resulting in many positives, including enhanced service provider-customer relationships, improved service delivery, and a deeper understanding of consumers’ rights and obligations.
Source:https://energynewsafrica.com
Ghana: Energy Media Group To Launch 9th Ghana Energy Awards On August 12
The Energy Media Group, organizers of the prestigious Ghana Energy Awards, is set to host the official media launch of the 9th edition of the Awards on Tuesday, August 12, 2025, at the Airport View Hotel in Accra.
The event is expected to bring together key stakeholders from the energy sector and the media to officially unveil this year’s theme and award categories, as well as mark the opening of the nominations window for the 2025 edition.
Now in its ninth year, Ghana’s premier energy awards scheme continues to serve as a credible and industry-recognized platform that honors excellence, innovation, and leadership within the energy value chain.
The Awards are proudly endorsed by the Ministry of Energy and Green Transition, its allied agencies, and the World Energy Council, Ghana.
Serving as Special Guest of Honour, the Minister for Energy and Green Transition, Hon. John Abdulai Jinapor, is expected to grace the occasion, reaffirming the Ministry’s continued support for the Awards and its role in promoting industry excellence.
Leading up to the Awards Night, the media launch also signals the start of a lineup of pre-event activities.
These will include the Energy Personalities Outreach Programme, media engagements, and site visits to nominees’ projects.
Source: https://energynewsafrica.com
Togo: Lomé To Host 160,000 Metric Ton Capacity Floating Fuel Terminal
Togo’s capital city, Lomé, will host a floating terminal with a capacity to hold 160,000 metric tons of petroleum products starting next month (August 2025).
This new oil infrastructure will comprise 60,000 metric tons of gasoline and 100,000 metric tons of diesel, stored on a vessel anchored offshore, operated by United Petro Group (UPG).
The facility aims to ensure an uninterrupted supply of petroleum products to key markets in West and Southern Africa, including Ghana, South Africa, and Mozambique.
According to United Petro Group, the Lomé platform addresses the limited onshore storage capacity in the region, where fewer than 6% of facilities exceed 150,000 cubic meters.
The floating terminal also arrives as nearly 70% of West Africa’s fuel surpluses are already stored off the coast of Togo, establishing the country as a strategic oil trading hub.
While the infrastructure is expected to strengthen Lomé’s position as a hub for hydrocarbon flows in the subregion and beyond, the strategy faces criticism, particularly from regional players in the sector.
For instance, Nigerian cement and refining magnate Aliko Dangote has criticized what he views as a counterproductive system.
He contends that Lomé’s offshore platform would severely undermine the viability of any refinery in sub-Saharan Africa.
“In fact, I don’t see any new major refining project succeeding with the offshore Lomé market in existence,” he said, as reported by Nigerian media outlet Vanguard and cited by Togo First.
He accuses international traders of maintaining floating stockpiles to manipulate prices, to the detriment of local refining capacity.
His comments come as he continues to support his $20 billion mega-refinery project, which still faces challenges securing crude oil supplies.
In Lomé, however, officials emphasize the efficiency of maritime trade and the logistical resilience offered by the deep-water port.
The conflict between these two visions highlights growing tensions around Africa’s energy future.
For now, the West African nation appears set to consolidate its position, navigating between economic pragmatism and geopolitical pressure.
Source: https://energynewsafrica.com
Ghana: ECG Cautions Public Against Unauthorized Meter Transfers
The Electricity Company of Ghana (ECG) has cautioned the public against the unauthorized transfer of electricity meters, describing the act as illegal and punishable by law.
According to ECG, all meters issued by the company are registered to specific locations and must not be moved without formal approval.
Unauthorized transfers, the utility provider says, can disrupt billing systems, cause service challenges, and result in legal action.
Speaking to the media Dr. Charles Nii Ayiku Ayiku, General Manager for External Communications at ECG, explained that meter transfers are strictly regulated and permitted only under specific conditions.
“A meter issued by ECG is registered to a particular location. It cannot be transferred, especially from immovable structures such as residential buildings,” he said.
However, ECG clarified that meter transfers are allowed only for movable structures, such as containers and kiosks, and even then, only within the same ECG district.
“These transfers must be carried out by ECG-authorized personnel upon official request. Transfers involving permanent or immovable structures are strictly prohibited,” Dr. Ayiku emphasized.
He warned that customers who move meters without authorization risk facing criminal prosecution.
“Transferring a meter without ECG’s consent is a violation of both company policy and national laws. We urge customers to follow due process,” he added.
The company urged the public to report any suspicious meter activity or irregularities through its district offices or verified communication channels.
Dr. Ayiku concluded by encouraging its cherished customers to support ECG’s efforts in ensuring reliable and safe power supply.
Source: https://energynewsafrica.com
Ukraine Signs First Transbalkan Gas Deal With Azerbaijan’s SOCAR
Ukraine’s state-owned oil and gas major Naftogaz has signed its first deal with Azerbaijan’s SOCAR to import a small volume of Azeri-origin natural gas via the Transbalkan route, according to a Reuters report.
“For the first time, a test shipment of gas is being delivered through the Transbalkan route along the Bulgaria–Romania–Ukraine corridor,” Naftogaz said in a statement on its website.
The Ukrainian company said the agreement was for a small volume of gas, but did not specify a timeline.
“This is a small volume but strategically important step that paves the way for long-term cooperation,” Naftogaz CEO Serhiy Koretskyi was quoted as saying in the statement.
Ukraine had said in May that its energy regulator had approved a gas import mechanism that would avoid the high transit fees for gas supplied through the Transbalkan pipeline from Greece to Ukraine.
Ukraine has faced a serious gas shortage since a series of devastating Russian missile strikes this year, which significantly reduced domestic gas production.
Ukraine imports gas via Slovakia and Hungary but has not used the southern route because of its higher transit tariffs, as gas from LNG terminals in Greece also passes through Bulgaria, Romania, and Moldova.
Ukrainian analysis firm ExPro earlier this month said that Ukraine had more than 9 billion cubic meters (bcm) of gas in its underground storage facilities as of July 17, while it plans to accumulate around 13 bcm for the 2025/26 winter heating season.
It noted that the reserves were 13.9% down compared with the same period last year and were at their lowest in the last 12 years.
Source: https://energynewsafrica.com
Ghana: NPA Inaugurates Steering Committee To Drive 24-Hour Economy In Petroleum Sector
Ghana’s petroleum downstream regulator, the National Petroleum Authority (NPA), has inaugurated a Steering Committee to spearhead the implementation of the government’s flagship 24-Hour Economy initiative in the petroleum downstream sector.
The committee, comprising NPA staff and industry stakeholders, will be chaired by the Chief Executive Officer of NPA, Godwin Kudzo Tameklo Esq.
Speaking at the brief ceremony on Friday, July 25, 2025, Mr. Godwin Edudzi Tameklo Esq. emphasized the centrality of the petroleum sector in achieving the 24-Hour Economy vision.
“Energy is the lifeblood of any continuous production economy. Our ability to ensure the availability and reliability of petroleum products day and night will be a game-changer,” he stated.
The committee is expected to develop a regulatory and operational framework to support the seamless delivery of petroleum services across retail, storage, transportation, and distribution networks. This includes setting clear strategies and timelines for transitioning the sector to 24/7 functionality.
In his remarks on behalf of the Presidential Advisor on the 24-Hour Economy, Ing. Roland Azuvugu outlined the initiative’s eight strategic pillars.
These include addressing infrastructure bottlenecks, ensuring capital access, improving human resource development, enhancing safety and security, and embracing digitalization—all aimed at enabling businesses across sectors to operate continuously.
Industry stakeholders, including the Chamber of Bulk Oil Distributors (CBOD) and the Chamber of Oil Marketing Companies (COMAC), welcomed the move.
They called for urgent upgrades to critical infrastructure, such as tank farms, loading gantries, and real-time tracking systems, as well as stronger security around key petroleum installations, to support uninterrupted service delivery.
The newly launched committee is expected to begin consultations with players across the value chain to ensure inclusive planning and coordinated implementation. The 24-Hour Economy and accelerated export development policy of the government aims to expand job creation, boost national output, and increase access to essential services through the promotion of continuous business operations.
Source: https://energynewsafrica.com
The committee is expected to develop a regulatory and operational framework to support the seamless delivery of petroleum services across retail, storage, transportation, and distribution networks. This includes setting clear strategies and timelines for transitioning the sector to 24/7 functionality.
In his remarks on behalf of the Presidential Advisor on the 24-Hour Economy, Ing. Roland Azuvugu outlined the initiative’s eight strategic pillars.
These include addressing infrastructure bottlenecks, ensuring capital access, improving human resource development, enhancing safety and security, and embracing digitalization—all aimed at enabling businesses across sectors to operate continuously.
Industry stakeholders, including the Chamber of Bulk Oil Distributors (CBOD) and the Chamber of Oil Marketing Companies (COMAC), welcomed the move.
They called for urgent upgrades to critical infrastructure, such as tank farms, loading gantries, and real-time tracking systems, as well as stronger security around key petroleum installations, to support uninterrupted service delivery.
The newly launched committee is expected to begin consultations with players across the value chain to ensure inclusive planning and coordinated implementation. The 24-Hour Economy and accelerated export development policy of the government aims to expand job creation, boost national output, and increase access to essential services through the promotion of continuous business operations.
Source: https://energynewsafrica.com Nigeria: President Tinubu Seeks More Time To Verify ₦4 Trillion Debt To Gencos
Nigeria’s President Bola Ahmed Tinubu has pleaded with power generation companies in Africa’s most populous nation to give his administration ample time to complete the verification and validation of longstanding debts owed to them.
According to the President, his administration is committed to resolving the liquidity challenges confronting Nigeria’s power sector to guarantee reliable electricity supply.
President Tinubu made the plea during a meeting with members of the Association of Power Generation Companies at the Presidential Villa in Abuja last weekend.
“I accept the assets and liabilities of my predecessors, and there is no question about that. But that acceptance must be on credible grounds. I need to wear the audit cap of verifiability, authenticity, and the fact that this inheritance is not a mere deodorant but a support structure for critical economic and industrial promotion.”
The President stressed the need for patience from GENCOs and financial institutions, noting that government agencies are actively engaging audit and legal firms to scrutinize the claims.
“We are here. So, market it to your other colleagues. Give us time to do verification and validation of the numbers,” he said.
President Tinubu said the industry’s long-neglected legacy issues are now receiving the attention they deserve. “This is a longstanding issue that is now being dealt with. I know how much we have been able to save on fuel subsidies. We introduced the alternative, CNG, to bring relief back to the people.”
The President emphasized the government’s commitment to creating a stable investment environment and avoiding extreme measures, such as bank asset foreclosures, against the generation companies.
“To our friends in the banking sector, I ask that we avoid foreclosures. Sharpen your pencils, but keep an eraser handy. Let’s persevere together.”
Describing electricity as “the most important discovery of humanity in the last 1,000 years,” the President reaffirmed that access to electricity is fundamental to economic growth and human dignity.
The Special Adviser to the President, Ms. Verheijen, attributed the liquidity crisis to “a combination of unfunded tariff shortfalls and market shortfalls” that has built up over a decade. She stated that as of April 2025, the Federal Government is carrying a verified exposure of ₦4 trillion in debts to GENCOs, an accumulation dating back to 2015.
The Minister of Power, Chief Adebayo Adelabu, commended President Tinubu for the attention given to the power sector, stating that the administration’s reforms have restored investor confidence and improved performance across the electricity value chain.
Source: https://energynewsafrica.com
South Africa: AfDB, South Africa Sign US$474.6M Loan For Just Energy Transition
South Africa and the African Development Bank (AfDB) have signed a US$474.6 million loan agreement aimed at supporting the implementation of the Just Energy Transition (JET). According to a report by the South African News Agency, the loan agreement follows the first policy loan concluded in 2023 to support South Africa’s Just Energy Transition.
“This new agreement highlights the importance of South Africa’s partnership with the AfDB in advancing South Africa’s development agenda,” the National Treasury said.
“It strengthens efforts to improve energy security measures, accelerate the decarbonization of the economy, and enhance the socio-economic benefits of the energy transition, enabling inclusive economic growth and fostering job creation.”
This loan is part of the third Development Policy Operation, which includes participation from the World Bank, KfW Development Bank, Japan International Cooperation Agency, and the Organization of the Petroleum Exporting Countries Fund for International Development (OPEC Fund), to support structural reforms to enhance the efficiency, resilience, and sustainability of the country’s infrastructure services.
The loan offers favorable concessional financial terms at a nominal value of US$474.6 million, with a maturity of 15 years and a 3-year grace period at an interest rate of a daily Secured Overnight Financing Rate (SOFR) plus 1.22%.
“The National Treasury wishes to express its appreciation to the AfDB for its continued partnership and support of South Africa’s development objectives,” the statement added.
“This includes efforts to implement critical reforms in the energy and transport sectors, while also advancing the country’s Just Energy Transition goals and meeting foreign currency commitments at lower interest rates.”
Source: https://energynewsafrica.com