1 GW floating solar project: African Export-Import Bank (Afreximbank) has announced backing for a 1 GW hybrid floating solar PV plant, planned to come up on Lake Kariba in Zimbabwe. The bank recently signed a Heads of Terms agreement for a $4.4 million project preparation facility with Green Hybrid Power Private Limited, a company led by local businessman Eddie Cross. The bank expects this to unlock an investment worth $350 million. The beneficiary will deploy the proceeds to prepare bankability and feasibility studies and to seek transaction advisors for the 1 GW project. Under the proposal, the project is to be implemented in 2 phases, including a pilot phase with 500 MW capacity. Power generated from this capacity will be sold to a consortium of blue-chip industrial and mining energy users called the Intensive Energy Users Group on a take-or-pay basis. This consortium will secure this capacity at a cost-reflective tariff under a 20-year power purchase agreement (PPA).
Back in March 2023, China Energy Engineering Group was reported to have proposed a 1 GW floating solar plant on Lake Kariba for the use of mining companies and other big energy users (see 1 GW Floating PV Power Plant Planned In Zimbabwe).
$156 million for Sun King: Off-grid solar energy company Sun King has secured a $156 million (KES 20.1 billion) securitization deal in the local currency of Kenya to expand access to affordable solar energy across the country. Arranged and structured by Citi and Stanbic Bank Kenya acting as the placement agency, the deal is backed by 5 international and local commercial banks, and 3 development finance institutions, namely British International Investment (BII), FMO, and Norfund. Citi says this is the largest securitization deal in Sub-Saharan Africa, outside South Africa. It will help 1.4 million low-income households and businesses shift from polluting fuels to clean solar power. Sun King says this will enable it to raise long-term local currency by converting customer repayments for financed solar products into investable assets.
Arctech trackers for Saudi project: Shanghai Electric has signed a solar tracker supply contract with Chinese tracker company Arctech Solar for the 2.3 GW Sadawi Solar Project in Eastern Saudi Arabia. Arctech will deliver its SkyLine II solar tracking system to the project, which it claims can withstand sandstorms and high wind speeds of up to 55 m/s. According to local media reports, Shanghai Electric will deploy bifacial solar modules for the project with a robotic cleaning mechanism.
Residential solar boost in Egypt: Crédit Agricole Egypt has partnered with renewable energy company Infinity to promote individual adoption of solar energy for the residential segment in Egypt through accessible financing. Under the initiative, Infinity customers can approach Crédit Agricole Egypt for solar loans. The initiative offers tailored solar loans with low interest rates and flexible terms with repayment terms of up to 7 years, aiming to reduce barriers to clean energy, stated the duo. It supports Egypt’s Vision 2030 and broader sustainability goals.
