Latest news with #KevinKariuki
Business Insider
2 days ago
- Business
- Business Insider
AfDB approves $184.1 million for Africa's largest solar project in Egypt
The African Development Bank Group's Board of Directors has approved up to $184.1 million in financing for the Obelisk solar project in Egypt, which is set to become Africa's largest solar power plant. The African Development Bank approved $184.1 million for Egypt's Obelisk solar project. This project includes a 1-gigawatt solar PV facility and a 200MWh battery storage system. Located in Qena Governorate, its electricity will be sold under a 25-year agreement. The African Development Bank Group's Board of Directors has approved up to $184.1 million in financing for the Obelisk solar project in Egypt, which is set to become Africa's largest solar power plant. The project will feature a 1-gigawatt solar photovoltaic (PV) facility and a 200MWh battery energy storage system, according to the bank's website. Located in the Qena Governorate of southern Egypt, the project involves the design, construction, operation, and maintenance of the integrated solar and battery system. The Egyptian Electricity Transmission Company will serve as the sole off-taker through a 25-year Power Purchase Agreement. 'Obelisk is another landmark development under NWFE that leverages on Egypt's and the African Development Bank's leadership as well as commitment to harnessing the country's renewable energy to enhance the resilience of the country's energy supply to meet its fast-growing energy demand sustainably,' said Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate, and Green Growth. With a total estimated cost exceeding $590 million, the Bank Group's financing package includes $125.5 million from its ordinary resources, along with concessional funding from several Bank-managed sources: $20 million from the Sustainable Energy Fund for Africa (SEFA), $18.6 million from the Canada-African Development Bank Climate Fund (a partnership with the Government of Canada), and $20 million from the Climate Investment Fund's Clean Technology Fund. Additional funding will be raised from a consortium of development finance institutions. Under Egypt's Nexus of Water, Food, and Energy (NWFE) platform, the Obelisk solar project has been granted a Golden License, recognizing it as a strategic initiative that supports Egypt's efforts to overcome energy constraints and accelerate its clean energy transition. Dr. Rania Al-Mashat, Egypt's Minister of Planning, Economic Development and International Cooperation, described the project as a key milestone under NWFE's energy pillar. Clean energy for millions Since its launch at COP27 in Sharm El Sheikh in November 2022, the NWFE energy program has attracted $4 billion in private investment to support 4.2 GW of renewable energy capacity. The broader goal is to install 10 GW of renewable energy and phase out 5 GW of fossil fuel-based power generation by 2030, with total investments estimated at $10 billion. Expected to be fully operational by the third quarter of 2026, the Obelisk project will supply approximately 2,772 gigawatt-hours of clean, affordable, and reliable electricity to Egypt's national grid each year. The project is projected to reduce carbon dioxide emissions by around one million tons annually and generate significant socio-economic benefits, including the creation of about 4,000 jobs during construction and 50 permanent positions during operation, with a focus on employing women and youth.
Egypt Today
2 days ago
- Business
- Egypt Today
African Development Bank greenlights $184.1M to back Africa's largest solar power facility in Egypt
Cairo – June 12, 2025: The African Development Bank (AfDB) Group has approved a financing package of up to $184.1 million to back the development of the Obelisk solar project in southern Egypt. Once completed, the project will stand as Africa's largest solar power facility, with a capacity of 1 gigawatt. It will also feature a 200 MWh battery energy storage system to enhance grid stability and ensure a more consistent flow of renewable energy. To be located in Qena Governorate, the Obelisk project involves the design, construction, operation, and maintenance of a large-scale solar plant integrated with energy storage. The Egyptian Electricity Transmission Company will act as the sole off-taker under a 25-year Power Purchase Agreement. The total development cost exceeds $590 million, with the African Development Bank contributing $125.5 million from its ordinary capital resources. An additional $20 million will come from the Bank-managed Sustainable Energy Fund for Africa (SEFA), $18.6 million from the Canada-African Development Bank Climate Fund, and $20 million from the Clean Technology Fund under the Climate Investment Funds umbrella. Further funding is expected from a consortium of development finance institutions. The project has been awarded a "Golden License" under Egypt's Nexus of Water, Food, and Energy (NWFE) initiative, reflecting its strategic significance to the country's energy goals. It is part of a broader energy transition effort to install 10 GW of renewable capacity and phase out 5 GW of fossil fuel generation by 2030. 'The Obelisk solar project is another important milestone for Egypt under the energy pillar of the NWFE program which has since its launch in November 2022 at COP27 in Sharm El Sheikh delivered 4.2 GW of privately financed renewable energy investments, worth about $4 billion, with the support of partners such as the Africa Development Bank,' said Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation. Once operational—targeted for the third quarter of 2026—the plant will generate approximately 2,772 GWh of clean energy annually. The integrated battery system will enable the grid to meet peak evening demand using solar power, while also mitigating fluctuations in generation. Environmental benefits include an estimated annual reduction of one million tons of carbon dioxide emissions. Employment impact is also a key feature, with the construction phase expected to create around 4,000 jobs and 50 permanent positions during operations. Special emphasis will be placed on the inclusion of women and youth in the workforce. 'Obelisk is another landmark development under NWFE that leverages on Egypt's and the African Development Bank's leadership as well as commitment to harnessing the country's renewable energy to enhance the resilience of the country's energy supply to meet its fast-growing energy demand sustainably,' said Kevin Kariuki, AfDB Vice President for Power, Energy, Climate, and Green Growth. The initiative also received strong endorsement from international partners. 'Canada is proud to support solar energy development in Egypt. This initiative is a meaningful step toward enhancing energy security and stability, with direct benefits for the Egyptian people,' said Ulric Shannon, Ambassador of Canada to Egypt. The project is closely aligned with the African Development Bank's Ten-Year Strategy, the New Deal on Energy for Africa, and Egypt's Country Strategy Paper. It also supports SEFA's mission to catalyze renewable energy investment and help African nations transition toward low-carbon power systems. 'This project exploits the abundant renewable energy potential in Africa and demonstrates how strong partnerships and innovative solutions contribute to balancing three core objectives in the energy sector, namely energy security, affordability, and sustainable economic development,' said Wale Shonibare, Director of Energy Financial Solutions, Policy, and Regulation at AfDB. 'It has high potential for replicability across the continent.'
Yahoo
28-01-2025
- Business
- Yahoo
African nations set to light up the homes of 300 million people by 2030
Several African nations have committed to open up their electricity sectors to attract investors and light up the homes of 300 million people currently lacking power over the next six years. "Mission 300" is driving the agenda at a two-day energy summit in Tanzania. Nearly 600 million Africans live without access to electricity – higher than any other continent. A plan dubbed "Mission 300", launched by the World Bank and the African Development Bank (AfDB) last April, is now racing to connect half of those homes to power by 2030. The push aims to unlock at least $90 billion (€85 billion) in capital from multilateral development banks, development agencies, finance institutions, private businesses and philanthropies, according to the Rockefeller Foundation, which is part of the initiative. "We want to expand and rehabilitate our electricity grids using the least cost possible," said Kevin Kariuki, vice president for infrastructure at the AfDB during a two-day energy summit of African heads of state in Tanzania's commercial capital, Dar es Salaam. Multilateral development banks and commercial banks represented at the summit will use the country's commitments to persuade their clients to invest in Africa's energy sectors, said World Bank President Ajay Banga. Read more on RFI EnglishRead also:Africa's nuclear dreams a fusion of high hopes and high hurdlesSouth Africa plunged into darkness with whopping six-hour power cutsHow much of Africa's energy needs can be met with renewables?
Zawya
27-01-2025
- Business
- Zawya
African nations seek to connect 300 mln people to power by 2030
Several African nations committed on Monday to open up their electricity sectors to attract investors and light up homes of 300 million people currently lacking power in the next six years. The continent has the highest number of people without access to electricity globally and is racing to connect homes to power by 2030 under a plan dubbed "Mission 300" launched by the World Bank and the African Development Bank (AfDB) in April. The push aims to unlock at least $90 billion in capital from multilateral development banks, development agencies, finance institutions, private businesses and philanthropies, according to the Rockefeller Foundation, which is part of the initiative. "We want to expand and rehabilitate our electricity grids using the least cost possible," said Kevin Kariuki, vice president for infrastructure at the AfDB during an energy summit of African heads of state in Tanzania's commercial capital. Nigeria, Senegal, Zambia and Tanzania were among a dozen countries that committed to reform their electricity utility companies, push renewable energy integration and raise national electricity connection targets. Multilateral development banks and commercial banks represented at the summit will use the country's commitments to persuade their clients to invest in Africa's energy sectors, said World Bank President Ajay Banga. Providing 300 million people with access to electricity, half of those currently without power on the continent, is a crucial building block for boosting Africa's development by creating new jobs, Banga said. The World Bank expects to spend $30-40 billion on the plan, Banga said, while the AfDB will provide $10-15 billion, and the rest will come from private investors and other sources. "The World Bank will pay countries as part of our support only when they make the (regulatory and policy) changes," Banga said. Private capital has in the past blamed unfriendly regulations, red tape and currency risks for making investments in Africa's electricity sector hard. Half of the targeted new connections will get electricity from existing national grids, the World Bank and the AfDB said, while the other half will be from renewable energy sources, including wind and solar mini-grids. (Reporting by Duncan Miriri, editing by David Evans)
Reuters
27-01-2025
- Business
- Reuters
African nations seek to connect 300 mln people to power by 2030
DAR ES SALAAM, Jan 27 (Reuters) - Several African nations committed on Monday to open up their electricity sectors to attract investors and light up homes of 300 million people currently lacking power in the next six years. The continent has the highest number of people without access to electricity globally and is racing to connect homes to power by 2030 under a plan dubbed "Mission 300" launched by the World Bank and the African Development Bank (AfDB) in April. The push aims to unlock at least $90 billion in capital from multilateral development banks, development agencies, finance institutions, private businesses and philanthropies, according to the Rockefeller Foundation, opens new tab, which is part of the initiative. "We want to expand and rehabilitate our electricity grids using the least cost possible," said Kevin Kariuki, vice president for infrastructure at the AfDB during an energy summit of African heads of state in Tanzania's commercial capital. Nigeria, Senegal, Zambia and Tanzania were among a dozen countries that committed to reform their electricity utility companies, push renewable energy integration and raise national electricity connection targets. Multilateral development banks and commercial banks represented at the summit will use the country's commitments to persuade their clients to invest in Africa's energy sectors, said World Bank President Ajay Banga. Providing 300 million people with access to electricity, half of those currently without power on the continent, is a crucial building block for boosting Africa's development by creating new jobs, Banga said. The World Bank expects to spend $30-40 billion on the plan, Banga said, while the AfDB will provide $10-15 billion, and the rest will come from private investors and other sources. "The World Bank will pay countries as part of our support only when they make the (regulatory and policy) changes," Banga said. Private capital has in the past blamed unfriendly regulations, red tape and currency risks for making investments in Africa's electricity sector hard. Half of the targeted new connections will get electricity from existing national grids, the World Bank and the AfDB said, while the other half will be from renewable energy sources, including wind and solar mini-grids.
