Latest news with #XlinksMorocco-UKPowerProject
MTV Lebanon
03-07-2025
- Business
- MTV Lebanon
'Major setback' for Morocco power cable link plan
The government has said it will not support a controversial plan to bring renewable energy to the UK from Morocco through subsea cables that would come ashore in Devon. Those behind the Xlinks project said they were "bitterly disappointed", adding the scheme had the potential to "provide 8% of the UK's electricity needs". Concerns had been raised over the potential disruption of the project on those living close to the proposed 14km (8.5 mile) onshore underground cable route. "It's a major setback," said Johnny Gowdy, director at Regen, a not-for-profit organisation supporting the transition to a net-zero energy future. The government said it made the decision after "careful consideration". A Department for Energy Security and Net Zero (DESNZ) spokesperson said: "After careful consideration, we have decided not to support the Xlinks Morocco-UK power project. "We are grateful to the project developers for their innovative proposal. We will continue to work with Morocco and are committed to strengthening our partnership." Xlinks had requested government support for the project, including a Contract for Difference (CfD), which would guarantee a set price per MWh of electricity. In a written ministerial statement on 26 June, Energy Minister Michael Shanks said the scheme was "not in the UK national interest at this time" and "does not clearly align strategically with the government's mission to build homegrown power here in the UK". The Xlinks Morocco-UK Power Project proposed using subsea cables to bring renewable wind and solar power from Morocco to the village of Alverdiscott. Under the proposals, four cables would be buried onshore over a period of up to two years. A new electricity substation would also be built next to an existing substation at Alverdiscott, along with two new converter stations, on a site of about 32 hectares (79 acres). If planning permission was granted, the construction work in Devon would take six years. The project already has a 3.6GW connection agreement with National Grid and was designated as a project of National Significance by the previous Conservative government in 2023. Xlinks said the scheme could provide enough electricity to power seven million homes.
Zawya
10-04-2025
- Business
- Zawya
Africa Finance Corporation hits record $1bln revenue with landmark projects
Africa Finance Corporation (AFC), the continent's well-known infrastructure solutions provider, has reported its strongest financial results to date, with total revenue for the year ended 31 December 2024 exceeding $1bn for the first time in its history. This record performance marks a significant milestone in AFC's mission to close Africa's infrastructure gap through scalable, de-risked investments that attract global capital and deliver tangible development outcomes. The Corporation posted a 22.8% increase in total revenue to $1.1bn and a 22.3% rise in total comprehensive income to $400m, up from $327m in 2023. AFC's earnings growth was driven by improved asset yields, prudent cost-of-funds management and sustained traction in advisory mandates. Further significant financial highlights include: - Net interest income up 42.5% to $613.6m - Fee and commission income rose to $109m, the highest in over five years - Operating income climbed 42.7% to $709.7m - Total assets reached a record $14.4bn, a 16.7% year-on-year increase - Liquidity coverage ratio strengthened to 194%, providing over 34 months of cover - Cost-to-income ratio improved to 17.3% from 19.6% in 2023 Throughout 2024, AFC continued to scale its impact by mobilising capital for landmark projects across energy, transport, and natural resources. These included the Lobito Corridor – a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC led the initiative to secure a concession agreement within one year of the initial Memorandum of Understanding (MoU), an unprecedented achievement for a project of its scale. In the DRC, AFC also invested $150m in the Kamoa-Kakula Copper Complex, Africa's largest copper producer and one of the most sustainable globally, thanks to its high-grade ore and renewable-powered smelter. Strategic capital expansion Other milestone transactions included financing support for the commissioning of the Dangote Refinery, the largest in Africa, and continued progress on AFC-backed Infinity Power Holding's 10 GW clean energy ambition, with power purchase agreements secured in Egypt and South Africa. AFC also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1m to support early-stage development of a transcontinental renewable energy pipeline between North Africa and Europe. AFC strengthened its capital base and expanded its investor network through several landmark funding initiatives. These included a $ 1.16bn syndicated loan - the largest in its history, a $500m perpetual hybrid bond issue, and the successful execution of Nigeria's first-ever domestic dollar bond, which raised $900m at 180% oversubscription. AFC also returned to the Islamic finance market after eight years, closing a $400m Shariah-compliant facility. The year also saw strong momentum in equity mobilisation, with $181.8m in new capital raised from 10 institutional investors. These included Turk Eximbank - AFC's first non-African sovereign shareholder - the Arab Bank for Economic Development in Africa (BADEA), and several major pension funds spanning Cameroon, Seychelles, Mauritius, and South Africa. Ratings agencies affirmed AFC's robust credit profile, with AAA ratings from S&P Global (China) and China Chengxin International, and a stable A3 Outlook from Moody's. 'These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors,' said Samaila Zubairu, president and chief executive officer of AFC. 'In 2024, we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience—demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa's economic transformation.'
Reuters
09-04-2025
- Business
- Reuters
African Finance Corp reports record $1.1 billion annual revenue
LAGOS, April 9 (Reuters) - The African Finance Corporation's (AFC) revenue rose 22.8% last year to $1.1 billion, it said on Wednesday, citing project finance and infrastructure deals across Africa. The AFC said the revenue performance was its strongest to date, adding that net income rose 22.3% to $400 million, up from $327 million a year ago. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Chief Executive Samaila Zubairu said the result shows that strategic investment in African infrastructure creates lasting value for beneficiaries and investors. "In 2024 we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience, demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa's economic transformation," Zubairu said. The corporation said it mobilised capital for African projects ranging from energy to natural resources. Some of the projects funded included the Lobito Corridor, a 1,300km railway that connects Angola's port of Lobito to the Democratic Republic of Congo and Zambia. The AFC also said it invested $150 million in the Kamoa-Kakula Copper Complex in the DRC, Africa's largest copper producer. It provided financial support for the commissioning of the Dangote refinery, Africa's largest, and continued to provide support for AFC-backed Infinity Power Holding's 10GW clean energy target. The corporation said it also invested in the 15GW Xlinks Morocco-UK Power Project, providing $14.1 million to support early stage development of a transcontinental renewable energy pipeline between North Africa and Europe.
Zawya
09-04-2025
- Business
- Zawya
Africa Finance Corporation Tops US$1 Billion Revenue for First Time as Landmark Projects Unlock Growth Across the Continent
Africa Finance Corporation (AFC) ( the continent's leading infrastructure solutions provider, has announced its strongest financial performance to date, with total revenue for the year ended 31 December 2024 surpassing US$ 1 billion for the first time in the Corporation's history. This record performance marks a significant milestone in AFC's mission to close Africa's infrastructure gap through scalable, de-risked investments that attract global capital and deliver tangible development outcomes. The Corporation posted a 22.8% increase in total revenue to US$1.1 billion and a 22.3% rise in total comprehensive income to US$400 million, up from US$327 million in 2023. AFC's earnings growth was driven by improved asset yields, prudent cost-of-funds management and sustained traction in advisory mandates. Further significant financial highlights include: Net interest income up 42.5% to US$ 613.6 million Fee and commission income rose to US$109 million, the highest in over five years Operating income climbed 42.7% to US$709.7 million Total assets reached a record US$14.4 billion, a 16.7% year-on-year increase Liquidity coverage ratio strengthened to 194%, providing over 34 months of cover Cost-to-income ratio improved to 17.3% from 19.6% in 2023 Throughout 2024, AFC continued to scale its impact by mobilising capital for landmark projects across energy, transport, and natural resources. These included the Lobito Corridor – a cross-border railway development spanning Angola, the Democratic Republic of Congo (DRC), and Zambia. AFC led the initiative to secure a concession agreement within one year of the initial Memorandum of Understanding (MoU), an unprecedented achievement for a project of its scale. In the DRC, AFC also invested US$150 million in the Kamoa-Kakula Copper Complex, Africa's largest copper producer and one of the most sustainable globally, thanks to its high-grade ore and renewable-powered smelter. Other milestones transactions included financing support for the commissioning of the Dangote Refinery, the largest in Africa, and continued progress on AFC-backed Infinity Power Holding's 10 GW clean energy ambition, with power purchase agreements secured in Egypt and South Africa. AFC also invested in the 15GW Xlinks Morocco-UK Power Project, providing US$14.1 million to support early-stage development of a transcontinental renewable energy pipeline between North Africa and Europe. AFC strengthened its capital base and expanded its investor network through several landmark funding initiatives. These included a US$ 1.16 billion syndicated loan - the largest in its history, a US$500 million perpetual hybrid bond issue, and the successful execution of Nigeria's first-ever domestic dollar bond, which raised US$900 million at 180% oversubscription. AFC also returned to the Islamic finance market after eight years, closing a US$400 million Shariah-compliant facility. The year also saw strong momentum in equity mobilisation, with US$181.8 million in new capital raised from ten institutional investors. These included Turk Eximbank - AFC's first non-African sovereign shareholder - the Arab Bank for Economic Development in Africa (BADEA), and several major pension funds spanning Cameroon, Seychelles, Mauritius, and South Africa. Ratings agencies affirmed AFC's robust credit profile, with AAA ratings from S&P Global (China) and China Chengxin International, and a stable A3 Outlook from Moody's. 'These results send a clear message that strategic investment in African infrastructure creates lasting value for both beneficiaries and investors,' said Samaila Zubairu, President&CEO of AFC. 'In 2024, we exceeded the billion-dollar revenue mark, delivered game-changing projects, and reinforced our financial resilience—demonstrating the scalability of our unique model that blends purpose with performance to accelerate Africa's economic transformation.' Read the full annual report here ( Distributed by APO Group on behalf of Africa Finance Corporation (AFC). Media Enquiries: Yewande Thorpe Communications Africa Finance Corporation Mobile: +234 1 279 9654 Email: About AFC: AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC's approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth. Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 45 member countries and has invested over US$15 billion in 36 African countries since its inception.
