Pictured is Executive Vice President, Intra-African Trade and Export Development, Afreximbank, Kanayo Awani (1st from the left in front), with Green Hybrid Power Pvt Ltd Chairperson Eddie Cross (2nd from the left in front) at the signing of the Heads of Terms agreement for a 1 GW hybrid floating solar project in Zimbabwe. (Photo Credit: African Export-Import Bank)  
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Middle East & Africa Solar PV News Snippets: Afreximbank Backs 1 GW Hybrid Floating PV In Zimbabwe & More

‘Largest’ securitization deal in Sub-Saharan Africa, for solar; Arctech Solar trackers for Saudi Arabia project; Crédit Agricole Egypt partners with Infinity for solar; BB Energy completes merchant solar power plant in Zambia.

Anu Bhambhani

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. 

BB Energy has commissioned 25 MW capacity for its Mailo Solar Project in Zambia under phase I (in the picture). By 2027, it will be expanded to 118 MW. (Photo Credit: BB Energy)

25 MW solar project in Zambia: BB Energy, UK-based energy trader, has commissioned its maiden merchant solar asset, the 25 MW Mailo Phase 1 Solar PV Plant in Zambia. The plant is now fully operational and marks its entry into power trading via the Southern African Power Pool (SAPP). It is also the 1st dedicated merchant solar power plant to trade directly into the SAPP platform. The project comprises 25 MW under phase I, 35 MW under phase II to be completed within a few months, and full expansion to 118 MW by 2027.