Masdar secures financing: Abu Dhabi Future Energy Company Masdar has raised over $225 million in financing from the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) for the Guzar project in Uzbekistan. The duo has committed up to $195.5 million and $30 million, respectively. The project will co-locate a 300 MW solar power plant and a 75 MWh battery energy storage system (BESS) in the Kashkadarya region. To be built on a design-build-operate (DBO) basis, it will supply clean energy to the JSC National Electric Grid of Uzbekistan. Masdar says the Guzar project is part of its 2 GW renewable energy portfolio in Uzbekistan. In May 2024, the World Bank announced a financing facility for Masdar’s 250 MW solar with 63 MWh BESS project in Bukhara, Uzbekistan (see Masdar Raises Financing For Uzbek Solar & Storage Project).
Solar PPA in Angola: Masdar has signed a power purchase agreement (PPA) for the 150 MW Quipungo Solar PV Project in Angola’s Huila province. It is the company’s 1st PPA in the country, signed with the state-owned offtaker, Rede Nacional de Transporte de Electricidade. Masdar says the Quipungo project is the 1st contracted site and the 1st commercial anchor facility under Project Royal Sable, which is a 500 MW renewable energy program spread across 3 sites. Once complete, this 500 MW capacity will generate over 2,000 jobs and deliver clean electricity to around 300,000 homes.
EIB financing for Egypt project: The European Investment Bank (EIB) has announced $150 million in financing for the 1.1 GW Obelisk Solar PV Project in Egypt, which is to be co-located with a 100 MW/200 MWh battery energy storage system (BESS). This marked the inauguration of phase I of the project with 500 MW solar and 200 MWh of BESS capacity in Nagaa Hammandi of Qena Governorate by Norway’s Scatec. This is the biggest hybrid PV project in Africa. The entire project capacity is scheduled to come online in 2026. Obelisk Solar Power of Scatec raised a $30 million equity bridge loan for this project from the European Bank for Reconstruction and Development (EBRD) in May 2025 (see Middle East & Africa Solar PV News Snippets).
$13.30 million for Cabo Verde: The World Bank has approved $13.30 million concessional financing for Cabo Verde’s Renewable Energy and Improved Utility Performance Project (REIUP). It will enable the development of 68 MW of new solar PV and wind generation and 12 MWh of battery storage on smaller islands and mobilize private sector participation. The funds will advance the African nation’s efforts to achieve universal access to electricity through 1,800 additional household connections. The operation is cofinanced by a $1.2 million concessional loan, a $0.41 million grant from the Canada Clean Energy and Forest Climate Facility (CCEFCF), and a $0.4 million reimbursable grant from the Global Infrastructure Facility (GIF). Cabo Verde aims to achieve 100% renewable electricity by 2040.
24 MW online in Palestine: Palestine has commissioned the ‘largest’ solar power plant of its kind in the country with 24 MW installed capacity. Prime Minister Mohammad Mustafa recently inaugurated the Noor Tubas Solar Project in Tubas Governorate. This facility will contribute to strengthening the country’s energy security, said Mustafa. According to the Palestinian Energy and Natural Resources Authority, Tubas now has around 35 MW of grid-connected solar projects, representing close to 23% of the governorate’s total electricity consumption, reported Yaffa News Network.
Acumen raises $250 million for H2R: Global impact investor Acumen says its Hardest-to-Reach (H2R) initiative has secured $250 million in blended capital. This will enable it to expand clean energy access across Sub-Saharan Africa. H2R aims to reach nearly 70 million people, including 50 million first-time energy users with distributed energy for households and small businesses. This capital raise includes the final close of H2R Amplify, the initiative’s scale-focused debt fund, at $180 million. It is supported by a new $7.8 million commitment from the Swiss Agency for Development and Cooperation (SDC), alongside $18 million in complementary grant capital that will be used to provide impact-based rewards to borrowers, it added.
Consultancy award for 150 MW in Ethiopia: The African Development Bank (AfDB) has picked South Africa’s TCE AFRICA Thabo Consulting Engineering and Portugal’s SUN BD to provide consultancy services for the feasibility study of a 150 MW solar PV project in Ethiopia. The 2 companies will prepare an environmental and social impact assessment, resettlement action plan studies, and preparation of bidding documents for the utility-scale Weranso Solar PV Project. This project will be financed by the AfDB.