AMEA Power and Hidropower join hands for 125 MW solar plant in Mozambique; Daystar Power to build Nigeria's '1st' solar-grid hybrid system; Globeleq undertakes debt restructuring for South African PV plants.
125 MW solar plant in Mozambique: UAE-based renewable energy company AMEA Power and Mozambique's Hidropower will develop the 125 MW Matambo Solar Power Plant in the African nation for up to $150 million. This will be AMEA's 1st project in Mozambique. It is expected to lower the country's carbon emissions by around 232,900 tons/year and meet the growing demand for electricity. A partnership agreement was signed on the sidelines of COP28 according to Dubai International Chamber. The latter says it supported AMEA through its local office in Maputo, 'providing valuable insights and guidance on investment procedures, potential partnerships, and business requirements in Mozambique.' It also helped arrange meetings with key stakeholders and local institutions leading to the completion of this deal.
Daystar Power's Nigeria deal: Shell Group's hybrid solar power company Daystar Power has signed a tripartite agreement with Abuja Electricity Distribution Company (AEDC) and Abuja-based furniture manufacturer The Wood Factory, in Nigeria. It entails building what it says will be the 1st solar-grid hybrid system in the country. Daystar will finance, design and install the 594 kW solar plant and 600 kWh battery energy storage system (BESS). It will power The Wood Factory's operations during peak daytime hours of 9 am to 3 pm. AEDC will guarantee power supply for 18 hours outside this peak solar generation to ensure energy security. The project will enable diesel generator dependent The Wood Factory to save approximately 44% on its energy costs. The facility will also help it reduce carbon emissions by 76% annually. "For many years, we've only operated on diesel generators, which is hardly sustainable or affordable. We believe that the future of our business has become brighter with this new partnership," said Director and General Manager of The Wood Factory, Mohamed Akar.
Daystar said the project was jointly developed by the company along with the Rocky Mountain Institute (RMI) under a feasibility grant by the US Trade and Development Agency (USTDA) to optimize energy supply for Nigerian commercial and industrial (C&I) customers with distributed solar energy and grid power.
Globeleq's solar refinancing: African power company Globeleq has completed a $37 million senior debt restructuring of its South African solar plants. It will cover the 11 MW Aries Solar and the 11 MW Konkoonsies Solar plants in the Northern Cape. Both facilities have been online since 2014. The restructuring was led by Standard Bank Limited. It will lower the cost of debt and allow for a significant reduction in wholesale electricity prices from the plants, stated the company. "We have reduced the cost of power at these two plants by around ZAR129 million over the remaining ten years of the power purchase agreement. Overall, Globeleq has now restructured six of our eight plants in South Africa using the Department of Mineral Resources and Energy's IPP Office Refinancing Protocol," said Globeleq CEO Mike Scholey.
.png?w=50&fm=png){kind=logo}