Financial close for 2 GW: A Masdar-led consortium has achieved financial close for the 2 GW Al Sadawi Solar PV Project in Saudi Arabia. Being developed under the government’s National Renewable Energy Program (NREP), the project is estimated to cost $1.1 billion. For this, the consortium had secured project financing facilities with 8 leading regional and international lenders, namely Standard Chartered Bank, KEXIM, ADCB, BNP Paribas, ADIB, Bank of China, HSBC, and Société Générale. Masdar, GD Power, and Korea Electric Power Corporation will build the project on a build, own, operate (BOO) basis and bring it online in early 2027. The consortium signed a 25-year power purchase agreement (PPA) with Saudi Power Procurement Company (SPPC) when it won the project in 2024 for the winning bid of $1.2926/kWh (see Masdar-Led Consortium Wins 2 GW Solar Project In Saudi Arabia).
150 MW solar tender in Bahrain: The Electricity and Water Authority (EWA) of Bahrain plans to launch the country’s 1st solar power plant with up to 150 MW capacity. It will tender this capacity in September 2025, and commercial operations are targeted to begin in Q3 2027. It is planned to be located in the southern part of the country, near Bilaj Al Jazayer, covering a total area of approximately 1.2 km2. EWA called the initiative a ‘cornerstone’ of the country’s National Renewable Energy Plan under which it seeks to raise the share of clean energy to 20% of its energy mix by 2035.
Loan for 60 MW AC in Mauritius: French renewable energy company Qair Group has announced the closing of a new loan for a hybrid solar PV and battery energy storage system (BESS) project in Mauritius. The new loan from SBM Bank (Mauritius) Ltd. will enable it to implement 4 hybrid solar and storage projects, representing a combined 60 MW AC capacity. It will contribute to the country’s goal of reaching 60% renewable energy capacity in its electricity mix by 2030. Qair signed 4 power purchase agreements (PPA) with the Central Electricity Board (CEB) for this project in 2023 (see CEB Mauritius Signs Up For 60 MW AC Solar & Storage).
52 MW solar plant in Côte d'Ivoire: Côte d'Ivoire’s Ministry of Mines, Petroleum and Energy has signed a 25-year concession agreement with Tongon Solaire for the development of a 52 MW solar power plant in the country. It will be located in M'Bengué, in the Poro region. Tongon estimates an investment of XOF 35 billion ($58 million). According to the company, the project is expected to generate clean electricity for over 30,000 households.
Solar finance partnership: African banking group Diamond Trust Bank (DTB) and solar technology company Sun King have signed a memorandum of understanding (MoU) to boost solar adoption among homeowners in Nairobi, Kenya. They have launched a new Solar Finance Product. It is aimed at providing loans to salaried individuals to boost demand for solar. An affiliate of the Aga Khan Development Network (AKDN), the bank operates in Kenya, Tanzania, Uganda, and Burundi. “Through this partnership, customers can now access clean, reliable, and affordable solar energy, with the convenience of flexible repayment options and professional installation by one of Africa’s leading solar providers,” said DTB. It will target homeowners with an interest in home improvement and cost-saving solutions in peri-urban areas of Nairobi in Kenya, according to a report of Hapa Kenya.
.png?w=50&fm=png){kind=logo}