$30 million for Scatec project: A Scatec project company, Obelisk Solar Power, has secured a $30 million equity bridge loan from the European Bank for Reconstruction and Development (EBRD). It will use the proceeds to finance a 1 GW AC solar plant with 200 MWh of battery storage located in Nagaa Hammadi, for which construction has begun on site. According to the bank, this will be one of the first hybrid renewable energy projects in Egypt and will work as a pilot for the uptake of this technology in the country. Scatec says the project will be constructed in 2 phases, comprising 561 MW solar+100 MW/200 MWh storage to come online under phase I by H1 2026. This will be followed by 564 MW solar in H2 2026 under phase II. Apart from the EBRD, the project is also supported by a $90 million equity bridge loan from The Arab Energy Fund. Total CapEx for the project is approximately $590 million.
€26.5 million for Togo solar project: The African Development Bank (AfDB) has approved a €26.5 million financing package for the development of a 62 MW greenfield solar PV plant in Sokodé, Togo. This includes a loan of up to €18.5 million from the bank and a concessional loan of up to €8 million from the bank-managed Sustainable Energy Fund for Africa (SEFA). It is ‘critical’ for achieving Togo’s 200 MW renewable energy capacity target by 2030 and help it transition away from costly and polluting thermal generation, said the bank. This project is being developed by France’s Électricité de France (EDF) along with an 11 km transmission line. On completion, it will generate 87 GWh annually and help address energy deficits.
AfDB says that the project also supports Togo’s M300 energy compact by driving least-cost power generation through competitive bidding and boosting private sector involvement.
50 MW solar project in Nigeria: UK-based energy developer and investor Konexa has entered a Development Funding Agreement (DFA) with Climate Fund Managers (CFM) and Norwegian development finance institution Norfund to develop a 50 MW solar power plant in Nigeria. The project includes the PV plant and new grid connections for Nigerian Breweries Plc sites in Lagos and Enugu State. The trio will jointly invest $3.6 million, with CFM contributing 50% and the remaining partners 25% each, to mobilize close to $80 million in further investments for construction and financial close, which is expected in H2 2025. Konexa says this will also support the continued rollout of its private renewable energy trading platform, catering to commercial & industrial (C&I) clients.
Solar & storage project in Zambia: Construction has begun on a 50 MW solar PV project with a 20 MW battery energy storage system (BESS) in Zambia. This forms phase I of the 100 MW Cooma Solar Plant in Choma District. At the launch of construction, Zambia’s Minister of Energy, Makozo Chikote, said this project aligns with the national goal of delivering an additional 1 GW of electricity to the national grid by December 2025 and that it is a ‘strategic response’ to the country’s electricity deficit. The Cooma project is being developed by a joint venture (JV) between Turkey’s YEO Teknoloji Enerji ve Endustri AS (YEO) and Zambian independent power producer GEI Power Limited. Power generated will be supplied to the national utility ZESCO Limited.
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