Africa Newsletter - July 2018

Engie to display energy solution at Africa Energy Forum

Global Utility service provider Engie has confirmed its focus on providing off-grid energy in Africa by expanding solar home system (SHS) and mini-grid activities.

In the upcoming Africa Energy Forum in Zambia from 19-22 June 2018, Engie is showcasing its mini-grid solutions for Africa, aiming to provide 20mn people with access to decarbonised, decentralised energy provision by 2020.

Along with Engie Power Corner, the company will also start commercial sales of SHS in Ivory Coast with Fenix.

To read more click here

Power Africa Uganda Accelerator signs MoU to boost solar energy access

Uganda’s off-grid solar expansion programme has been granted $500,000 (about Shs 1.9 billion) by the US government-funded initiative, Power Africa Uganda Accelerator.

A Memorandum of Understanding (MoU) was signed between Power Africa Uganda Accelerator and the Uganda Solar Energy Association (USEA) to boost access to solar energy solutions.

The USEA consists of more than 95 private companies providing solar energy solutions to consumers especially in rural areas, the Observer reported.

To read more click here

Off-grid solution providers to tackle energy poverty in Southern Africa

Next generation utility, BBOXX, has partnered with an off-grid provider, DC Go to tackle energy poverty in Southern Africa.
Through this partnership, the companies will combine their unrivalled knowledge of the off-grid energy market in Lesotho, South Africa and Swaziland.

Both companies believe that there is a significant opportunity to serve the estimated 4.6 million people without access to reliable electricity in the three countries.

To read more click here

AfDB pledges $12bn for Africa's energy development

The African Development Bank (AfDB) has placed access to sustainable energy development at the heart of its strategy, with the biggest priority ensuring improved access to electricity across the continent.

AfDB power, energy, green growth and climate change VP Amadou Hott told delegates at the twentieth yearly Africa Energy Forum, being held in Mauritius this week, that East African countries are seeing progress with regard to access to electricity.

To read more click here

UNDP to pilot energy efficiency incentive programme in SA

The Department of Energy in collaboration with the Department of Trade and Industry, and the United Nations Development Programme (UNDP) is implementing the project, "Market Transformation through the Introduction of Energy Efficiency Standards and the Labelling of Household Appliances in South Africa," hereafter referred to as the S&L Programme.

To read more click here

Building Energy backs Africa Energy Forum

Italy-based Building Energy, a multinational company operating as a globally integrated Independent Power Producer (IPP) in the Renewable Energy Industry, will take part as a sponsor in the 20th annual Africa Energy Forum (AEF).

This is the global investment meeting for Africa’s power, energy, infrastructure and industrial sectors, taking place in Mauritius from June 19 to 22.

To read more click here

Siemens and Solarkiosk join forces to power Africa with microgrid solutions

Siemens and SOLARKIOSK have signed a Memorandum of Understanding (MoU) on June 20 at the Intersolar trade show. Both companies agree to join forces to enhance local businesses powered by SOLARKIOSK´s clean energy in non-electrified parts of rural Africa. SOLARKIOSK has deployed more than 250 projects in twelve countries serving roundabout 5 million people. The SOLARKIOSK solar powered E-HUBB is the business centerpiece for a rural “off-grid” village providing retail and energy related services such as charging (mobile phones, batteries, lights), internet connectivity, cooling of products and medication, water purification, copy, print or scan, financial inclusion services as well as news and entertainment to local communities.

To read more click here

Toshiba's energy solutions to contribute to a low-carbon society in Africa

Toshiba Corporation and Toshiba Energy Systems & Solutions Corporation (hereinafter referred to as “Toshiba ESS”) today reaffirmed their commitment to support Africa’s energy infrastructure. With over 50 years of presence in Africa, Toshiba has contributed to the continent’s needs through power generation, transportation and infrastructure solutions.

Toshiba opened its first office in Africa in 1967. Located in Johannesburg, the company has since supplied a wide range of products and systems - from home appliances and office copiers to industrial motors and electric locomotives. Toshiba’s power generation systems and solutions have also contributed to support Africa’s economy growth since the 1970s.

To read more click here

Citigroup starts Africa-focused Shell brand fuel retailer Vivo Energy with 'buy' rating, 194p target price

Citigroup has initiated coverage on Africa-focused fuel and lubricants distributor and retailer Vivo Energy PLC (LON:VVO) with a ‘buy’ rating and a target price of 194p.

In a note to clients, the US bank’s analysts said its positive stance on the Shell brand licensee reflects the London main market-listed firm’s strong track record of driving growth in 15 African countries with access to a further nine countries from the pending acquisition of Engen International Holdings.

The analysts pointed out that their price target represents a valuation of 8.8x 2019 EV/EBITDA estimates and a 16.5x P/E applied to its pro-forma forecasts for Vivo including EVO.

To read more click here

Powered by Asoko Insight

African Infrastructure Investment Managers acquires 50% stake in SEGAP

African Infrastructure Investment Managers (AIIM), Africa’s largest infrastructure-focused private equity fund manager, has acquired a 50% stake in Société d’Exploitation et de Gestion Aéroportuaires (SEGAP), a holding company with an established portfolio of airport investments across West and Central Africa.

The acquisition was made through African Infrastructure Investment Fund 3 (AIIF3).

To read more click here

CDC and Globeleq to invest $66 million in Malindi Solar Group (Kenya)

A UK government development finance institution CDC, alongside its partner, Globeleq is set to invest a US $66m in Malindi Solar Group to build a 52MWp solar photovoltaic power plant in South-East Kenya.

The 16-year financing will provide much needed power in the Malindi area, which currently struggles with regular power shortages and relies largely on expensive thermal plants. Globeleq, CDC’s majority-owned independent power producer solely focused on building power generation in Africa, is working with its partners Africa Energy Development Corporation (AEDC) and IDEA Power to commence construction in the coming months.

To read more click here

South Africa reaches $491 million deal for four renewable energy projects

South Africa has reached a financial close of four out of the 27 renewable energy projects which signed power purchase agreements with Eskom and is being backed by Standard Bank, representing a combined investment of US $491m.

The four projects already closed which fall under South Africa Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) include; the Sirius, Dyasons Klip 1 and Dyasons Klip 2 solar projects in the Northern Cape and the Wesley-Ciskei wind project in the former Ciskei region of the Eastern Cape Province.

To read more click here

Forex Market gets $210 million intervention from Central Bank of Nigeria

The interbank foreign exchange market on Tuesday received the sum of $210 million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.

In its determination to meet the customers’ needs in the sundry segments of the market, the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the SMEs segment got the sum of $55 million, according to figures obtained from the Bank.

To read more click here

Slow delivery hits Kenya’s Agoa exports to US market

Kenya’s inability to deliver on orders has been blamed for the country’s inability to fully benefit from the apparel industry’s duty-free access to the US market, trade officials have said.

Jas Bedi, the head of Kenya’s Export Promotion Council, told a Washington forum that it takes an average of 135 days to deliver goods to US buyers from the time an order is placed in Kenya.

To read more click here

China EXIM Bank to invest $824 million for energy grid rehabilitation (Côte d’Ivoire) 

China Eximbank is set to invest in US $824m energy grid rehabilitation project in Côte d’Ivoire. This is according to the Minister of Petroleum, Energy and Development of Renewable Energies, Thierry Tanoh who said the project will affect more than four million citizens of Côte d’Ivoire.

The project encompasses the construction of 11 High voltage substations, the rehabilitation and the extension of 15 existing High voltage substations, and the construction of 1685 km of HV grid throughout the country.

To read more click here

Established almost 60 years ago, The Business Council for Africa network supports over 400 companies and entrepreneurs operating across the continent. The Business Council for Africa works closely with its members to promote business opportunities and facilitate sustainable investment across the continent. They organise over 30 African business related meetings in London each year and have 33 In-Country Directors in West and Southern Africa and thus provide a very useful platform for networking for both new investors and those already operating on the continent.

For further information on Business council for Africa, please contact Nouria Bah