Finance | - Part 12

Africa50 to Develop Solar Power in Nigeria

LAGOS (Capital Markets in Africa) – Africa50, the infrastructure fund for Africa, has signed a joint development agreement (JDA) for an 80 MW (AC) solar photovoltaic independent power project in Nigeria. The project, near Dutse in Jigawa state, will be co-developed with Scatec Solar, a Norwegian integrated independent solar power producer, and Norfund, the Norwegian Investment Fund for Developing Countries. The project includes the construction of a dedicated 132 kV overhead transmission line that will…

World Bank units add $517 mln to Ghana oil, gas project financing

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – The World Bank Group said on Thursday it two of its units would provide another $517 million to Ghana in debt and guarantees to support the $7.7 billion Sankofa oil and gas project developed by Italy’s ENI SpA and upstream trader Vitol Ghana. The financing adds to a $700 million World Bank guarantee package announced in July and brings the institution’s total financing to around $1.217 billion for the…

World Bank Commits $75 Billion for Globe’s Poorest Countries

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LAGOS (Capital Markets in Africa) – The World Bank pledged $75 billion over three years to the world’s poorest countries as part of a refinancing plan that will see it issue about $25 billion of debt in capital markets. Donor countries will contribute about another third of the funding, while the rest will come through money provided by the private sector, World Bank Vice President Axel van Trotsenburg told reporters Thursday on a conference call. The $75…

South Africa’s Eskom May Seek Nuclear-Plant Proposals This Week

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JOHANNESBURG (Capital Markers in Africa) – Eskom SOC Holdings Ltd., South Africa’s state-owned power utility, may ask developers for proposals to build as much as 9,600 megawatts of nuclear-powered electricity plants this week. Most of the documentation is complete and Eskom is waiting for the Department of Energy to formalize the company’s role as the procurer for the country’s nuclear energy program, spokesman Khulu Phasiwe said by phone Tuesday. The expected timing of the request for proposals,…

Mozambique bondholders call debt-restructuring deadline a “pipe dream”

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MAPUTO (Capital Markets in Africa) – Debt-ridden Mozambique has no chance of meeting its year-end deadline for a restructuring deal, according to investors who are preparing to dig in their heels until the country comes clear on what it owes and to whom. The southern African country, one of the world’s poorest, has seen its currency and investor confidence collapse since April, when the International Monetary Fund halted a loan after uncovering previously undisclosed debts that…

Steady rates, rand to buoy South African bonds despite “junk” threat

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JOHANNESBURG (Capital Markets in Africa) – Yield-hungry investors look set to boost demand for South African bonds despite the threat of rating downgrades to “junk”, as the cycle of interest rate hikes ends, the rand recovers and inflation calms down, analysts say. The Treasury is battling to avoid downgrades from Moody’s, Fitch and S&P this year, with the agencies keen to see Pretoria’s commitment to fiscal prudence. But Lesiba Mothata, chief economist at Investment Solutions, which…

Nigeria needs billions in new investment to raise oil output, producer says

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria needs at least $14 billion a year in new investment over the next five years to raise oil output to 2.2 million barrels a day (bpd) and even higher spending to lift it to 3 million bpd, the head of a company producing oil in the country said. Ladi Bada, chief executive of Shoreline Natural Resources, a joint venture with oil and gas interests in southern Nigeria, estimated that about $9 billion…

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