Two projects supported by the African Development Bank (www.AfDB.org) have been honored with awards at the IJ global awards ceremony in London, United Kingdom.
The Singrobo hydropower plant in Ivory Coast, where the Bank played a key role as Mandated Lead Arranger, received the Power Deal of the Year award. Additionally, the Kom Ombo Solar plant, funded by the Bank as Co-MLA, was awarded the Energy Transition Deal of the Year.
The Singrobo hydropower project, the first hydropower IPP and private sector-funded climate action investment to reach financial close in West Africa, secured €40 million in financing from the Bank out of the total cost of €174.3 million. This project, currently under construction, includes a 44MW hydroelectric plant on the Bandama River, a 3.5-kilometer transmission line, and a substation for power evacuation. A long-term power purchase agreement has been established to sell all energy produced by the Singrobo plant to Compagnie Ivoirienne d’Electricite. Once completed, the plant will contribute to Côte d’Ivoire’s goal of generating 42% of its electricity from renewable sources by 2030.
The Kom Ombo solar PV plant, involving the design, construction, and operation of a 200 MW solar PV plant in Egypt, achieved financial close in 2023 with a $27.22 million senior loan from the Bank.
This project complements other African Development Bank energy initiatives in Egypt, such as the Benban solar park and the 150MW Egypt’s Feed in Tariff (FiT) projects. The successful implementation of the project will increase Egypt’s renewable energy capacity and diversify the energy mix in alignment with the country’s energy transition strategy and the Bank’s green growth agenda.
Wale Shonibare, the Bank’s Director for Energy Financial Solutions, Policy, and Regulation, expressed his appreciation for the awards, emphasizing the Bank’s dedication to providing green, affordable, and quality energy access to Africa. He highlighted the importance of mobilizing private sector finance and delivering innovative financial solutions to support just energy transitions and meet the unique financing needs of regional member countries.
The IJGlobal (www.IJGlobal.com) awards recognize outstanding global greenfield and refinancing deals in infrastructure and energy, as well as the organizations behind these achievements.
Distributed by APO Group on behalf of the African Development Bank Group (AfDB).
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About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s leading development finance institution, comprised of the African Development Bank (AfDB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). With a presence in 37 African countries and an external office in Japan, the AfDB contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org