AfDB-Supported Energy Projects in Egypt and Cote d’Ivoire Earn Prestigious Infrastructure and Energy Awards.
Two transformative projects, supported by the African Development Bank (AfDB), have been honored with prestigious awards at the IJ global awards ceremony held in London, United Kingdom. These accolades underscore the significant contributions of the AfDB to sustainable energy development in Africa.
The Singrobo hydropower plant in Ivory Coast, where the Bank served as the Mandated Lead Arranger, was recognized with the esteemed Power Deal of the Year award. Meanwhile, the Kom Ombo Solar plant in Egypt, funded by the Bank as Co-MLA, received the distinguished Energy Transition Deal of the Year award.
The Singrobo hydropower project, which achieved financial close in December 2022, represents the first hydropower Independent Power Producer (IPP) and private sector-funded climate action investment to reach this milestone in West Africa. With the Bank’s contribution of €40 million out of the total project cost of €174.3 million, the project is progressing with the development, operation, and transfer of a 44MW hydroelectric plant along the Bandama River.
It also includes essential infrastructure such as a 3.5-kilometer transmission line and substation for efficient power evacuation. A long-term power purchase agreement ensures the sale of all energy generated by the Singrobo plant to Compagnie Ivoirienne d’Electricite, supporting Cote d’Ivoire’s renewable energy goals to generate 42% of electricity from renewable sources by 2030.
The Kom Ombo solar PV plant, a 200 MW greenfield solar PV initiative in Egypt, achieved financial close in 2023 with the Bank’s support through a $27.22 million senior loan. Complementing existing AfDB energy endeavors in Egypt, such as the Benban solar park and the 150MW Egypt are Feed-in Tariff (FiT) projects, the Kom Ombo project represents a significant advancement in enhancing Egypt’s renewable energy capacity and diversifying its energy mix, aligning with national energy transition strategies and the Bank’s green growth agenda.
Wale Shonibare, Director for Energy Financial Solutions, Policy & Regulation at the AfDB, expressed pride in these achievements, stating, “These awards underscore our relentless commitment to providing sustainable, affordable energy access across Africa, in line with the Bank’s energy and green growth agenda.
Related Posts
We remain dedicated to mobilizing private sector finance and delivering innovative financial solutions that facilitate equitable energy transitions and address the unique financing needs of our regional member countries.”
The IJ Global awards, known for their impartial and peer-reviewed evaluation of global greenfield and refinancing deals in infrastructure and energy sectors, recognize organizations leading impactful initiatives in sustainable development.
