African Development Bank-Backed Energy Projects in Egypt and Côte d’Ivoire Win Big at IJ Global Awards
Abidjan, Ivory Coast – March 20, 2024 – Two African Development Bank (AfDB) supported energy projects secured top honors at the IJ Global Awards held in London.
Recognition for Renewable Energy Leadership
The Singrobo hydropower plant in Côte d’Ivoire, where the AfDB played a key role as Mandated Lead Arranger, received the Power Deal of the Year award. The Kom Ombo Solar plant in Egypt, co-financed by the AfDB, won the Energy Transition Deal of the Year award.
Singrobo Hydropower Project: A Pioneering Achievement
The Singrobo project, reaching financial close in December 2022, marked a significant milestone for West Africa. This first-of-its-kind private sector funded hydropower IPP (Independent Power Producer) and climate action investment is expected to contribute substantially to the region’s clean energy future. The AfDB’s contribution of €40 million out of the total project cost of €174.3 million reflects their commitment to supporting such initiatives.
Project Details and Impact
Currently under construction, the Singrobo project involves the design, development, operation, and eventual transfer of a 44 MW hydroelectric plant on the Bandama River. A dedicated transmission line and substation will ensure efficient power evacuation. A long-term power purchase agreement guarantees the sale of all generated electricity to the national grid operator, Compagnie Ivoirienne d’Electricite. Upon completion, the plant is expected to significantly contribute to Côte d’Ivoire’s ambitious goal of generating 42% of its electricity from renewable sources by 2030.
Kom Ombo Solar Plant: Bolstering Egypt’s Green Energy Strategy
Reaching financial close in 2023, the Kom Ombo solar PV plant represents another successful AfDB-backed project. The Bank provided a $27.22 million senior loan to support the construction and operation of this 200 MW greenfield solar facility.
This project complements the AfDB’s broader portfolio of renewable energy initiatives in Egypt, including the Benban solar park and the 150 MW Egypt’s Feed-in Tariff (FiT) projects. The successful implementation of the Kom Ombo plant will not only increase Egypt’s installed capacity for renewable energy generation but also contribute to a more diversified energy mix, aligning with the country’s energy transition strategy and the AfDB’s focus on green growth.
AfDB’s Commitment to Green Energy Solutions
Commenting on the awards, Wale Shonibare, the AfDB’s Director for Energy Financial Solutions, Policy & Regulation, stated: “These awards acknowledge our unwavering dedication to providing Africa with access to clean, affordable, and high-quality energy, a core principle of our energy and green growth agenda. We are motivated to continue mobilizing private sector funding and developing innovative financial solutions that facilitate a just energy transition and address the specific financing needs of our member countries.”
About the IJGlobal Awards
The IJGlobal Awards are a prestigious recognition program acknowledging excellence in greenfield development and refinancing deals within the infrastructure and energy sectors. Independent and peer-reviewed, they celebrate the achievements of the organizations driving these critical projects forward.
