“This innovative project will benefit from our track record in developing large and complex integrated energy projects.”
“As a result, market confidence in South Africa’s utility-scale public procurement appears too low to underpin industrial and inclusive development on its own,” the report said.
“It’s transition on our own terms, with our own resources. We need to get smarter about how we articulate that, not as victims, or as people to be allowed to do things,” said Yvonne Ike, head of sub-Saharan Africa at Bank of America. “We need to work with the countries that get it, so from the Gulf, from Asia.”
The project will reduce Egypt’s CO2 emissions by 9%, the companies said, producing 47,790 GWh of clean power per year. It will also reduce Egypt’s gas bill by around $5 billion per year.
The project could create 10,000 jobs in Morocco during construction, of which 2,000 will be permanent. In the UK, Xlinks believes it could create 1,350 permanent jobs.
Egypt aims to add 10 GW of renewable power between 2023 and 2028. The Red Sea Wind Energy project is a first step for this.
Infinity Power chairman Mohamed Ismail Mansour said the company planned to reach 2 GW of greenfield projects by 2025.
Sasol signed on to the PPA in January. The petrochemical company is shifting away from coal to gas, ultimately aiming to focus on green hydrogen.
The government made the Round 5 awards in October 2021. Red Rocket reached financial close on the plans in November 2022. Absa and Standard Bank were mandated lead arrangers for the project financing.
The government has said it is keen to establish – with Eskom, Treasury and the Department of Public Enterprises – a means to build new transmission infrastructure. This would allow more private sector participation in transmission, it said.
The statement noted that green ammonia produced domestically would reduce South Africa’s reliance on imports and the strain on its overburdened rail network.
Sasol said it was committed to cutting its emissions by at least 30% by 2030 and that green hydrogen would play a key role in transforming South Africa’s economy.
The plan involves developing 2 GW of renewable energy in Angola, 1 GW in Uganda and 2 GW in Zambia. The agreement with Zambia set out plans to work on wind, solar and hydropower.
AMEA Power has reached financial close on its plan to build 1 GW of renewable energy projects in Egypt, with a $1.1 billion investment.
South Africa’s Public Investment Corporation (PIC) has adopted a hydrogen investment strategy as it works to attract cash to the growing sector.
The Sovereign Fund of Egypt (TSFE) has signed up to explore options for a new 1.1 GW wind project, with ACWA Power, and a green hydrogen plan with AMEA Power.
Egypt has struck a number of agreements with energy companies around sustainability and reducing emissions, including at the Idku liquefaction plant.
Fertiglobe has begun commissioning the first phase of its Egypt Green hydrogen plant in a high-profile ceremony involving Egyptian President Abdel Fattah El-Sisi.
In a major COP27 move, Masdar has signed up to develop a 10 GW onshore wind project in Egypt, said to be one of the largest such plans in the world.
Eskom has signed land lease agreements with four renewable energy providers in an attempt to jumpstart South Africa’s power plans.
Kenya and Tanzania have reaffirmed their commitment to build a gas pipeline, in order to secure affordable energy for Kenyan demand.
South Africa’s Brayfoil Technologies has won the Energy Investment Village pitch competition this week at the Green Energy Africa (GEA) summit.
Anglo American and EDF Renewables have formed a plan to create a new joint owned renewable energy company, Envusa Energy, in South Africa.
Egypt will host the COP27 shindig come November. The country has made clear it is working on bolstering domestic energy production – with a particular focus on clean energy.
NewMed Energy has struck a memorandum of understanding (MoU) with Enlight Renewable Energy on developing projects in the Middle East and North Africa.