It may seem counter-intuitive, but Africa’s richest man, Aliko Dangote has been quoted as saying that he wishes for the oil price to remain low, with his oil-rich Nigerian homeland in mind. Speaking at the United Nations general assembly in New York, the business leader told investors about Nigeria’s potential as an agricultural powerhouse, as well as his prayers with regards to the oil price
Energy: Latest News
Kurt Davis Jr., 4:31 pm AFKI Original
Betting on oil and gas prices these days is part-art and part-fun for bankers and investors, but major oil giants Total seem to be backing East Africa. Numerous pipelines for oil and gas are under construction across the African continent, and may be something for investors to monitor closely. Gas is the third largest fuel source in the global primary energy mix and the second largest source in power generation, contributing 24 percent and 22 percent to each market respectively
Staff, 11:15 am
GreenWish Partners is planning to invest $800 million on solar-powered telecommunications towers across Africa. The project could fuel economic growth by providing power for essential services. Sub-Saharan Africa has the lowest rates of energy access in the world and is home to about half of the world’s 1.2 billion people without reliable electricity, according to the International Energy Agency. The problem extends to businesses as well as households, cutting into productivity and growth.
Peter Pedroncelli, 5:53 am
Renewable energy firm, GreenWish Partners, which is run by former Morgan Stanley executive Charlotte Aubin-Kalaidjian, has announced plans to invest $800 million on solar-powered telecommunications towers to be built throughout Africa. GreenWish will partner with telecoms provider Orange to implement hybrid telecommunication tower systems that are completely off-grid thanks to the combination of a solar panel, a battery and a diesel generator.
Peter Pedroncelli, 7:53 am
U.S. solar startup Fenix International is expanding its partnership with Africa’s largest telecommunications provider MTN in order to provide electricity to Africans who do not have access to an electricity grid. The San Francisco startup brings power to under-served areas thanks to the provision of their solar-power systems, and their extended partnership with MTN Group in Zambia will mean electricity access for an additional million new users in the country over the next three year period.
Staff, 8:32 am
There has been talk of tapping into the Sahara desert’s vast resources of sunshine to power Europe for years, but little to show for it. The high-profile Desertec initiative, conceived with 19 shareholders, flopped amid cost concerns and political instability across North Africa. Now a massive project in Tunisia is hoping to be the first to make the solar power export dream a reality. Developer TuNur filed a permit request to the energy ministry to build 4.5GW of capacity near Rjim Maatoug.
Peter Pedroncelli, 8:00 am
Malawi is undertaking a massive fibre network project to connect more internet users in the country, thanks to a partnership between Huawei Technologies and the state-owned Electricity Supply Corporation of Malawi (Escom). The national fibre backbone project will see a dedicated investment of $23 million, with fibre implemented across 28 districts within the country, improving internet access and speeds while integrating government operating systems.
Staff, 9:30 am
Cape Verde has received a grant from the World Bank, to finance the distributed solar energy system project.
It is i ntended that part of the proceeds of this grant will be used to pay the contractor for supply, installation and commissioning of grid-connected photovoltaic (PV) systems for self-consumption of the central and regional hospitals of Cabo Verde. The Ministerio de Economia e Emprego invites sealed bids from interested bidders for the supply of the goods and related services.
Kurt Davis Jr., 11:08 am AFKI Original
As the second half of 2017 comes into focus, entrepreneurs and private equity managers alike want the narrative in investor circles to change regarding sub-Saharan Africa and fundraising opportunities. Investor sentiments remain that sub-Saharan Africa is still rebounding from the economic challenges of 2015 and 2016, but the focus for entrepreneurs and private equity managers should be on the oil importers and emerging Francophone Africa.
Kurt Davis Jr., 12:01 am AFKI Original
African bond investors are laying the rules for 2017 after a tumultuous 2015 and 2016. Senegal’s $1.1 billion Eurobond launch earlier this month establishes the parameters. The offering – more than eight times oversubscribed – demonstrates investors will reward African countries for growth and political stability. But what many African sovereign bond issuers will have to consider is how big yields could become. In some corners of the continent, bankers may start to ask if there will be a penalty for those holding significant undisclosed debts.
Peter Pedroncelli, 5:44 am
The London Stock Exchange has committed to raising capital for Kenya’s energy industry, with the first ever memorandum of understanding signed between the London bourse and the East African government. The agreement was signed by Charles Keter, Kenyan cabinet secretary for energy and petroleum, and Nikhil Rathi, chief executive officer, London Stock Exchange plc. The memorandum sets out the commitment from both sides regarding the raising of funds to benefit the country’s energy industry, through public market equity and debt listings.
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