Middle East & Africa Solar PV News Snippets: International Investment Firm Backs Oman Polysilicon Project & More
United Solar Holding, which is building a 100,000-ton polysilicon project in Oman (in the picture), has secured ewpartners as a strategic investor. (Photo Credit: United Solar Polysilicon/LinkedIn)
Financial boost for Oman polysilicon project: Previously eWTP Arabia Capital, ewpartners has made a strategic investment in United Solar Holding, which is building a 100,000-ton polysilicon production plant in Oman. The $1.6 billion project is located in the Sohar Port Free Zone. The undisclosed investment amounting to ‘tens of millions of USD investment’ is the maiden investment in the energy transition sector for ewpartners, which is the 1st international investment firm to establish a MENA-Asia cross-border platform. It has made this investment in the polysilicon company from its Technology Innovation Fund II. According to ewpartners, it is expanding its focus to include energy transition and related supply chains in an effort to repeat its success in sectors like digital infrastructure and logistics. The United Solar project is a ‘cornerstone’ of this vision, it added.
“As the region looks to diversify its economies away from oil and gas dependency, major initiatives like the Red Sea Project, the UAE Energy Strategy 2050, and Oman’s Ibri II Solar Project target cities and projects run entirely on renewable energy. Solar power promises substantial growth opportunities for investors given these ambitions and the region’s abundance of sunlight,” said ewpartners Managing Partner Cliff Chau.
Empower & Engazaat partner for Egypt projects: Norwegian solar investment platform Empower New Energy has signed a $50 million agreement with Engazaat of Egypt to fund the latter’s renewable energy project portfolio in Egypt. The partnership aims to secure full financing for a 40 MW solar project portfolio in the country, all of which is backed by 25-year power purchase agreements (PPA) with leading commercial and industrial clients. These will also support the growth of Engazaat’s solar-for-water business, according to Empower.
Partnership for 300 MW in Egypt: TotalEnergies of France is partnering with OQ Alternative Energy (OQAE) to develop 300 MW of renewable energy projects in Oman with a 49% and 51% stake, respectively. Power generated will be delivered to Petroleum Development Oman (PDO) through long-term PPAs. The projects comprise the 100 MW North Solar Project in Saih Nihaydah and the 2x100 MW Riyah-1 and Riyah-2 wind energy projects in Amin and West Nimr fields. Both the projects will enter construction in early 2025 and electricity production will begin in late 2026 with more than 1.4 TWh generated annually.
Akuo offloads Africa business: French renewable energy company Akuo Energy has sold off its Africa business to the investment arm of the Perenco Group, Taranis Investments. This includes 50 MW Kita, the largest solar farm in Mali, commissioned by Akuo in 2020. Taranis now has on board a team experienced in project development, feasibility studies, design, operation and maintenance of solar, hybrid solar-storage and wind energy projects. For Taranis, this transaction is aimed at establishing itself as a key player in the energy sector by using its Energy for Africa fund. For Akuo, this move is aimed at refocusing its activities geographically on its key markets mainly in Europe, and also in the US and Latin America.
20 MW in Tunisia: France’s Qair Group has started construction of 2x10 MW solar PV farms in Tunisia. Both projects are located in Feriana in the Kasserine governorate. These are scheduled to be commissioned by February 2025. On being fully ramped up, these will generate 44 GWh of electricity/year, and contribute to the national grid’s resilience, ensuring consistent electricity supply in the region and meeting peak demand with clean energy.
WATT raises $15 million: Hybrid solar solutions provider in Nigeria, WATT Renewable Corporation has raised a $15 million debt facility from the AFRIGREEN Debt Impact Fund. The latter is an investment fund backed by the likes of the European Investment Bank (EIB), the International Finance Corporation (IFC), BIO, FMO, Proparco, Société Générale, and BNP Paribas. It will deploy the proceeds to finance hybrid solar power plants that it plans to build and operate for commercial and industrial clients in Nigeria. These customers are mostly in the telecommunication and financial services sectors. AFRIGREEN is offering this debt in local currency, which matches the payment structure of the power purchase agreements (PPA). WATT says this mitigates its currency risk in the event of a devaluation of the Nigerian Naira.