AfDB Wins Big for Pioneering Renewable Energy in Africa

AfDB Recognised for Key Projects in Côte D’Ivoire and Egypt

by Ikeoluwa Juliana Ogungbangbe
AfDB renewable energy awards

The African Development Bank (AfDB) has been celebrated with two prestigious awards at the IJGlobal awards in London, honoring its pivotal role in advancing renewable energy projects across Africa. These accolades underscore the Bank’s commitment to fostering sustainable energy solutions in Côte D’Ivoire and Egypt, marking significant strides towards the continent’s green energy ambitions.

In Côte D’Ivoire, the AfDB’s backing was instrumental in the development of the Singrobo-Ahouaty hydropower plant, a landmark project that achieved financial close in December 2022. This initiative represents West Africa’s first hydropower Independent Power Producer (IPP) and private sector-funded climate action investment. Nestled on the Bandama River, the under-construction 44MW hydroelectric plant, inclusive of a 3.5km transmission line and substation, is a beacon of progress in renewable energy deployment. Upon completion, it is poised to significantly contribute to Côte D’Ivoire’s ambitious goal of sourcing 42% of its electricity from renewable energies by 2030.

Equally commendable is the Bank’s involvement in Egypt’s Kom Ombo solar PV plant, which reached financial closure in 2023. This greenfield project, with a capacity of 200MW, aligns with Egypt’s strategy to diversify its energy mix and bolster power generation capacity from renewable sources. It reflects the country’s, as well as the Bank’s, steadfast commitment to the energy transition and green growth.

The African Development Bank’s financial contributions to these projects are notable. For the Singrobo project, the Bank played a crucial role as the Mandated Lead Arranger (MLA), providing €40 million (about $43.5 million) of the total €174.3 million (approximately $189.8 million) project cost. This engagement earned it the Power Deal of the Year award. Meanwhile, the Kom Ombo project saw the Bank as co-MLA, securing the Energy Transition Deal of the Year award with a $27.22 million senior loan.

These projects are part of the AfDB’s broader portfolio of energy operations in Egypt, which includes the Benban solar park and the 150MW Egypt’s Feed in Tariff (FiT) projects, further showcasing the Bank’s dedication to enhancing green, affordable, and quality energy access across Africa. Wale Shonibare, the AfDB’s Director for Energy Financial Solutions, Policy & Regulation, expressed pride in the recognition, stating, “These awards are a recognition of our continued efforts to deliver green, affordable, quality energy access to Africa, in line with the Bank’s energy and green growth agenda.”

He further emphasized the Bank’s commitment to mobilizing private sector finance and delivering innovative financial solutions that facilitate just energy transitions and address the unique financing needs of its regional member countries. The IJGlobal awards, known for their independent and peer-reviewed process, celebrate the most notable global greenfield and refinancing deals in the infrastructure and energy sectors. The accolades bestowed upon the African Development Bank highlight its influential role in driving forward the continent’s renewable energy initiatives, setting a precedent for sustainable development and green growth in Africa.

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