Phanes Group launched its first Solar Incubator program, aimed at identifying PV projects of potential in sub-Saharan Africa by providing access to funding, and commercial and technical knowledge.The initiative, ‘The PV Solar Incubator, Your Project, Our Expertise, For a Sustainable Future,’ will be held in partnership with Hogan Lovells, Proparco, responsAbility, RINA Consulting and Solarplaza, and invites PV developers to submit proposals for projects that are based in sub-Saharan Africa, and have a clear CSR component.
The initiative aims to select and develop PV project opportunities in sub-Saharan Africa that haven’t been able to gain access to funding and necessary know-how. Corporate Social Responsibility (CSR) is an integral part of this initiative; along with the project details a solid CSR concept must be submitted and will be further developed during the incubator phase, and implemented in parallel with execution of the PV project.
The candidates of the winning project(s) will enter a partnership with Phanes Group and hold a long-term stake in the project, collaboratively bringing it to financial close. With the incubator, Phanes Group and its partners will provide the winner(s) with extensive mentorship and knowledge transfer throughout the project.
The Solar Incubator phase will kick off with an intensive four-day face-to-face workshop in Dubai, UAE, working with Phanes Group’s team and its partners, setting the foundations to deliver bankable projects. During that phase the winner(s) will gain access to commercial and technical know-how covered by experts from project finance, project development and execution, legal and CSR followed by further remote mentoring sessions for additional two months.
The deadline to submit projects for evaluation and shortlisting ends on October 1. The final selection process will take place during a live panel session in the “Unlocking Solar Capital Africa” conference in Abidjan, Cote d’Ivoire, October 25-26, where the winner(s) will be announced.
The AfDB has approved three senior loans for a total amount of $55 million to finance three solar PV Projects under the second Round of the Feed-in-Tariff (FiT) Program in Egypt.Alcazar Energy Egypt Solar 1 (Alcazar I), Delta for Renewable Energy (Delta) and Shapoorji Pallonji Energy Egypt (SP), are the three Independent Power Producers benefiting from the loans for a term of eighteen years.
Alcazar I and Delta will be extended a loan of $18 million each. The $19 million loan to SP also includes a $7million concessional financing from the Global Environment Fund (GEF).
The GEF financing is mobilized within the framework of the "AfDB-PPP Public-Private Partnership Program," which was approved by the GEF for implementation by the AfDB to promote the scaling up of renewable energy technologies and contribute to the delivery of universal power supply in Africa. The Project is aligned with the GEF6 climate change mitigation focal area – promote innovation, technology transfer, and supportive policies and strategies. It is estimated that the GEF investment will enable the reduction of 61,000 tons of CO2 per year.
Under the aegis of the New Deal on Energy and in line with its key High 5s on Power & Light Up Africa, the AfDB board approved the financing of three projects with a total installed capacity of 150MW being developed by two sponsors, Alcazar Energy Partners (2x50MW) and Shapoorji Pallonji (50MW). All three projects are located at the same site, on unoccupied desert land in Benban, 40 km north of Aswan.
The projects will utilize a common grid connection funded jointly with other developers under a Cost Sharing Agreement with the Egyptian Electricity Transmission Company (EETC). With a financial close expected by October 28, the plants shall be operational by the end of 2018.
Commenting on the project, VP for Power, Energy, Climate Change and Green Growth Complex (PEVP) AmadouHott said: “The three Projects will increase Egypt’s power generation capacity, diversify its energy mix, enable significant fuel savings and reduce carbon emissions to the tune of 4.8 million metric tons over the PPA’s 25-year term. Moreover, the generation capacity of the three new solar plants will be enough to serve about 100,000 households.”