Deals this week: Quantum Power East Africa GT Menengai, EBRD

15 June 2018 (Last Updated July 27th, 2018 07:04)

Quantum Power East Africa GT Menengai has secured a senior loan of $29.5m and a concessional loan of $20m from the African Development Bank (AfDB) for developing a 35MW geothermal power plant in Kenya.

Quantum Power East Africa GT Menengai has secured a senior loan of $29.5m and a concessional loan of $20m from the African Development Bank (AfDB) for developing a 35MW geothermal power plant in Kenya.

The project is one of the three modular geothermal power plants being developed within the Menengai geothermal field.

AfDB is supporting the project under its ‘Climate Investment Funds’ (CIF), ‘Clean Technology Fund’ (CTF) programmes.

SK Engineering & Construction, Sy Enc, BKS Energy Industry, and SK E&S have signed letters of intent (LoI) with the Philippines Department of Energy for developing energy projects in the country.

The investments are expected to boost the energy sector of Philippines and create new jobs. The four companies agreed to invest $4.4bn in Philippines, and submitted the LoIs during the Philippines-Korea Business Forum.

Philippines-based EPC firm SK Engineering & Construction proposes to build a coal-fired power plant. Renewable energy company Sy Enc intends to construct a windpower generation project.

BKS Energy Industry seeks to invest $500m in establishing a solarpower generation unit. South Korea-based power services provider SK E&S has submitted its proposal for an LNG terminal hub.

“EIB is providing the loan in two batches of €40m and €45m respectively.”

The European Bank for Reconstruction and Development (EBRD) has entered a partnership with China’s Risen Energy and arranged a financing package for the construction of a new 40MW solar plant in Kazakhstan.

The package comprises a local currency loan of up to $22m, a $5.8m loan from the Clean Technology Fund (CTF), and a $4.2m loan from the Green Climate Fund (GCF).

This EBRD partnership is the first co-operation in the sector, and is expected to support the development of renewable energy in Kazakhstan.

The European Investment Bank (EIB) has agreed to provide €85m ($98m) loan facility under two loan agreements for the €170m ($196m) electricity network investment programme initiated by Hellenic Electricity Distribution Network Operator (HEDNO).

EIB is providing the loan in two batches of €40m ($46m) and €45m ($52m) respectively.

HEDNO, a power utility based in Greece and a subsidiary of PPC, proposes to modernise the national electricity network of Greece, through the transformational investment of EIB.

The investment programme will also make improvements to the high-voltage substations and network for providing reliable electricity supply to PPC’s customers.