CBEA raises $25m to deploy in solar power projects

CrossBoundary Energy Access (CBEA), a project financing facility for mini-grids, has raised $25m in new funding commitments from ARCH Emerging Markets Partners Limited, Bank of America, and Microsoft Climate Innovation Fund. This investment will leverage an additional $25m in senior debt to deploy $50m of capital into CBEA’s near-term pipeline of solar powered minigrids. It intends to deploy a total of $150m over the next two years to bring clean energy to 1m people in Africa.

Tanzania’s Dewji to invest $1bn in expansion

Tanzanian billionaire Mohammed Dewji plans to invest at least $1bn to expand his diversified industrial conglomerate, including focusing on soft drinks. About 40% of the funds will be equity financing and the rest raised through debt, Dewji told Bloomberg at the Qatar Economic Forum. The investment will be made over three to five years, with around 15% funding operations in neighbours such as Rwanda and Uganda. “We are investing heavily into the carbonated soft drink business, where we really want to take on Coke and Pepsi with homegrown brands,” Dewji said.

UK-Norway joint venture to invest $200m in African hydropower

British International Investment, the UK’s development finance institution, is joining Norfund, the Norwegian Investment Fund, in its joint venture with Scatec ASA to provide up to $200m for Africa’s hydropower sector. The JV’s investments are expected to support the creation of 180,000 jobs and meet the equivalent energy demand of over 3m people. Planned projects include the first tri-national public private partnership in Africa, the Ruzizi III hydro project, which will provide power to Rwanda, Burundi and DRC, and Malawi’s largest power plant, the 350 MW Mpatamanga hydro project.

Saudi Arabia and Egypt sign deals worth $7.7bn

Egypt and Saudi Arabia announced deals worth $7.7bn during a visit to

Cairo by Saudi ruler Crown Prince Mohammed bin Salman on his first tour outside the Gulf in three years. The 14 deals spanned food, fintech, renewable energy and petroleum. They include a $1.5bn agreement between Saudi Arabia’s Acwapower and the Egyptian Electricity Holding Company to build a wind power plant, the development of the multi-purpose terminal at Egypt’s Damietta port, and the construction of a $150m “pharmaceutical city” by Egypt’s Pharco Pharmaceuticals in Saudi Arabia.