Aug 17, 2017 Last Updated 9:06 AM, Aug 17, 2017

Kenya starts construction on Africa’s largest wind farm

ABN – Kenya has started construction on Africa’s largest wind farm, which is set to provide one fifth of the country’s energy needs.

The Lake Turkana Wind Project was first announced in 2014 and it will cover 40,000 acres once finished.

More than 360 wind turbines will be installed at the facility to take advantage of the low-level jet streams that flow in from the Indian Ocean.

Over the next three years the Kenyan government plans to add a further 5,000 megawatts to the national grid.

Those running the wind farm have agreed to keep energy prices fixed for at least 20 years.

@ABNetworkOnline

South Africa sells Vodafone stake to fund Eskom

ABN – South Africa has sold its stake in Vodafone Group’s (LSE: VOD) African unit to help raise funds for the country’s struggling power utility Eskom.

The 13.91% holding was sold to state-owned Public Investment Corporation and raised R25 billion (US$2 billion).

However the government sold the stake at a 10% discount or around R2.8 billion less than the market value.

Bloomberg data revealed: “The sale of the Vodacom stake was the most viable option for ensuring that government was able to swiftly realise the proceeds and inject equity into Eskom to bolster the utility.

“The PIC’s offer to government was in line with pricing quoted by other institutions when taking into account the large size of the stake.”

South Africa has put together a R23 billion bailout package for the company, which is currently construction new power plants to help resolve power shortages in the country.

Finance Minister Nhlanhla Nene said: “We are on a campaign to make sure that what we have is what the state needs in order to pursue its development agenda but at the same time that we do not hang onto something that is not core to the government’s function.”

@ABNetworkOnline

Building Energy enters Egyptian market with solar projects

ABN – Building Energy has signed an agreement with New & Renewable Energy Authority for the construction of two 50 megawatt photovoltaic plants in Egypt.

It is the company’s first venture in the country and the project is estimated to be worth around US$200 million.

Carbon dioxide emissions are expected to be cut by 100,000 tonnes by the plants.

Around 140 gigawatts of energy will be produced by each plant every year and the plants will be connected to the line that links Asswan to Cairo.

More than 50,000 families are expected to benefit from the project and construction is scheduled to start on the project in the summer of next year.

Building Energy MD Cornelius Matthes said: “We are delighted to announce our first two projects in Egypt.

“The country is blessed with world-class solar and wind resources and has established an extremely well-managed programme under which it aims to produce at least 20% of its total power from renewable sources by 2020.

“This is why the Egyptian government has implemented a series of concrete steps to facilitate foreign investments, in order to meet the increasing energy needs and support the economic growth of the country.”

@ABNetworkOnline

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