Market News Page No. 372| Africa Business News

120 MW gas fired power station unveiled in Mozambique

Mozambique President Filipe Nyusi has officially inaugurated the 120 MW Gigawatt Park gas fired power station, in Ressano Garcia. The project was developed by Gigajoule International, a South African investment group and majority shareholder in the project and took 18 months to complete. The plant’s 13 generators of 9.3 MW each were manufactured by multinational corporation ABB and powered by Rolls-Royce engines..... Read more »

Posted on : Tuesday , 23rd February 2016

Construction of major flyover by State govt. begins in Nigeria

Lagos State Government has commenced the construction of the Abule-Egba flyover in Nigeria. The state government has directly engaged stakeholders towards the projects’ successful completion. While addressing the stakeholders on the construction of the Abule-Egba flyover on Thursday at Abule Egba area in Lagos, southwest Nigeria, Engr. Ganiyu Johnson, Commissioner for Works and Infrastructure, assured the government focus on.... Read more »

Posted on : Tuesday , 23rd February 2016

Construction of Solar power plant in Egypt to be financed by Japan

The Egyptian government is now set to construct one of the largest solar power plant in Africa after receiving $89m loan from Japan. The 20MW Solar power plant in Egypt with the capacity storage of 30 MW will be constructed close to Egyptian city of Hurghada. The project will comprise a 20 MW solar PV plant and a 30 MW storage facility, which will utilize several different types of battery technology, including lithium-ion and.... Read more »

Posted on : Tuesday , 23rd February 2016

Japanese firm to construct Thermal power plant in Mozambique

Sumitomo Corporation, a Japan based firm is set to construct a thermal power power plant in Mozambique with future expansion plans in neighbouring Tanzania. Sumitomo aims to expand its power generation business in the African continent and has partnered with heavy industry group IHI on a $149 million order from Mozambique’s state-run electric utility for a natural-gas-fired plant to be built near the capital.... Read more »

Posted on : Monday , 22nd February 2016

Egypt eyes $1bn investments in renewable energy sector

Egypt is set to attract direct foreign investments of $1 billion in the renewable energy sector during the current year, Dr Sherif Oteifa, the Minister of Investment advisor, said Wednesday. The advisor made these comment during Egypt Energy Investment Summit that take place between 16 and 18 February 2016 in Cairo. He added that the total expected amount of the foreign investments during the current year in Egypt's energy.... Read more »

Posted on : Saturday , 20th February 2016

Funding for Egypt's energy sector by African Development Bank hits $1.2bn

African Development Bank (ADB) has allocated finances estimated at US$1.2 billion to enhance Egyptian energy sector, Khaled El-Askari -principal energy officer at ADB- told Amwal Al Ghad Thursday. He stated that the bank is studying participating with US$100-200 million to finance establishing the power plant in Beheira governorate. On Wednesday, the Egyptian Cabinet endorsed the draft of President Abdel Fattah al-Sisi's decree.... Read more »

Posted on : Saturday , 20th February 2016

$1.9 billion to be invested in fertilizer plant by Tanzania Petroleum Development Corporation

The Tanzania Petroleum Development Corporation has announced that it will invest in a fertilizer plant to be set Kilwa division Lindi district German investors Ferostaal Industrial Project GmbH at a cost of $1.9 billion. TPDC says it is the government’s plan to support companies investments in the extractive sector with the plant expected to produce 3850 tonnes of fertilizer daily. TPDC Wellington HudsonAccording to TPDC.... Read more »

Posted on : Friday , 19th February 2016

Projects in East Africa amounted to Sh5.8 trillion in 2015

East Africa had 20 percent of all projects in Africa accounting for $57.5 billion (Sh5.8 trillion) in 2015 according to a new report by Deloitte African Construction Trends. The report indicates that Kenya had the highest number projects in the region with 20 projects followed by Ethiopia with 12 projects. Two thirds of projects are old status, with a third representing new and on-going projects. Transport development features.... Read more »

Posted on : Friday , 19th February 2016

$2 Billion to be invested in Kenyan solar projects by SkyPower

SkyPower has signed a $2.2bn agreement with Kenya for the development of 1GW of world-class solar projects to be built in four phases over the next five years. The agreement was signed in Nairobi, Kenya at the sixth annual Global Entrepreneurship Summit (GES). Initiated by the US government in 2010, the conference gathers entrepreneurs at all stages of business development, business leaders, mentors and high-level government officials.... Read more »

Posted on : Friday , 19th February 2016

Multi-million assembly plant to be constructed in Kenya by Ashok Leyland

Ashok Leyland which is the second largest commercial vehicle manufacturer in India and fourth largest manufacturer of buses in the world is planning to construct a US$ 5m assembly plant in Kenya that will help in the expansion of the commercial vehicle market. The company’s Chief Financial Officer, Mr. Gopal Mahadevan confirmed the reports and said that they are aiming at constructing at least three assembly plants in Africa,.... Read more »

Posted on : Thursday , 18th February 2016

Africa's first solar powered bus unveiled at Uganda

As a child, Ugandan Paul Isaac Musasizi always had busy hands. He regularly pulled apart the family television, and used motors from old cassette players to make toy cars. Now, in his mid-thirties, he's the CEO of technology company Kiira Motors Corporation and the brains behind Africa's first solar-powered electric bus which makes its debut on February 16. "In Uganda, we have non-stop sun," he says. "No other.... Read more »

Posted on : Thursday , 18th February 2016

Africa's first solar powered bus unveiled at Uganda

As a child, Ugandan Paul Isaac Musasizi always had busy hands. He regularly pulled apart the family television, and used motors from old cassette players to make toy cars. Now, in his mid-thirties, he's the CEO of technology company Kiira Motors Corporation and the brains behind Africa's first solar-powered electric bus which makes its debut on February 16. "In Uganda, we have non-stop sun," he says. "No other.... Read more »

Posted on : Thursday , 18th February 2016