Emerging Markets Roundup: Africa


By Antonio Guerrero

UK-based Blue Energy will invest $400 million to build Africa’s largest solar photovoltaic power plant in Ghana.

The Nzema project will produce 155 megawatts, increasing the country’s generating capacity by 6% when it becomes operational in 2015. The Ghanaian government is seeking $1 billion in private investment to help meet its target of generating 10% of electricity from renewable sources by 2020.

The European Investment Bank will provide the Agency for Navigational Safety in Africa and Madagascar, the African air traffic control agency, with $52 million in financing. Funds will be used to upgrade some of sub-Saharan Africa’s antiquated air traffic control systems, including navigation and control equipment and meteorological stations.

Following five years of exploration activity by Canada’s Vanoil Energy, there are signs of oil deposits in Rwanda’s East Kivu Graben region. In 2008, Vanoil (then known as Vangold Resources) completed a first series of studies using satellite imagery, followed by an agreement with the Rwandan government to begin conducting airborne magnetic and gravity surveys. In a second phase, slated to begin this year, the company expects to determine the quantity and nature of Rwandan oil reserves.