Kenya's energy revolution: full steam ahead for geothermal power
You can understand why the Masai gave Kenya's Hell's Gate national park its name, says Isaac Kirimi, drilling superintendent at the site's Olkaria geothermal plant. Here in the active east African rift, fractures in the ground seep sulphur, while rocks are too hot to touch. The Earth's crust is communicating with the magma chamber, Kirimi says.
The region is considered one of the most exciting geothermal prospects in the world. Where Kirimi and his team have drilled wells, water heated by molten lava roars like a jet engine as it bursts out of the ground.
Africa needs US$100bn solar power investment
Africa needs to invest about US$100billion in solar power over the next decade if it is to wean itself from sources of energy which are widely regarded as unsustainable, Terje Pilskog, an expert in solar power generation, has said.
“These are enormous investments we are talking about for the next 10 years. We are talking about close to US$100billion in investment needs to meet the target in Africa. In order to make this happen, you will need to mobilise the private sector,” he added.
Mr. Pilskog, who is the Chief Operating Officer of Scatec Solar, a Norwegian energy company that constructed the continent’s largest solar plant in South Africa, was speaking to the B&FT on the sidelines of a meeting between Scatec Solar and stakeholders in the energy sector on lessons that can be drawn from its operations in South Africa.
Africa’s Renewable Energy Projects Attract More Fund Managers
Fund managers are set to invest in renewable energy projects in the rest of sub-Saharan Africa as returns could outstrip private equity investments in the region, Standard Bank, Africa’s biggest lender by assets, said this week.
“Standard Bank believes Africa will follow the international trend to boost renewable energy’s contribution to national grids as sub-Saharan African nations step up efforts to alleviate their chronic power shortages,” Ntlai Mosiah, the head of power infrastructure at Standard Bank’s Corporate Banking said.
Africa Oil Closes US$450 Million Brokered Private Placemen
Africa Oil Corp. is pleased to announce that it has closed the US$450,000,000 brokered private placement, previously announced on October 16, 2013. An aggregate of 56,505,217 common shares, issued at a price of SEK 51.75 (Cdn $8.25(1) equivalent) per share for gross proceeds of SEK 2,924,144,980, or US $450,000,000 equivalent, (the "Offering") have been released to investors.
The common shares were placed through a syndicate comprising Citigroup Global Markets Limited, Dundee Securities Europe LLP and Pareto Securities AS, who together acted as joint bookrunners
