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Scatec completes the sale of its 51% stake in African hydropower projects to TotalEnergies, aligning with its strategic focus. (Image source: Scatec)

Energy

Scatec ASA has completed the sale of its 51% stake in its African hydropower joint venture with Norfund and British International Investment (BII), aligning with its strategic direction

This follows the initial announcement in a stock exchange notice on 30 July 2024.

The deal closed at an agreed price of US$167mn, based on a valuation date of 31 December 2023. After adjusting for cash movements between the valuation and closing dates, the net proceeds are estimated at US$161mn. These funds will be allocated to Scatec’s self-funded growth strategy and corporate debt reduction.

Hydropower asset sold 

The transaction includes the operational 255 MW Bujagali hydropower plant in Uganda, as well as a development portfolio featuring the 361 MW Mpatamanga project in Malawi and the 206 MW Ruzizi III project, spanning Rwanda, the DRC, and Burundi. Additionally, as part of the agreement, the Hydro Africa team will transition to TotalEnergies under the newly formed entity SN Power AS.

Scatec CEO Terje Pilskog stated, “We are pleased with closing the transaction to sell our stake in the African hydropower assets to TotalEnergies. The divestment is in line with our strategy to optimise our portfolio and focus the majority of our investments in our core markets and on solar, onshore wind and battery energy storage. We are confident that TotalEnergies will be a strong owner going forward. I would especially like to thank the hydropower team that now moves to TotalEnergies for their hard work and dedication over the years.”

The sale has resulted in a proportionate accounting effect of approximately US$30mn and a consolidated effect of around US$50mn, primarily influenced by foreign currency fluctuations. These impacts will be recorded in Scatec’s financial results for the first quarter of 2025.

The first section of the Lagos-Calabar highway to be completed this year. (Image source: Adobe Stock)

Construction

Nigeria's Hitech Construction Company is powering on with work on the first section of the Lagos-Calabar highway project, with the initial stretch set to be completed by the end of 2025, Minister of works David Umahi said in an update this week

Work began last year on the 700-km coastal highway project that will run from Victoria Island, Lagos to Calabar in Cross River State.

The first phase of the project, led by local contractor Hitech Construction Company, stretches 47 km out of Lagos towards Calabar.

The full project, which will connect the western and south-eastern regions of Nigeria, passing through a number of other states including Ogun, Ondo, Delta, Bayelsa, Rivers and Akwa Ibom State, before ending in Calabar, is scheduled for completion in eight years’ time.

Sections three and four of the highway are expected to commence from Akwa Ibom and Cross River States, respectively.

In May 2024President Tinubu said the Lagos-Calabar highway project would provide direct employment for thousands of people and indirect jobs for tens of thousands.

He added that it would also open economic opportunities for millions of others across the south of the country, providing faster travel times and access to new trade centres and markets.

Umahi provided his latest update during an inspection of works on another major highways project, the Abuja-Kaduna-Zaria-Kano dual carriageway.

He said in a statement published on the Federal Minister of Works website that the Abuja-Kano road was also of the utmost importance to Nigeria because of its economic value to the country.

“We are committed to ensuring its timely completion,” he said.

At the start of March, that included work to begin laying an eight-inch continuous reinforced concrete pavement, Umahi added.

The major highways programme is also providing a boost to Nigeria's construction sector.

“The Federal Government remains resolute in its commitment to quality infrastructure development, ensuring that all projects under the Ministry’s supervision must meet the highest standards and be completed on schedule,” said Umahi.

The government recently mandated that contractors must work on-site for at least two weeks before receiving mobilisation fees in a bid to ensure that only dependable and committed firms take on major road projects to reduce cases of abandoned construction sites.

Read more: 

Nigeria and Cameroon border post upgrade to raise efficiency

Apapa-Oshodi road to revive commerce around the area says Nigerian minister

AfDB and Ecowas sign agreement on Abidjan-Lagos highway project

Kamoa-Kakula’s senior management and projects team celebrating the completion of the on-site copper smelter and the first delivery of concentrate from Kamoa-Kakula to the concentrate blending facility. (Image source: Ivanhoe Mines)

Mining

Ivanhoe Mines executive co-chairman Robert Friedland and president & CEO Marna Cloete have provided an update on year-to-date production at the Kamoa-Kakula Copper Complex and the ultra-high-grade Kipushi zinc mine, both located in the Democratic Republic of the Congo (DRC)

In January, Kamoa-Kakula achieved near-record copper production of 45,477 tonnes, followed by 40,849 tonnes in February, despite the shorter month. Daily copper production averaged 1,467 tonnes per day (tpd) in January and 1,459 tpd in February, just below the record 1,518 tpd set in December 2024.

During the last week of February, copper production reached 11,122 tonnes, equating to an annualised rate exceeding 578,000 tonnes—positioning it at the upper end of the 2025 guidance range of 520,000 to 580,000 tonnes.

Power supply and backup generation

Kamoa-Kakula’s Phase 1, 2, and 3 operations have been powered by approximately 100MW of hydroelectric power, covering two-thirds of the required energy, with the remainder supplied by on-site diesel generators. Talks are in progress to increase imported hydroelectric power by an additional 20MW by the end of the month.

Water levels have improved at the Cahora Bassa hydroelectric dam in Mozambique, Kamoa-Kakula’s primary power source, as well as at Zambia’s Kariba dam.

According to the Club of Mozambique on March 4, 2025, "Current water levels in the Cahora Bassa reservoir guarantee the production of electricity until the last quarter of this year. This is the result of the water reserves accumulated during this rainy season, after levels fell to 19.18% in January, the lowest level in recent times." Cahora Bassa Hydroelectric Plant Chairman Tomás Matola stated, "With the rainfall that fell in February, we were able to recover and our hydro-meteorological forecasts show that more rain is coming and storage will naturally increase."

Kamoa-Kakula has 190MW of installed diesel backup power, with up to 50MW currently in use. Of this, 36MW of capacity is undergoing repair, as previously reported in January. The total power requirement for full operation of Phases 1, 2, and 3, along with the smelter, is approximately 240MW. Efforts to secure additional grid-supplied power for the smelter heat-up are ongoing, with the process expected to begin in May or June 2025.

Project 95 advancing on schedule

Kamoa-Kakula’s "Project 95" is progressing as planned, now 20% complete and on track for Q1 2026 completion. This initiative aims to enhance concentrator recoveries from 87% to 95% with a US$180mn capital investment. It is expected to boost annual copper production by up to 30,000 tonnes, with a capital intensity of $6,000 per tonne of copper.

Kipushi Zinc production update

The Kipushi concentrator ramp-up continues, achieving record zinc production of 16,063 tonnes in January and 11,903 tonnes in February. Annualized production is approaching the 2025 guidance range of 180,000 to 240,000 tonnes of zinc in concentrate.

Since early 2025, concentrator recoveries have averaged 88%, with a concentrate grade of approximately 53% contained zinc. The nameplate milling rate of 2,000 tonnes per day was reached in late February, with further production and recovery improvements expected in the coming months.

Kipushi aims to exceed 250,000 tonnes of zinc in concentrate by 2026 following the completion of a debottlenecking program, which remains on schedule for late Q3 2025.

Also read: Africa’s gold rush accelerates growth

President William Ruto of Kenya and president Benedict Oramah of Afreximbank in Mombasa, Kenya. (Image source: Afreximbank)

Logistics

African Export-Import Bank (Afreximbank) has signed a loan agreement to fund development and operationalisation of two major industrial parks and special economic zones in Kenya

The projects include the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone (SEZ) II (Naivasha II).

The proposed industrial parks — to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP) — will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets, the bank said in a statement.

Arise IIP is a special economic zone developer with experience in the development of integrated industrial parks in Africa.

Afreximbank has also committed to a three-year US$3bn country programme to support trade and trade-related investments intended to bolster Kenya’s industrialisation and export manufacturing.

“These parks are an integral part of the government’s plan to boost the country's economic growth under the Vision 2030 development blueprint,” said Professor Benedict Oramah, president and chairman of the board of directors at Afreximbank.

The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.

The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5,000 acres.

The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway.

Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.

Kenya’s President Dr. William S. Ruto, at the signing ceremony, commented: “The signing of these agreements…marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment.”

Ecobank is championing Africa's female entrepreneurs. (Image source: Adobe Stock)

Finance

Ecobank has expanded its innovative ‘Ellevate’ financing offer to further assist the growth of Africa’s women entrepreneurs

The bank has expanded its programme — now named ‘Ellevate 2.0’ to become “bigger, better and more inclusive”, it said in a statement, supporting individual entrepreneurs, including those in the formal and informal sectors.

“We recognise and applaud the role that women entrepreneurs play in driving socio-economic impact across Africa and are committed to supporting them at every stage of their entrepreneurial journey,” said Jeremy Awori, Ecobank’s CEO, Ecobank.

“Since the launch of the Ellevate programme we have made significant progress, disbursing over US$200mn in loans, providing business networking opportunities, and offering leadership and capacity-building training for businesswomen.”

From supporting corporate businesswomen, small and medium-sized entrepreneurs to individual entrepreneurs, and those in the informal sector, all can now benefit from its enhanced financial and non-financial solutions, he noted.

Today, Ellevate 2.0 heralds in a new era for gender financing. It is bigger, better and more inclusive, delivering exceptional value to female entrepreneurs and women business leaders. Enhancing our products and solutions for women entrepreneurs to position Ecobank as their bank of choice is an integral component in accelerating the success of our Growth, Transformation and Returns strategy’s objectives. It also supports our group-wide objective of promoting gender equality and contributing to sustainable development.”

The initiative was first established to bridge the gender financing gap for Africa’s women entrepreneurs and to strengthen Ecobank’s commitment to women-owned, women-led, and women-focused businesses.

The enhanced Ellevate 2:0 offer now includes increasing access to finance with unsecured loans of up to US$50,000, competitive interest rates and favourable collateral requirements, as well as accommodating customers with a two-year track record instead of the industry-standard three years.

Ecobank has also pledged to help its clients identify new customers and access new markets across Africa through its innovative online matchmaking MyTradeHub platform.

The enhanced programme will be launched by nine of Ecobank’s affiliates in Burkina Faso, Cameroon, Côte d’Ivoire, Ghana, Guinea, Kenya, Senegal, Togo and Zimbabwe by the end of March 2025.

It will then be rolled-out in phases across all our other sub-Saharan African affiliates throughout the year.

The World Bank estimates that closing the gender gap in Africa could add US$2.5trn to the continent's GDP by 2025, underscoring the urgency of investing in women – not just for social justice, but for a more prosperous and equitable future for all Africans.

Read more:

Ecobank Group secures-US$112mn credit facility from EIB to fund SMEs

Ecobank Group and Microsoft upskill Africa's SMEs

Ecobank Group wins 2021 African SME bank of the year award

The Bank of Brazil will enter into an agreement with Mozambique to finance the construction of the Moamba Major dam that will provide drinking water for the Maputo metropolis

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