Niger’s renewables ambitions are getting a push: The OPEC Fund for International Development (OFID) will provide a USD 25 mn loan to back Niger’s Solar Plant Development and Electricity Access Improvement Project (RANAA) in a bid to boost renewables in the West African country, Wam reported last week. This brings the total financing to the project to USD 167 mn from OFID, African Development Bank, Power Africa, and the Green Climate Fund.

Details: RANAA will see the construction of three solar plants in the country’s Maradi, Dosso and Diffa regions. The plants will have an overall generation capacity of 40 MW, with some 750k people benefiting from the projects. The ambitious project will also include the extension of 2.6k km of new transmission lines connecting cities in the country’s south and the capital Niamey. The loan will also fund the construction and grid integration of the 10 MW Dosso solar plant.

2022 was a big year for OFID: The OPEC Fund adopted its first dedicated Climate Action Plan last year, earmarking some 40% of all fresh financing to climate action by 2030. The adoption of the plan saw it announce a USD 24 bn climate facility with the Arab Coordination Group (ACG) in Egypt during COP27. The facility will “support the acceleration of the energy transition, the increased resilience of food, transport, water and urban systems, and the promotion of energy security in countries including the least developed countries and small island developing states”.

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African Development Bank issues AUD 50 mn green bond in Australia’s debt market: The African Development bank sold a 15-year Kangaroo green bond worth some USD 33.5 mn to Japan’s Taiju Life Ins. Company, according to a statement. The bank says it will channel proceeds from the green facility into Africa-focused climate mitigation and resilience efforts, including biodiversity protection projects. The green security issuance was arranged by RBC Capital Markets.

Not the only Africa-Japan bond sale last week: AfDB also approved a similar AUD 50 mn 10-year green Kangaroo bond to Japan’s TD Fukoku Mutual Life Ins. Company in a transaction that was arranged by TD Securities, according to a separate AfDB statement. The bank plans to use the financing to deploy clean energy projects across Africa.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• A consortium comprising French energy company Engie, logistics firm CMA CGM, and motorway operator Sanef are partnering to establish EV, hydrogen, and biogas fueling and charging stations in Europe. (Reuters)
• India and Australia want to advance an extensive trade agreement including in vital minerals to support efforts to meet their targets for lowering CO2 emissions. (Reuters)
• The UK will invest GBP 20 bn in carbon capture and storage projects over the next 20 years. The move will see 20 to 30 mn tons of CO2 stored per year by 2030, equivalent to emissions from 10 to 15 mn cars. (Reuters)
• Malaysia will need to double its clean energy transition investments to between USD 375- 415 bn to realize its 2050 carbon neutrality target. (Reuters)
• Namibia is set to finalize an implementation agreement for a USD 10 bn green hydrogen plant in 2Q 2023. The plant — which would be powered by 5-6 GW of clean energy — will have a 300k ton yearly production capacity once fully operational. (Zawya)