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Botswana Power Corporation partners Norwegian firm, Scatec, to build solar plant

Published

2 years ago

September 1, 2022

Botswana Power Corporation (BPC) has announced that it has awarded Norwegian company Scatec ASA a contract to build a 50 MW solar plant.

According to the agreement, Scatec will finance, build, own and operate the solar plant and recoup its investment by selling electricity to BPC over 25 years.

BPC CEO David Kgoboko said procurement of another large-scale solar plant was underway, “The plant is our first and largest utility-scale grid-connected solar PV plant and we expect the project to be operational by June 2024.”

According to a statement by Scatec, though Botswana possesses 66% of Africa’s coal resources, the nation’s ambitions to drive a renewable energy transformation are clear to see. Neighboring country, South Africa, has displayed that the transition to renewables can be cost-effective and sustainable – whilst aligning with global carbon emission reduction goals.

“We are proud to have reached this milestone with the BPC – demonstrating our ability to support and deliver clean energy and infrastructure to Sub-Saharan Africa. It is also a significant achievement for the people of Botswana,” says General Manager of Sub-Saharan Africa, Jan Fourie.

Botswana’s energy capacity is thermal, produced mostly in coal-fired plants with a few small diesel generators in rural areas. The 132 MW Morupule coal-fired station generates most of the domestic electricity supply. More than 50 per cent of Botswana’s power requirements are imported from South Africa and Zambia.

Related Topics:Botswana Featured Scatec-Botswana

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

1 day ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”

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Tanzania tells IMF economy projected to grow by 6% in 2025

Published

1 day ago

December 20, 2024

Ifeoluwa Dada

Tanzania’s economy is expected to grow by about 6% in 2025 from an estimated 5.4% growth in 2024, its finance minister and central bank governor said in a letter to the International Monetary Fund (IMF).

Some of the potential risks to the performance in the near term would include intensification of regional conflicts, increased commodity price volatility, a global economic slowdown and natural disasters related to climate change, Finance Minister, Mwigulu Nchemba, and Central Bank Governor, Emmanuel Tutuba, said.

Real GDP increased by 5.3% in 2023 from 4.7% in 2022, propelled by private investments on the demand side and manufacturing, construction, and agriculture on the supply side.

Strict monetary policy and moderate food and energy prices contributed to the decline in inflation from 4.3% in 2022 to 3.8% in 2023. In 2023, the Tanzanian shilling lost 8% of its value due to a lack of foreign exchange.