Browsing: Clean energy

Oil prices have plummeted heralding a tough time ahead- at least in the foreseeable near future- for oil exporters in Africa.

The chaos started when Saudi Arabia and Russia disagreed over production cuts leading to the oil price war which has led to the huge oil price drops the last of which were witnessed the 1991 Gulf War.

This tiff came after Russia refused to cut production as requested by the Organisation of the Petroleum Exporting Countries (OPEC) due to the reduced oil demand occasioned by the Covid-19 coronavirus pandemic. With Saudi Arabia retaliating, the world is now experiencing the biggest drop in oil prices to around $30 per barrel.

Africa’s most affected sectors, hope for survival

While this is happening miles away from Africa, oil exporters on the continent have not been spared. Nigeria and Angola are particularly affected with their economies registering the negative effects of the slump …

Norfund, the Norwegian financial institution, an active strategic minority investor – wholly owned and funded by the Norwegian Government has unveiled its three-year strategy in East Africa. Norfund is a significant investor in the region, having been instrumental in realizing the Lake Turkana Wind Power Project and as a major investor in Equity Bank.

The fund’s new strategy incorporates scaling up investments in the manufacturing and agribusiness sectors, as well as a new investment pillar on green infrastructure, including waste management, access to clean water, transmission lines and power storage.

Norfund has been investing in East Africa for over 20 years with investments in clean energy constituting almost 40% of its portfolio in the region. Some of Norfund’s investments include projects such as Globeleq, Lake Turkana Wind Power, Bujagali Hydro Power and M-KOPA.

The new green infrastructure pillar which includes investments in waste management will complement Norfund’s existing investment focus …