The 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), known as AAM2025, showcased significant advancements in energy projects through multiple agreements aimed at unlocking substantial investments.

 

Afreximbank has signed a Joint Project Preparation Facility Framework Agreement with NBS Bank (NBS) in Malawi.

 

This collaboration will facilitate early project preparatory financing, guiding energy projects and initiatives from other sectors from pre-feasibility to bankability, thereby supporting both public and private sector investors in Malawi.

 

Additionally, Afreximbank signed a Heads of Terms agreement for a $4.4 million project preparation facility in favor of Green Hybrid Power Private.

 

This facility will be used for preparing bankability and feasibility studies, as well as for procuring transaction advisors for a 1GW hybrid floating solar photovoltaic power system on Lake Kariba, Zimbabwe.

 

The project, to be implemented in two phases, includes a pilot phase targeting a generation capacity of 500 MW, which will be sold entirely to the Intensive Energy Users Group—a consortium of blue-chip industrial and mining energy users in Zimbabwe—under a 20-year “take-or-pay” power purchase agreement with a cost-reflective tariff.

 

The project is expected to supply affordable and reliable power, supporting value addition and beneficiation of Zimbabwe’s minerals, thereby boosting the country’s foreign exchange earnings. The project preparation facility is estimated to unlock an investment of $350 million.

 

Signing the agreement were Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development, on behalf of Afreximbank, and Eddie Cross, Chairman of Green Hybrid Power Private.

 

In addition, Afreximbank signed a Project Preparation Facility Heads of Terms Agreement worth $4.0 million in favor of Proton Energy, a Nigerian independent power producer.

 

This facility will finance the preparation of feasibility studies and the procurement of transaction advisory services for the development of a grid-connected gas-fired power plant with a nameplate capacity of 500MW in Sapele, Nigeria.

 

The project will commence with an initial generation capacity of 150MW and will primarily supply electricity to Eko Electricity Distribution Company under a 20-year power purchase agreement with a cost-reflective tariff.

 

The facility is expected to bring assets estimated at $300 million on stream.

 

Signing the agreement were Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development, on behalf of Afreximbank, and Oti Ikomi, Executive Vice Chairman and CEO of Proton Energy.

 

AAM2025 took place from June 25 to 28 and attracted an estimated 8,000 participants, including presidents, prime ministers, ministers, and business leaders from across Africa, the Caribbean, and beyond.

 

The event concluded with the Annual General Meeting of Shareholders, where George Elombi was appointed as the next President of the Bank, succeeding Benedict Oramah, whose tenure is ending after two five-year terms.-OGN / TradeArabia News Service