Latest African business news, economy, corporate, markets updates

East Africa speeds up energy projects

East African governments have doubled their efforts to increase energy output, with several multi-million dollar projects on the cards.

The aim is to meet rising demand as well as attract more investments, after the 2014 World Bank Ease of Doing Business report noted that low energy output remains a hurdle for investors.

In the past two months, Rwanda, Tanzania and Kenya have announced a number of power upgrade projects.

Rwanda recently announ.... Read more »

Posted on : Monday , 29th December 2014

Kenya: Africa s largest wind power project achieves full financial close

Following the financial close of Lake Turkana Wind Power Project (LTWP), the first disbursement of funds pursuant to the financing agreements signed in March 2014 has been received.

The Sh70 billion project is the largest single wind power project to be constructed in Africa and is to date, the largest private investment in the history of Kenya and the most complex and challenging project financing undertaken in the renewable energy space in sub-Saharan Africa.

Posted on : Monday , 29th December 2014

NEW SOLAR POWER PLANT TO COME UP IN UGANDA

Uganda announced that our foreign and domestic firms would build two solar power plants, with a total capacity of 20 megawatts (MW) as it seeks to develop its renewable energy potential.

Keen on expanding its capacity to support an industrialization drive, the east African country is currently pursuing several multi-billion-dollar projects. Officials previously said the government was also looking for investors to develop solar energy and other renewa.... Read more »

Posted on : Monday , 29th December 2014

SolarCity invests US$16 million for off-grid solar power plant in Africa

US installer SolarCity is among the investors in a US$16 million funding round closed this week by Off Grid Electric, a company offering pre-paid solar systems in Africa.

Posted on : Monday , 29th December 2014

AFRICA STRENGTHENS TIES WITH CHINA

Africa’s Transnet and Chinese manufacturer CSR Zhuzhou Electric Locomotive (CSR) signed a Memorandum of Understanding (MoU).

This was part of South African president Jacob Zuma’s state visit to assist trade between the two countries.

“Today’s MoU paves the way for Transnet to conclude agreements with CSR to set up manufacturing facilities in South Africa to exploit opportunities for the production and maintenance of electric locomotives.... Read more »

Posted on : Saturday , 27th December 2014

Multinationals Manufacturing Companies attracted to Africa

According to Ernst and Young 2014 Africa attractiveness survey, Kenya ranks third after Nigeria and South Africa as the most attractive in the region. The three are said to attract 40 per cent of the total foreign direct investments in the region. Fernando de Sousa General Manager Africa Initiatives at Microsoft join CNBC Africa to discuss why multinationals are attracted to these major hubs.Read more »

Posted on : Saturday , 27th December 2014

Xinhai Mining Machinery bags order worth 10 Million USD in Tanzania

In September 2nd, Yantai Xinhai Mining Machinery Co., Ltd. and a Tanzania state-owned mine reached cooperative intent, and signed the contract -----"EPCM Mines Service" in Dar Es Salaam the capital of Tanzania. The cooperation ranged over four fields, exploration, mining, ore dressing and smelting. The EPCM service covered the process design, engineering design, equipment manufacturing, construction, equipment installation and commissioning, mine integrated management &.... Read more »