By: Energy capital & power

The African Export – Import Bank has committed to funding energy projects in Malawi, Zimbabwe and Nigeria in a series of agreements aimed to unlock $1 billion in investments.

A $300 million deal signed with NBS Bank of Malawi aims to de-risk investments across multiple sectors including energy, transport, manufacturing, logistics, tourism, extractives and agro-processing.

A Heads of Terms agreement with renewables firm Green Hybrid Power Private Limited will pave the way for the bank to provide $4.4 million in initial funding for a 1 GW hybrid solar PV project on Lake Kariba, Zimbabwe.

The project’s first phase – a 500 MW pilot – will supply electricity to mining firm Intensive Energy Users Group under a 20-year power purchase agreement (PPA). Afreximbank’s funding is expected to attract an estimated $350 million in additional investment for the project.

With Nigerian independent power producer Proton Energy, Afreximbank has agreed to fund the firm’s feasibility for the 500 MW Sapele Gas Power Plant with a $4 million facility. The project will begin with a 150 MW capacity supplying Nigerian utility Eko Electricity Distribution Company as part of a 20-year PPA. Afreximbank’s support for the Proton Energy is expected to mobilize $300 million in investment.