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- OPEC Fund-supported power projects win Project Finance International "Deal of the Year" awards
OPEC Fund-supported power projects win Project Finance International "Deal of the Year" awards
Two OPEC Fund-financed power projects have won the prestigious Project Finance International (PFI) 2021 “Deal of the Year” awards in the Middle East and Africa categories. Sirdarya 1, a 1.5 GW combined cycle gas-turbine private sector power plant project in Uzbekistan was voted Central Asia Deal of 2021. Temane, a 450 MW combined cycle gas-fired thermal plant in Mozambique was recognised as Africa’s Power Deal of the Year.
PFI is a leading publication for global energy and infrastructure finance news, data and analysis. It recognizes, in its own words, “achievement and ingenuity in the global project finance market” with the annual PFI awards.
OPEC Fund Director-General Abdulhamid Alkhalifa said: “The awards demonstrate the significance of the two OPEC Fund-supported landmark projects and are a recognition of our commitment to support the implementation of SDG 7, helping to increase access to clean and affordable energy around the world. Both projects also stand for the special partnership the OPEC Fund is forging with multilateral lenders, governments and private sector investors.”
Central Asia Deal of the Year: Sirdarya 1, Uzbekistan:
Sirdarya is a 1.5 GW combined cycle gas-turbine private sector power plant project in Uzbekistan, which the OPEC Fund supported with a US$50 million loan to ACWA Power, an international developer, investor and operator of power generation and desalinated water production plants. Co-financed with international development and commercial banks, the project will boost energy access and efficiency in Uzbekistan and reduce CO2 emissions by a minimum of 1.5 million tonnes per year. With a total project cost of about US$1 billion, the upgrading of the power plant represents the largest single private sector-led project in Uzbekistan’s energy sector to date.
Africa Power Deal of the Year: Temane, Mozabique
Temane is a 450 MW combined cycle gas-fired thermal plant in Mozambique. The OPEC Fund supports the development of the power plant with a US$ 50 million private sector loan as well as the complementary transmission infrastructure with a US$36 million public sector loan. The project is aligned to the government’s National Energy Strategy, which aims to provide each resident of the south-east African country with access to electricity. Temane is expected to meet the electricity demand of up to 1.5 million households.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. Our vision is a world where sustainable development is a reality for all.