02 | OPERATIONS
ENERGY
Energy as the life force for social and economic devel- opment has always been at the heart of the OPEC Fund’s work. Universal access to affordable, reliable, sustainable and modern energy (SDG 7) is also essential to support all other goals. Without energy, economies come to a standstill. Without energy, no school can be kept open, no hospital can operate and no household can stay warm.
In 2021, the OPEC Fund committed US$153 million to five projects together with co-financiers in the energy sector, which will significantly increase access to energy in partner countries and help address the energy transition.
The OPEC Fund also continued to work with partner countries to support their approaches to accelerate access to energy. In Madagascar, key sectors such as agriculture, tourism and manufacturing are under increasing pressure due to droughts, poor harvests and COVID-19, making many communities even more vulnerable. Here, an OPEC Fund-financed project for enhanced integration will provide electricity to isolated communities.
SUPPORTING LANDMARK PROJECTS In 2021, two OPEC Fund-financed power projects won the prestigious Project Finance International “2021 Deal of the Year” awards in the Middle East and Africa categories. Sird- arya 1 – a 1.5 GW combined cycle gas-turbine private sector power plant project in Uzbekistan – was recognized as the Central Asian Deal of 2021. Temane – a 450 MW combined cycle gas-fired thermal plant in Mozambique – was awarded the African Power Deal of the Year.
Sirdarya: The OPEC Fund extended a US$50 million loan to ACWA Power to help construct and operate a 1.5 GW combined cycle gas-fired power plant in Sirdarya, Uz- bekistan. Co-financed with international commercial and development banks, the project will boost energy access and efficiency in Uzbekistan and reduce CO2
minimum of 1.5 million tonnes per year.
Temane: The OPEC Fund is supporting the development of the Temane power plant and the complementary transmis- sion infrastructure through private and public sector loans. Temane is expected to meet the electricity demand of up to 1.5 million households.
ELECTRIFYING RWANDA In Rwanda, the electricity access rate in rural areas is about 15 percent, compared with about 76 percent in urban areas. The government’s National Strategy for Transformation aims to make Rwanda one of the first countries in Africa to achieve universal electrification. The OPEC Fund extended a US$20 million public sector loan to increase access to energy for around 270,000 people in the Muhanga, Kamonyi and Gakenke districts, which will help to nearly double the electrification rates in the regions. The project is funded in partnership with the Saudi Fund for Development.
PROMOTING CLEAN COOKING SOLUTIONS Clean cooking solutions have a huge potential to improve the quality of life and mitigate climate change. In 2021, the OPEC Fund dedicated its Annual Award for Development to clean cooking solutions [see also pp 57]. The African Agency for Integrated Development received the award for its community-oriented work in promoting clean cooking technologies, training and advocacy for women and youth in the Kyaka II refugee settlement in Western Uganda.
emissions by a
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