TIDMSAVE
RNS Number : 0851Z
Savannah Energy Plc
11 May 2023
11 May 2023
Savannah Energy PLC
("Savannah" or "the Company")
Memorandum of Agreement signed with the Government of Niger
for the development of up to 200 MW of New Solar Projects
Savannah Energy PLC, the British independent energy company
focused around the delivery of Projects that Matter is pleased to
announce the signing of a Memorandum of Agreement ("MOA") by
Savannah Energy Niger Solar Limited, a wholly owned subsidiary of
Savannah, with the Government of the Republic of Niger (the
"Government") for the development of two solar photovoltaic power
plants with a combined installed power generation capacity of up to
200 megawatts ("MW")(the "Solar Projects"). A signature ceremony
was held yesterday in Niamey attended by His Excellency Ibrahim
Yacoubou, Minister of State for Energy and Renewable Energies, Her
Excellency Catherine Inglehearn, British Ambassador to the Republic
of Niger, and Yacine Wafy, Savannah's Vice President West
Africa.
The two proposed solar plants are expected to be located within
20 km of the cities of Maradi and Zinder, respectively, in southern
Niger. Each plant is expected to have an installed capacity of
between 50 and 100 MW, for a total potential installed capacity of
up to 200 MW. The Solar Projects are expected to: generate
reliable, affordable energy for Niger; increase overall grid
connected power generation in the country by over 20%; and avoid an
estimated up to 260,000 tonnes of annual CO(2) emissions[1]. The
Solar Projects are expected to be connected to the South Central
section of Niger's electricity grid, which is forecast to be
interconnected to the Western electricity grid zone (which serves
Niamey) by 2026, as part of a World Bank funded project. Following
the anticipated completion of the required project feasibility
studies over the course of the next 12 months, the Solar Projects
are expected to receive project sanction in 2024, with first power
targeted in the 2025 to 2026 window.
Savannah expects to fund the Solar Projects from a combination
of its own internally generated cashflows and project specific
debt.
His Excellency Ibrahim Yacoubou, Minister of State for Energy
and Renewable Energies for the Republic of Niger, said:
"I am delighted to participate in today's signature ceremony for
a Memorandum of Agreement with Savannah Energy for the construction
and operation of two new solar power plants, up to 200 MW in scale,
to be located in the Maradi and Zinder regions of Niger. These
projects are an example of the Republic of Niger's strategy to
increase electricity access for our people at an affordable cost
through an expanding energy mix, as we have outlined in our
National Strategy of Energy Access ("SNAE") and our National Policy
Document on Electricity ("DPNE").
These projects come in addition to the up to 250 MW Parc Eolien
de la Tarka, the wind farm project signed with Savannah last year,
which has strong momentum and is expected to start construction in
2024. In aggregate, the wind and solar projects Savannah is
developing in partnership with the Government of Niger have the
potential to increase the on-grid power supply in country
substantially. These projects are crucial for Niger's economy,
potentially improving the lives of millions of Nigeriens by
providing them with life changing benefits from energy access.
I would like to warmly welcome the support of the British
Ambassador to Niger for these projects. Today we have witnessed her
personal commitment to mobilising British companies to come and
invest in Niger; with the UK's wider commitment to Niger evidenced
by the investment round table that His Excellency President Bazoum
spearheaded recently in London.
Lastly, I would like to wish every success for these projects.
May God help us achieve the goals we have set ourselves, and both
personally and on behalf of the Government of Niger, Savannah can
count on our wholehearted support for the development of the Tarka
wind farm and the Maradi and Zinder solar power plants, to ensure
they can be brought to fruition."
Her Excellency Catherine Inglehearn, British Ambassador to the
Republic of Niger, said:
"I am pleased that Savannah, as a British company, continues to
make significant investments in Niger's energy industry. Foreign
investment such as this is crucial for Niger's continued social and
economic development and we welcome Savannah's support. Following
the investor roundtable with President Bazoum in London on 5 May
2023, this is evidence of the United Kingdom's strong continued
commitment to Niger."
Andrew Knott, CEO Savannah Energy said:
"I am delighted that we are announcing the signing of our Niger
Solar Projects MOA. These are exactly the sort of high
developmental impact projects our renewable energy division is
seeking to deliver, with the potential to increase on-grid
electricity supply in country by over 20%. We look forward to
working with the Government of Niger as we seek to advance these
projects through their development and construction phases towards
first power in the 2025 to 2026 window.
I would like to thank His Excellency Ibrahim Yacoubou, Minister
of State for Energy and Renewable Energies, the wider Nigerien
Government and the British Embassy in Niger for their support for
these projects. We look forward to working with Niger and our
developmental finance partners over the course of the coming years
as we move the projects through the feasibility and construction
phases towards our planned first power dates in the 2025 to 2026
window.
As a company, Savannah has successfully created a large
portfolio of high quality greenfield renewable energy development
projects in the hydro, solar and wind sectors over the course of
the past 18 months. We will continue to work towards achieving our
target of having up to 1GW+ of renewable energy projects in motion
by end 2023 and expect to update on further progress towards
achieving this goal over the course of the coming months."
For further information, please refer to the Company's website
www.savannah-energy.com or contact:
Savannah Energy +44 (0) 20 3817 9844
Andrew Knott, CEO
Nick Beattie, CFO
Sally Marshak, Head of IR & Communications
Strand Hanson (Nominated Adviser) +44 (0) 20 7409 3494
James Spinney
Ritchie Balmer
Rob Patrick
finnCap Ltd (Joint Broker) +44 (0) 20 7220 0500
Christopher Raggett
Tim Redfern
Panmure Gordon (UK) Ltd (Joint Broker) +44 (0) 20 7886 2500
John Prior
Hugo Rich
James Sinclair-Ford
Camarco +44 (0) 20 3757 4983
Billy Clegg
Owen Roberts
Violet Wilson
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
About Savannah Energy:
Savannah Energy PLC is an AIM quoted British independent energy
company focused around the delivery of Projects that Matter, active
in Cameroon, Niger and Nigeria.
Further information on Savannah Energy PLC can be found on the
Company's website: www.savannah-energy.com.
[1] Calculation based on European Investment Bank (EIB) Project
Carbon Footprint Methodologies, Methodologies for the Assessment of
Project GHG Emissions and Emission Variations, July 2020.
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