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Afreximbank funds hydropower project in DRC

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Afreximbank has signed a financing agreement for a 200 MW hydropower project along the Lufira River in the Democratic Republic of Congo (DRC), in partnership with Kipay Investments. This marks the bank’s first private-sector renewable energy project in the DRC. The project includes the development of a reservoir-based hydropower plant aimed at providing clean, affordable power to mining companies, supporting copper and cobalt beneficiation, and enhancing electricity access for nearby communities. It aligns with DRC’s…

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Patel Engineering reports 151% profit surge in Q2 FY25

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Patel Engineering Limited announced a net profit increase of 151% year-over-year for Q2 FY25.  For the quarter ending September 30, 2024, the company reported a revenue increase of 14.98%, reaching Rs 11,743 million, driven by progress in hydropower, irrigation, and tunnelling projects. The operating EBITDA rose by 15.8% to Rs 1,622 million, while the net profit margin improved to 6.88%. The company’s order book stood at Rs 172,607 million, with Patel Engineering recently being declared…