AFC, Harith merge power assets
Two Africa-based institutional investors have merged their power assets to create a new energy entity equipped with substantial capital, sector specific experience, a critical mass of existing assets and a pipeline of credible power projects.
Harith General Partners and Africa Finance Corporation’s (AFC’s) new joint venture (JV) unlocked a combined $3.3-billion portfolio of gross operational and under-construction capacity in excess of 1 575 MW and supplying power to over 30-million people across ten African countries.
“This will enable the JV to expeditiously develop quality, cost reflective, yet profitable, power projects that will benefit Africans – both power users and investors alike,” said Harith CEO Tshepo Mahloele.
The new venture, backed by a team of dedicated, experienced advisers, would be well-positioned to develop and finance projects through corporate finance transactions and project finance and reduce the lead time in bringing power projects online.
“Power is one of AFC’s priority sectors and we dedicate considerable time and resources to driving development here,” said AFC president and CEO Andrew Alli, adding that some $350-million had been invested in the energy sector.
Africa presented “very attractive” investment opportunities with exponential continued growth expected going forward, Mahloele commented.
“As a result of this merger, some of the largest and best structured renewable and conventional electricity projects in Africa during the last decade will now be held within one consolidated JV, alongside the requisite development experience and expertise [as well as] equity capital for similar future projects.”
The assets included AFC’s interests in the currently-under-construction Kpone independent power project (IPP), in Ghana, and the Cabeolica wind farm, which provided 20% of Cape Verde’s energy needs, as well as those under the Harith-managed Pan Africa Infrastructure Development Fund, including the Azura Edo IPP in Nigeria, Lake Turkana Wind power project in Kenya, Kelvin power station in South Africa and the Rabai thermal project in Kenya.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation