AFC, Harith merge USD 3 billion of African energy assets
Africa Finance Corporation (AFC), a Nigeria-based finance specialist and South African institutional investor Harith General Partners today announced the set up of a joint venture that will combine USD 3.3 billion (EUR 2.7 bn) in assets and 1,575 MW in renewable and non-renewable power generating capacity in Africa.
Collectively, the near term portfolio of the joint venture represents a combined gross operational and under-construction capacity of 1,575 MW, including some of the largest projects in Africa’s energy sector.
These include AFC’s interests in Cenpower, owner of the Kpone independent power project (IPP) under construction in Ghana, and Cabeolica, a wind farm that provides 20% of Cape Verde’s energy needs. The Pan Africa Infrastructure Development Fund (PAIDF) which is managed by Harith, brings the Azura Edo IPP in Nigeria, the Lake Turkana wind farm in Kenya, Kelvin power station in South Africa and the Rabai thermal project in Kenya.
The new venture will be in a position to develop and finance projects through corporate finance transactions and project finance, significantly reducing the lead time to bringing power projects to fruition, AFC and Harith said in a joint press release.