Africa Finance Corporation (AFC), the Nigerian financial institution in charge of financing public-private infrastructures in Africa, and its South-African counterpart Harith General Partners, have decided to merge their assets to create a new energy entity combining both renewable and non-renewable power generating assets in Africa.
The joint venture will include AFC’s interests in Cenpower, the owner of the Kpone Independent Power Project (350 MW CCGT project) under construction in Ghana, and Cabeolica, a wind farm that provides 20% of Cape Verde’s energy needs, with those of the Pan Africa Infrastructure Development Fund (PAIDF) which is managed by Harith. These include the Azura Edo IPP in Nigeria (450 MW gas-fired power plant), the 310 MW Lake Turkana wind power project in Kenya, the 420 MW Kelvin coal-fired power plant in South Africa and the Rabai 90 MW oil-fired power plant in Kenya (90 MW expansion under development). This represents a combined gross operational and under construction capacity of more than 1.6 GW.
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. I
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