Leading Pan-African fund manager for infrastructure development across the continent, Harith General Partners, and the Africa Finance Corporation (AFC) have announced the decision to merge their power sector assets.
According to a joint media statement, the union is set to improve generation capacity in at least 10 African countries that the companies have a footprint in, with a combined gross operational and under-construction capacity of 1,575MW.
Harith link multiple projects with AFC
The joint venture will merge the AFC’s interests in Cenpower, owner of the Kpone Independent Power Project under construction in Ghana, and Cabeolica, a wind farm that provides 20% of Cape Verde’s energy needs, with those managed by Harith, the companies explained.
These include the Azura Edo IPP in Nigeria, the Lake Turkana Wind Power in Kenya, Kelvin Power Station in South Africa and the Rabai Thermal project in Kenya.
Andrew Alli, President and CEO of AFC, commented: “Our new joint venture will make an invaluable contribution to improving generation capacity in countries across the length and breadth of Africa and by working together we can deliver tangible benefit for Africans, switching their lights on and stimulating positive economic growth on the continent.
“Power is one of AFC’s priority sectors and we dedicate considerable time and resources to driving development here.”
Alli added: “Our total investments in energy amount to over $350 million and we were the first private sector institution to hit our target under President Obama’s Power Africa initiative, with total direct investments of $269 million and $1.2 billion of mobilised third party investments.”
African power entity
Also commenting on the merger, CEO of Harith and Chairman of Aldwych, Tshepo Mahloele, said: “The purpose of the proposed merger is to combine the assets of Aldwych and AFC so as to create an African power entity that will have substantial capital, sector specific experience, a critical mass of existing assets and a pipeline of credible power projects.
“This will enable the joint venture to expeditiously develop quality, cost reflective yet profitable power projects that will benefit Africans, both power users and investors alike. […]the positive developmental impact of electricity to our communities will be enormous and welcomed.”
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