Healthcare group Mediclinic in US$139m renewable power deal with Energy Exchange

SOUTH AFRICA – Mediclinic, the Southern Africa division of private hospital group, Mediclinic, says it has entered into an agreement with Energy Exchange to procure renewable electricity, in a deal worth R2.1 billion (US$139 million). The company did not divulge the volume of power to be sourced from Energy Exchange but said the move was part of its ambitious goal of becoming carbon neutral by 2030. Energy Exchange is an aggregator that allows independent power generators in the country to sell renewable energy for use by industrial and commercial entities.…

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Safaricom Ethiopia in staff recruitment drive as it gears up for launch

ETHIOPIA – Safaricom Ethiopia has announced a countrywide staff recruitment drive in Ethiopia as it gears up for commercial launch. The telcos Chief Executive Officer Peter Ndegwa said that they have also made some critical steps towards getting their foundation ready for commercial operations including plans to hire and train local Ethiopians to various opportunities. Ndegwa said they have committed to recruit 150 diverse graduates a year for the next three years. Speaking during a media conference, CEO Peter Ndegwa said Safaricom is looking forward to working and serving with the…

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Fortis Green Renewables holds initial close at US$6m

AFRICA – Fortis Green Renewables Investment Management, an investment firm providing capital to small-scale renewable energy assets in Sub-Saharan Africa, has recently held the initial close in its Green Fund I. The Fund is raising capital from American individuals, family offices, and wealth management firms. The Fund raised US$6 million thus far and was aiming to raise US$10 million by end of August 2021, according to Jonathan Shafer, Managing Director and Co-founder. Overall, the Fund is targeting US$20 million. Green Fund I was formed to invest equity and equity-like capital…

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Global Coalition launches US$80m Relief Fund to protect energy access in Africa and Asia

AFRICA – Global Coalition has launched a first-of-its-kind relief fund with a first close of US$68m and a target of over US$80m to protect energy access for at least 20 million people in sub-Saharan Africa and Asia, The Energy Access Relief Fund (EARF) is the culmination of an unprecedented partnership convened by Acumen, including CDC Group, DFC, FMO, Green Climate Fund, Shell Foundation, IKEA Foundation, The Rockefeller Foundation, World Bank, IFC, Swedish International Development Cooperation Agency, Swiss Agency for Development and Cooperation, the UK Foreign, Commonwealth and Development Office (FCDO),…

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Seriti Capital Partners acquires Cannon Asset Managers from Bidvest Financial Services

SOUTH AFRICA – Asset management firm Seriti Capital Partners has acquired 100% of the shares of Cannon Asset Managers, a South African-based asset management firm, from Bidvest Financial Services, reports Africa Global Funds. The acquisition will create one of the very few black-owned asset management companies which will have a fully-fledged global offering. Founded in 1998, Cannon Asset Managers has investment expertise across all asset classes both locally and globally. The day-to-day operations of the business will continue as before, under a new executive team who bring a wealth of…

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Sanlam Investments launches sustainable infrastructure fund

SOUTH AFRICA – Asset manager, Sanlam Investments, has launched its Sustainable Infrastructure Fund (SIF) which will target investments in sustainable infrastructure projects including renewable energy.  Sanlam Investments says its fund will deliver stable, inflation-beating returns to investors over the long term via an easy-to-access fund structure.  Sanlam Investments has launched Sanlam Investments Sustainable Infrastructure Fund with commitments of R500 million (US$34.7 million). Ockert Doyer, the fund’s lead portfolio manager commented said: “Capital investment into South African infrastructure projects is vital for recovery and a return to solid growth. Efficient infrastructure brings faster…

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I&M cost of acquiring Orient Bank rises to US$37.2m

UGANDA –  I&M Group has spent US$37.2 million to acquire a 90 percent stake in Uganda’s Orient Bank Limited, with the cost rising from the initial estimate of US$32.7 million, reports The East African newspaper. The Nairobi Securities Exchange-listed lender says this is after the base price was adjusted to take into account multiple factors. These include an appreciation of the Ugandan shilling against the US dollar, integration support, the short-term financial performance of the subsidiary and the sale of its property. “The cost as of the half-year is US$37.2…

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Standard Bank launches new mobile payment platform Unayo

SOUTH AFRICA – Standard Bank Group has launched a new platform called Unayo that takes direct aim at Kenya’s M-Pesa, MTN Mobile Money and others as it takes a big bet on the future of mobile payments in Africa. The banking group announced at a press conference that it’s launching Unayo in a range of markets across Africa including Kenya, where M-Pesa, developed by Vodacom Group affiliate Safaricom dominates. Unayo will also be launched in South Africa in 2022 and comes as social media companies like Facebook, which owns WhatsApp,…

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Budget carrier Jambojet confirms Karanja Ndegwa as CEO

KENYA – Budget carrier Jambojet, has confirmed Karanja Ndegwa as the airline’s Chief Executive Officer and Managing Director effective September 2, 2021. Ndegwa has been Jambojet’s Chief Executive Officer and Managing Director in an acting capacity since April 2020 following the appointment of former CEO Allan Kilavuka who moved to head Kenya Airways. Kilavuka continues serving on the Board of Jambojet as a Non-Executive Director. “Since taking over as acting Managing Director, Mr. Ndegwa has successfully steered the business, ensuring stability, continuity and growth amid the Covid-19 pandemic which has…

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Equity Group appoints Jonas Mushosho as non – executive director

KENYA – Equity Group Holdings Plc has announced the appointment of Jonas Mushosho as a non-Executive Director to its board following the retirement of Christopher Newson, non-executive director on the board. Jonas brings on board a wealth of leadership experience, having previously served in senior leadership positions in both the private and public sectors having led multi-national portfolios in different lines of business, particularly in financial services. He served as the Chief Executive Officer at Old Mutual Zimbabwe Limited between 2012 and 2019. He also doubled up as the Managing Director…

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