A.P. Moller Capital acquires AFC’s stake in renewable energy producer Cabeolica

CAPE VERDE – A.P. Moller Capital, the Denmark based investment fund manager, is taking a 40% stake in Cabeolica, Cape Verde’s largest renewable energy producer from Africa Finance Corporation (AFC). Cabeolica is the archipelago’s largest renewable energy producer. A.P. Moller has invested in the independent power producer (IPP) via Africa Infrastructure Fund, its fund dedicated to sustainable infrastructure in Africa. The shares are being sold by the Africa Finance Corporation (AFC), a pan-African multilateral development finance institution based in Lagos, Nigeria. However, AFC remains the majority shareholder in Cabeolica, with…

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Green Climate Fund invests US$150m in AfDB’s Desert to Power initiative

AFRICA – The African Development Bank (AfDB) has welcomed US$150 million investment in its Desert to Power G5 Financing Facility from the Green Climate Fund (GCF). The GCF approved the amount at its 30th Board meeting. Desert-to-Power is a flagship renewable energy and economic development initiative led by the African Development Bank whose objective is to light up and power the Sahel region by building an electricity generation capacity of 10 gigawatts through photovoltaic solar systems via public, private, grid and off-grid projects by 2030 The objective of the umbrella Desert…

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AfDB approves US$86.72m loan to boost water supply in South Africa and Lesotho

LESOTHO – The African Development Bank Group’s (AfDB) Board of Directors has approved a loan of US$86.72 million to co-finance the second phase of the Lesotho Highlands Water Project. The multi-phase project will provide water to the Gauteng region of South Africa and generate hydroelectricity for Lesotho and the project entails harnessing the waters of the Senqu/Orange River in the Lesotho highlands by constructing a series of dams for the mutual benefit of the two countries. The Trans-Caledon Tunnel Authority, a state-owned entity in South Africa charged with financing and…

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Solar financier GridX Duara injects US$7m into Two Rivers Power Company

KENYA – Pan-African commercial and industrial solar and distributed energy financier GridX Duara Holdings has injected Shs770 million (US$7 million) investment into  Two Rivers Power Company (TPRC). TRPC is a wholly-owned subsidiary of Two Rivers Development Limited (TRDL) and was established to ensure the provision of reliable power to the Two Rivers Development in Nairobi, Kenya. The investment will be used to expand renewable energy infrastructure for Centum Real Estate projects. “Energy infrastructure is a key component of our mixed-use developments, and this partnership will boost in a big way…

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Africa50 launches new fund to catalyze investment flows in Africa

AFRICA – Africa50, an investment bank for infrastructure in Africa, has launched Africa50 Infrastructure Acceleration Fund, a new fund aimed at catalyzing further investment flows into African infrastructure. The Fund is targeting US$500 million in multiple closings. The Fund is a result of a long-haul effort by Africa50 to mobilize further capital to help bridge Africa’s infrastructure financing gap. The Fund’s mandate is to deliver attractive risk-adjusted returns for institutional investors looking for exposure to African infrastructure assets, while playing a critical role in financing medium and large-scale infrastructure projects…

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Tech startup Sanergy secures US$2.5m funding from Japanese investor JICA

KENYA – Sanergy, a tech-enabled startup and the owner of the Fresh Life toilets franchise, has received US$2.5 million funding from the Japan International Cooperation Agency (JICA). This is in an effort to address the city’s growing sanitation needs while also helping farmers across Kenya produce more crops with fertilizer produced as a byproduct. Sanergy plans to expand its reach into additional African and Southeast Asian cities, on the wings of the investment. “We are thrilled to expand Sanergy’s pioneering circular economy model which solves multiple social problems, such as…

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Fintech Fawry invests in Sudan’s alsoug to build new fintech platform

EGYPT – Fawry, a provider of e- payments solutions and digital banking services, has announced that it has finalized an investment in alsoug.com, Sudan’s largest online classifieds platform and marketplace, to help build out alsoug’s new fintech platform, Cashi. Fawry has acquired a strategic minority stake in the alsoug.com/Cashi holding company, marking the Company’s first venture capital investment outside of its Egyptian home market. The investment comes as part of Sudan’s first announced venture capital funding round. Fawry played a leading role in ensuring the success of the US$5 million…

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Fintech startup Mono raises US$15m Series A funding to accelerate its expansion plans

NIGERIA – Mono, a fintech startup, has announced a US$15 million Series A funding round led by Tiger Global to accelerate its continental expansion plans. The round was led by Tiger Global, the VC firm’s third major investment in Africa this year after Flutterwave and FairMoney, and also had participation from new investors Target Global (an investor in neobank Kuda), General Catalyst and SBI Investment. New investors were joined by existing ones, including Entree Capital, Lateral Capital, Golden Palm Investments, Acuity VC and Ingressive Capital, bringing Mono’s total raise to…

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Digital retail bank TymeBank partners retail giant TFG to provide an alternative payment option

SOUTH AFRICA – TymeBank, a digital retail bank, has announced that it has entered into a strategic partnership with The Foschini Group (TFG), a leading retail giant. The partnership will see the introduction of TymeBank financial products and services both instore and on digital platforms for the benefit of TFG’s more than 26 million customers in South Africa. It should be noted that TymeBank currently has just over 3.8 million customers. “TFG houses some of South Africa’s most popular and well-established consumer brands and is renowned for its retail strength…

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