Atlas Tower Kenya to invest US$48.9m on 4G towers installation

KENYA – Telecommunications infrastructure firm Atlas Tower Kenya is investing US$48.9 million to install 4G towers, targeting mobile network operators Safaricom, Airtel Kenya and Telkom Kenya, reports Business Daily. The telcos are in a race to cover most of the country with the fourth generation (4G) broadband cellular technology to attract and retain subscribers using smartphones. Atlas, owned by Kalahari Capital LLC and Adrian Group Limited, will fund part of the investment using loans from the International Finance Corporation (IFC). “The total project cost is estimated at US$48.9 million (Sh5.4…

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Nigerian Digital Bank Sparkle closes US$3.1m Seed Round

NIGERIA – Sparkle, a mobile-first digital bank that provides financial, lifestyle and business support services to Nigerians across the globe, has raised an oversubscribed seed round of US$3.1 million from an all-Nigerian group of investors including Leadway Assurance, Trium Networks and a number of Nigerian High Networth Individuals. This funding round follows a previous friends and family pre-Seed round totaling US$2 million, bringing Sparkle’s total funding to US$5.1 million. The new investment will be used to scale the platform’s talent teams across engineering, financial risk and marketing departments and investing…

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Digital lender Tala raises US$145m Series E Funding to facilitate its geographical expansion

KENYA – Emerging markets digital lender, Tala, has raised US$145 million in Series E funding led by Upstart which was founded by Dave Girouard, Anna Counselman and Paul Gu who previously worked with Google. Participants in the investment included Stellar Enterprise Foundation, a DeFi network, together with new investors J. Safra Group and Kindred Ventures. IVP, Lowercase Capital, and Revolution Growth which are existing investors also joined the investment, bringing the funding raised to about US$360 million. Tala plans to use the new investment to facilitate geographic expansion and grow its…

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AIIM to increase access to clean energy with US$370m fundraise for its IDEA fund

SOUTH AFRICA – African Infrastructure Investment Managers (AIIM), one of Africa’s largest infrastructure-focused private equity fund managers, has successfully completed a capital increase of US$370 million for its flagship SADC infrastructure fund, the IDEAS Managed Fund (IDEAS).   The fundraise exceeds the initial US$301 million target by 20%, taking the size of the open-ended fund to more than US$1.475 billion.  IDEAS will deploy the capital in line with the fund’s existing mandate, providing investors with exposure to a diversified portfolio of sustainable infrastructure assets across the SADC region.  The current fundraising has been concluded to support the deployment of an active pipeline of assets across the power, digital infrastructure, and…

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Globeleq acquires 66 MWp solar PV plant in Egypt

EGYPT – Africa-focused renewable energy independent power producer Globeleq, has completed the acquisition of the ARC for Renewable Energy S.A.E (ARC) 66 MWp solar PV plant located at the Benban Solar Park near Aswan, Egypt.  The ARC plant was developed by the SECI Energia, Enerray and Desert Technologies consortium as part of the second round of the Egyptian government’s feed-in-tariff program and achieved commercial operation on 4 November 2019 and provides clean electricity to the Egyptian Electricity and Transmission Company (EETC) under a 25-year power purchase agreement. The project was…

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US firm Vantage to construct US$1.02b state-of-the-data centre in South Africa

SOUTH AFRICA – US-based provider of hyperscale data centres, Vantage Data Centres, has announced the beginning of construction on its new R15 billion (US$1.02 billion) state‐of‐the‐art data centre campus in South Africa, reports IT Web. In a press statement, the company says the first phase of the 80MW campus is scheduled to come online in the third quarter of 2022 and will be based in Waterfall, Gauteng. The announcement comes after another US-based multinational Oracle also revealed it is set to build a data centre facility in Johannesburg – it’s…

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Nigeria’s Eden Life closes US$1.4m Seed Funding Round

NIGERIA – Africa’s first home services app for scheduling food, laundry and cleaning services, has completed a US$1.4 million Seed round, led by UK-based LocalGlobe, along with participation from Samurai Incubate, Future Africa, Village Global, Rising Tide Africa and Enza Capital. The funding round brings Eden Life’s total investment to date to US$2 million following pre-seed backing from all of Andela’s original co-founders, and additional accelerator support over the last 18 months. The new capital raised will be deployed to build out Eden Life’s in-house technology and develop its own…

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PE firm Adenia Partners acquires Kenya’s Red Lands Roses

KENYA – Adenia Partners, a private equity firm investing in Africa, has acquired a majority stake in Altilands SA, the parent company of Red Lands Roses, a leading grower of premium fresh-cut roses in Kenya. Red Lands is internationally recognized for its green horticultural practices that respect people and the environment. The financial terms of the transaction were not disclosed. Established in 1996 by an agronomist, Isabelle Spindler, Red Lands operates a farm of 28 hectares, 35 kilometers northeast of Nairobi, at approximately 1,565 meters above sea level. Red Lands’ premium…

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DP World joins forces with CDC to invest US$1.7b in African ports

AFRICA –  DP World, a multinational logistics company based in Dubai, has partnered with the UK’s development finance institution and impact investor CDC Group to create a US$1.7 billion investment platform aimed at modernization and expansion of ports and inland logistics across Africa, starting in the ports of Dakar in Senegal, Sokhna in Egypt and Berbera in Somaliland. Trade enabled through the ongoing expansions is expected to create an additional 138,000 employment opportunities in the wider economy and by 2035, the ports are expected to support stable employment for around…

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Murray & Roberts acquires JJ White to further its North America expansion

SOUTH AFRICA – Engineering and mining contractor Murray & Roberts Holdings (M&R) is acquiring US multi-trade contractor and engineering firm JJ White Incorporated for US$28.25 million as part of its strategy to diversify and expand the services of its energy, resources, and infrastructure business platform in North America. M&R subsidiary, Clough North America Holding, is acquiring all the shares in JJ White from James White IV and Trusts. “The acquisition builds an immediate robust entry into new territories and new markets and will leverage JJ White’s existing customer base to…

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