CDC Group commits US$60 investment to Mezzanine and BluePeak funds

AFRICA – CDC Group, the UK’s development finance institution (DFI) and impact investor, has made a US$60 million commitment under its African Private Credit Fund Strategy, which aims to address a significant credit market dislocation and mid-market financing gap, a situation intensified by the Covid-19 crisis. CDC’s latest commitment covers two investments: a US$30 million investment in Vantage Mezzanine Fund IV which is managed by Vantage Capital, an established Pan-African fund manager; and a US$30 million cornerstone investment in BluePeak Private Capital Fund I, BluePeak’s maiden fund. These commitments will…

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Ecobank International secures US$50m finance facility from CDC Group to broaden economic opportunities

AFRICA – CDC Group, the UK’s Development Finance Institution and impact investor, has announced a US$50 million trade finance facility for Ecobank International (EBI SA), the France based member of the Ecobank Group. This marks CDC’s first partnership with EBISA with the commitment aimed at providing systemic liquidity to underserved markets and crucial trade finance support to local banks and businesses across Africa. EBI SA, the international subsidiary of Togo-based Ecobank Group, is an ideal partner to boost CDC’s impact across Africa and help strengthen financial support for local banks…

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Fund manager Vantage Capital announces the launch of its fourth mezzanine fund

SOUTH AFRICA – Vantage Capital, Africa’s largest mezzanine fund manager, has announced the successful first close on its fourth mezzanine fund with US$207 million of commitments from European and US-based commercial investors as well as development finance institutions (DFIs), including IFC, CDC Group and SIFEM. Vantage Mezzanine Fund IV is now on track to reach its target total fund size of US$350 million. The fund will provide mid-sized African businesses with flexible capital that will enhance job creation and facilitate much-needed economic opportunities and growth – especially necessary for post-Covid-19…

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CDC Group invests US$36m in urban property fund Divercity for affordable housing

SOUTH AFRICA – CDC Group, the UK government’s development finance institution, has invested ZAR500 million (US$36 million) in Divercity Urban Property Fund (Divercity), a platform dedicated to building affordable housing and focusing on the regeneration of South African cities. The platform will use this funding to build green housing in Johannesburg. Carel Kleynhans, CEO of Divercity,  expressed confidence that CDC will add significant value to the funds’ goal of changing the face of affordable rental housing in South Africa and establish it as an investment-grade asset class. “The business is…

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Global Partnership for Ethiopia taps Vodacom DRC chief Anwar Soussa as Managing Director

ETHIOPIA – The Global Partnership for Ethiopia (GPE) has appointed Anwar Soussa as the Managing Director of the Operating Company in Ethiopia, effective July 1, 2021. He will report to the Board of the Ethiopia entity and Safaricom PLC Chief Executive Officer. Anwar is currently the Managing Director of Vodacom Democratic Republic of Congo (DRC) and the Chairperson of Vodacash (M-PESA), a position he has held since 2017. He has cemented Vodacom DRC as the largest Vodacom operation outside of South Africa by driving major strides in operational performance, crossing…

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CDC Group commits US$50m to 100MW renewable power project in South Africa

SOUTH AFRICA – CDC Group, the UK’s development finance institution (DFI) and impact investor, has announced a US$50 million project finance direct debt investment to ACWA Power’s Redstone Concentrated Solar Power Project in South Africa. The investment marks CDC’s re-entry into the South African market in direct investment. The project will provide 200,000 South African households with clean and reliable energy and help to offset approximately 480,000 tons of carbon per year, equivalent to the per capita emissions of 67,000 South Africans. CDC has partnered AfDB, FMO, DEG and DBSA…

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Power producer Globeleq and partners starts construction on first solar energy storage in Mozambique

MOZAMBIQUE – Power producer Globeleq, Source Energia and Electricidade de Moçambique (EDM) have begun construction on the first independent power producer (IPP) in Mozambique to integrate utility-scale energy storage with a solar PV plant. The 19MWp (15MWac) solar PV plant and 2MW (7MWh) energy storage system will be located in the Tetereane District of the city of Cuamba in the Niassa province, about 550 kilometres west of the coastal town of Nacala and the electricity will be sold through a 25-year power purchase agreement with EDM. The US$32 million project…

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Absa secures US$50m risk sharing facility from CDC Group to supports MSMEs

SOUTH AFRICA – Absa Bank, South Africa’s third-largest bank by assets, will receive a US$50 million risk-sharing financial facility to provide loans to micro, small and medium-sized enterprises (MSMEs) and households. The loans will be in local currency with medium to long-term repayment terms and the capital raised by Absa from the British agency CDC Group will be deployed to Covid-19 affected companies seeking financing. “We are thrilled to once again partner with Absa. This is CDC Group’s first risk-sharing facility, providing a local currency solution to micro, small and medium-sized…

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Private equity Ascent Capital raises US$102m to invest in SMEs across East Africa

KENYA – Private equity fund Ascent Capital has raised from US$102 million from the World Bank and top sovereign funds for investment in local companies across Eastern African. The capital was raised from the World Bank Group’s private sector arm, the International Finance Corp (IFC), the UK government-owned finance agency, the CDC Group, Dutch development financier FMO, and the French development finance institution, Proparco alongside other high net worth investors. The fund said it will invest between US$5 million and a maximum of US$19.5 million in firms across growth sectors…

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IPP Acwa Power secures US$500m funding for its Redstone solar power plant in Northern Cape

SOUTH AFRICA – Saudi Arabian independent power producer (IPP) Acwa Power, has raised US&500 million from the African Development Bank (AfDB), Absa Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance to finance the construction of Redstone concentrated solar power plant (CSP). Following the announcement of the fundraiser, construction work on the 100 MW capacity facility is set to begin. The announcement is an important milestone for this concession granted to Acwa Power…

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