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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

Equity Group signs US$100m credit facility with European lenders to support MSMEs

KENYA – Equity Group Holdings has signed a US$100 million loan facility to support Micro, Small, and Medium Scale Enterprises (MSMEs) during the three years the Covid-19 pandemic is expected to adversely affect the business operating environment as a result of the adoption of Covid-19 coping and containments measures.   The Kenyan lender has signed the facility with leading European development banks namely, Team Europe, Germany’s DEG, the Netherlands FMO and the UK’s CDC Group. To cushion businesses from Covid-19 crisis, Equity launched an offensive and defensive approach to support customers to…

Read More

Globeleq acquires stake in Quantum Power, relaunches Menengai II geothermal project

KENYA – British company Globeleq, with financial support from CDC Group has partially acquired Quantum Power East Africa GT Menengai (QPEA), one of the three Independent Power Producers (IPPs) developing the 105 MW Menengai geothermal project in Kenya. The investment is good news for Quantum Power, which has received the release from the Kenyan government since 2013 to supply 35 MW from the Menengai II geothermal power plant. The project has been at a standstill due to difficulties in raising funds. The Menengai geothermal project which is expected to produce…

Read More

Alfa Medical Group secures US$100mn from CDC Group to support the healthcare service

EGYPT – CDC Group, the UK’s development finance institution and impact investor, has announced a US$100 million minority equity investment in Alfa Medical Group (AMG), is one of the largest healthcare providers in Egypt. CDC invested alongside healthcare investor Africa Platform Capital, the family office of Simon Rowlands, a leading sector expert with a strong track record in healthcare and former co-founder of the global private equity firm, Cinven, where he led the healthcare team. This investment will help in increasing the number of hospital beds providing quality healthcare service,…

Read More

CDC Group, Trade and Development Bank sign US$100m short-term finance facility

KENYA – CDC Group, the UK’s development finance institution and impact investor, has announced a US$100 million debt commitment to the Eastern and Southern African Trade and Development Bank (TDB), an investment that strengthens TDB’s capacity to provide additional amounts of credit to businesses in need of short-term financing. CDC’s commitment supports the import, export and production of strategic inputs and agricultural commodity goods in the 22 member states where TDB operates, with a strong focus on those economies with the most challenging investment climates. The facility provides further capital…

Read More

CDC Group commits US$100 to its existing agreement with Standard Chartered

AFRICA – CDC Group, the UK’s development finance institution and impact investor, has committed an additional US$100 million commitment to its existing master risk participation agreement with Standard Chartered. This new commitment comes at a particularly challenging time as the COVID-19 pandemic has created severe liquidity pressures for banks and businesses across Africa and South Asia, exacerbating the existing pressure on trade finance availability as international banks limit their risk appetite. In this context, development finance institution capital becomes even more critical to maintain trade flows and support economic growth.…

Read More