PowerGen secures US$9m, partners CrossBoundary Energy Access to build minigrids

NIGERIA – PowerGen, a leading distributed energy developer in Africa, has partnered with CrossBoundary Energy Access to build 28 minigrids after securing US$9 million in construction financing. Although the minigrids’ technical specifications are yet to be announced, PowerGen will develop and maintain systems to provide approximately 55,000 rural Nigerians with electricity. Each distributed energy system will consist of PV solar and battery storage built into a special purpose vehicle, serving residential, commercial and productive use customers in parts of the country without grid electricity. Under the unique “take-out at completion”…

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Ride-hailing firm Little sets eyes on the Ethiopian market

ETHIOPIA – Kenyan ride-hailing firm Little is expanding to Addis Ababa, Ethiopia joining Safaricom and several other Kenyan firms in the race to crack the Ethiopian market that has so far remained closed to foreign companies. The firm’s  Chief Executive Officer Kamal Budhabhatti told Business Daily that the company will invest US$5 million in the next five years, with plans to inject an additional US$5 million based on its growth projections. The company, which competes with global players Uber and Taxify in Kenya, Uganda, Zambia, and Tanzania, will start Ethiopia…

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Investment group Remgro increases stake in CIVH in new US$251.7m rights offer

SOUTH AFRICA – Investment group Remgro is set to increase its shareholding in Community Investment Ventures Holdings (CIVH) after participating in the company’s rights offer to raise R3.7 billion (US$251.7 million). CIVH is raising fresh capital from its shareholders, which will be used to build up operations and offset debt. Remgro currently holds 55.2% in CIVH and will now increase it to 55.5% after the rights offer. CIVH, which is now valued at R23 billion (US$1.56 billion), issued a notice in May 2021 inviting all its shareholders to participate in…

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Wilmar Africa Limited inaugurates US$30m detergent manufacturing plant in Ghana

GHANA – Wilmar Africa Limited, a manufacturing business, has launched a US$30 million detergent manufacturing plant in Tema, Ghana. The detergent plant has a capacity of 24,000 metric tonnes and can meet the country’s total demand for detergent. “The establishment of this state-of-the-art factory underscores the importance of such a strategic partnership between the Private Sector and Government in pursuit of our common goal of creating jobs and bringing prosperity to our people,” Mr Alan Kyeremanten, Minister of Trade and Industry, said. “This new detergent manufacturing plant is going to…

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E-commerce startup LNKO raises US$335,000 investment to accelerate its growth

MOROCCO – LNKO, an ecommerce business focusing on stylish eyewear, has received a 3 million Dirham (US$335,000) investment from CDG Invest, the investment branch of the CDG group. This seed capital will help LNKO to advance from the seed phase to the acceleration phase, allowing the startup to accelerate its growth in the MENA region, beginning with the United Arab Emirates, a market that is ten times larger than the Moroccan market. This phase will also contribute to the creation of clean technology tools, as well as an ambitious recruitment…

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Alterra Capital Partners, Emerging Capital Partners launch new African investment vehicle

AFRICA – Alterra Capital Partners, an Africa-focused private equity firm, has launched a new African investment vehicle in partnership with Bryce Fort and Paul Maasdorp, Partners at Emerging Capital Partners (ECP). The Alterra leadership team will include Bryce Fort, Eric Kump, Paul Maasdorp, Genevieve Sangudi and Bruce Steen. Bryce Fort and Paul Maasdorp will continue to add value to current investments at ECP. “This combination will allow us to redouble our efforts to execute attractive mid-market investments across the continent. It pools our significant track records, expertise and networks to…

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African Trade Insurance Agency invests in Malawi’s Salima Solar plant

MALAWI – The African Trade Insurance Agency (ATI), under its Regional Liquidity Support Facility (RLSF), has supported the Salima Solar PV plant, by providing a revolving liquidity guarantee that can be drawn following any payment delays by the national off-taker – Electricity Supply Corporation of Malawi Limited (ESCOM). This is the second project in the country to benefit from RLSF, the first project being Phase 1 of the Nkhotakota Solar Power Plant, with an initial installed capacity of 21MW. The 60MW Salima Solar PV plant, being one of the most…

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The MarQ Developments launches its US$127m latest project in New Cairo

EGYPT – The MarQ Developments, a real estate developer, has announced the launch of its latest project dubbed The Water MarQ in New Cairo, with investments worth LE2 billion (US$127.42m), as part of its expansion plan in the market and increasing its projects portfolio in east Cairo. Amr Badr, chairman of The MarQ Developments, said that the company’s new project The Water MarQ in New Cairo is being developed over 20 acres at the land of Azad project. The MarQ Developments purchased the land plot in New Cairo from Development…

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Dimension Data eyes more investment in South Africa’s data center market

SOUTH AFRICA – Information technology services company Dimension Data is looking to further invest in the data centre market, to expand its infrastructure, as the world sees Africa as the next economic frontier in the digital economy. Dimension Data says that together with parent company NTT, it has ambitions to be a strong data centre player in South Africa and the rest of the continent, as it positions for increased demand for data centre capability, amid Africa’s cloud computing boom. The companies operate 11 data centres with up to 10MW…

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Raxio Group to establish Tier III data center in Mozambique as part of its African expansion

MOZAMBIQUE – The Raxio Group, a Pan-African data centre developer and operator, announced that it is establishing and investing in ‘Raxio Mozambique’, with a state-of-the-art, carrier-neutral, data centre in Mozambique. Set to be commissioned during 2022, Raxio Mozambique’s first facility will be located approximately 20 kilometres from downtown Maputo at the Beluluane Industrial Park, ideally situated to meet both primary and disaster recovery needs of a wide range of customers. The park benefits from ideal power and connectivity infrastructure ensuring a stable and highly connected operating environment for the facility and Raxio expects all power used by the facility to…

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