Two Africa-focused funds have created a new energy joint venture capable of generating 1,575 MW of electricity in at least 10 countries by merging assets totaling $3.3b, Reuters reported. The deal to develop and finance projects brings together Lagos-based Africa Finance Corporation (AFC) and Harith General Partners, which has offices in South Africa and Ivory Coast.
Harith’s interests include Azura Edo independent power plant (IPP), a gas turbine power station in Nigeria, and Kelvin Power Station in South Africa. AFC’s include the Kpone IPP under construction in Ghana, and Cabeolica wind farm in Cape Verde, CNBC wrote.
The joint venture’s near-term portfolio is to supply reliable energy to over 30m people in at least 10 African countries.
Established in 2007, the AFC provides public and private money for major infrastructure projects on the continent and has a balance sheet of $3.2b.