Five notable African energy deals
We highlight five African energy investments, as featured in our Dealmaker’s Log.
We highlight five African energy investments over the past 12 months, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. Gaia Renewables 1 expands power portfolio with two acquisitions from AIIM
Gaia Renewables 1, listed on the Cape Town Stock Exchange, has finalised the acquisition of stakes in two solar plants in South Africa’s Northern Cape.
Funded through a mix of debt and equity, the agreement gives the fund a 10% interest in both the Linde and Kalkbult solar photovoltaic facilities. Read the full article
2. Candi Solar raises $24m from existing investors
Candi Solar, a provider of clean power for businesses in emerging markets, has secured $24 million in fresh funding from its existing investors. The raise includes a $20 million convertible loan from Norfund and STOA, alongside a $4 million top-up to its existing mezzanine facility with the Energy Entrepreneurs Growth Fund (EEGF), managed by Triple Jump. This round brings Candi’s total capital raised to over $140 million. Read the full article
3. Inside Capital Partners backs energy solutions company
Inside Capital Partners has announced an investment in RDG Africa, a solar home systems and clean energy solutions company with operations in Zambia and the Democratic Republic of Congo.
Rushil Patel, partner and chief investment officer at Inside Capital Partners commented: “We’re excited to join forces with RDG at this pivotal stage of their journey. Our investment will enable them broaden their product offering, expand their regional footprint, and bring innovative energy solutions to vulnerable communities that remain off-grid and beyond the financial inclusion reach. This is about tackling a critical need, creating long-term value for customers and investors, and contributing towards the impacts of climate change.” Read the full article
4. CardinalStone leads investment in Nigeria’s Arnergy Solar
CardinalStone Capital Advisers (CCA), a West Africa-focused private equity fund manager, has announced that its CardinalStone Capital Advisers Growth Fund (CCAGF) has led an $18 million Series B investment in Arnergy Solar, a Nigerian renewable energy company. Investing alongside CCA, British International Investment – a limited partner in CCAGF – joins as a new investor in the business.
The round also includes existing investors: Norfund, Breakthrough Energy Ventures, EDFI Management Company, and All On. Read the full article
5. Ninety One-managed fund backs Uganda solar plant
The Emerging Africa & Asia Infrastructure Fund, managed by Ninety One, has brought a 20 MW solar photovoltaic plant in north-western Uganda to financial close, investing about $18 million in the project.
The investment will support AMEA Power to develop critical infrastructure which will bring affordable energy to one of the most remote and underserved areas of the country. The project will help the region plug a significant gap between energy supply and demand, supporting remote communities and businesses to overcome frequent load shedding and blackouts. Read the full article
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