Ninety One and Pembani Remgro involved in Benin power project
Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF), announced that it is progressing its due diligence as the sole lender to a €36 million, 25MW natural gas-fuelled power station project, to be built by the Nigerian company, Genesis Holdings, at Maria Gleta, near Benin’s capital of Porto Nova. EAIF is providing €27 million of long-term debt. Financial close is expected in Q1 2021, with construction forecast to begin shortly afterwards. EAIF is managed by Ninety One.
Genesis’ co-development partner and an equity investor in the Maria Gleta project is the Johannesburg-based Pembani Remgro Infrastructure Fund (PRIF). PRIF is an equity investor across Africa in infrastructure projects and allied businesses. Genesis says that PRIF has made a key strategic contribution to accelerating achieving a strong financial foundation and corporate structure for the project.
A key element in helping to assess the financial viability and bankability of the project is a returnable grant of $449,250 provided by PIDG Technical Assistance. It funds part of the development expenses that were mainly financed by Genesis. The PIDG funds also help meet the cost of the rigorous due diligence process that is required on all projects seeking support from PIDG and its companies.
Ravi Kalaichelvan, an investment director at PRIF says, “We are pleased to partner Genis and EAIF in the Maria Gleta development. It will be an asset that will further aid the sustainable growth of Republic of Benin.”
Roland Jannsens, a director at EAIF’s managers, Ninety One says, “EAIF is a patient lender that understands the time and great efforts needed to transform lives and economies. We are delighted that EAIF and PIDG Technical Assistance have been at the centre of bringing Benin and its people new infrastructure that will help create a more competitive economy for the country.”
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