The 5 most popular stories on Africa Private Equity News this week
Here are summaries of the five most widely read stories this week on Africa Private Equity News.
1. Mediterrania exits Morocco’s C.E.C.I.
Mediterrania Capital Partners has exited C.E.C.I. (Centrale Equipement Carrosserie Industrielle), a trailer manufacturer and truck assembler in Morocco. Mediterrania’s exit has been executed through an MBO led by C.E.C.I.’s management team.
Mediterrania Capital Partners invested in C.E.C.I. through its MC II fund with the objective to support C.E.C.I. in its development plans in the growing transport and logistics sector in Morocco.
2. Verod exits Daystar Power to Shell
Nigeria-based private equity firm Verod Capital Management has announced that its Verod Capital Growth Fund II has fully exited its investment in Daystar Power Group to Shell Plc.
Currently active in Nigeria, Ghana and three other West African countries, Daystar provides the industrial and commercial sectors with clean and reliable solar energy by installing and operating captive power solutions. Through its technology and systems, Daystar is able to reduce energy costs, diesel consumption and the carbon footprint for businesses with no upfront capital expenditure.
Verod first partnered with the West African solar energy producer in 2019.
3. Climate Fund Managers receives commitment from Swedfund
Swedish development finance institution Swedfund has invested $35 million in the Climate Investor Two fund, managed by Climate Fund Managers.
The investments are expected to contribute to improved water, sanitation, and oceans infrastructure.
4. GIIG Africa Fund invests in plastics recycling company
The GIIG Africa Fund has announced a seed investment in Scarabtech, a South African company that specialises in the production of small-scale plastic-to-energy units called ‘Beetles’. Developed using special software algorithms and design, these machines heat plastic waste, creating a vapor that is then captured and reconstituted into carbon-neutral fuel that can power generators and engines.
In this way the technology seeks to simultaneously address the burgeoning impact that single-use plastics have on the health of both local communities and the environment, while also creating a sustainable source of energy and job creation to address energy poverty and power micro-economies in under-served communities across southern Africa and the globe.
5. Kenyan insect protein company raises funding
Ecodudu, a Kenyan company producing animal feed and fertiliser from insects, announced the close of a $540,000 funding round led by Truvalu with participation from GreenTec Capital Partners, ShEquity and Opes-Lcef.