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. Actis exits Lekela
Actis, a UK based investment firm, and Mainstream, the global wind and solar company, have successfully completed the sale of 100% of the Lekela platform to Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar.
Lekela was established in 2015 in a joint venture between Actis (60%), and a Mainstream-led consortium called Mainstream Renewable Power Africa Holdings (40%), to deliver clean energy across Africa. Lekela has since become Africa’s largest pure-play renewable energy IPP, with over 1 GW of fully operational wind assets, including five operational wind farms in South Africa (624MW), one operational wind farm in Egypt (252MW), one operational wind farm in Senegal (159MW) as well as development opportunities in Ghana, Senegal and Egypt.
2. Swedfund invests $5m in Somali fund
Swedfund has committed to invest $5 million in the Nordic Horn of Africa Opportunities Fund (NHAO), split into two tranches, with the second tranche contingent on certain conditions being met.
The fund aims to finance small and medium-sized enterprises with revenues around or below $1 million.
Managed by Shuraako, an experienced fund manager with multiple funds and credit-related projects in Somalia since 2013, the fund has $25 million in capital under management. NHAO has three offices in Mogadishu, Garowe, and Hargeisa, and its investment structures are Sharia-compliant, with USD-denominated secured debt instruments (Murabaha).
3. Maris exits Equator Energy
Maris and Nvision have announced the sale of a majority stake in Equator Energy to IBL Energy Holdings, a fully-owned subsidiary of the Mauritian conglomerate, IBL Group, and STOA, an energy and infrastructure impact fund. Completion of the transaction is subject to the fulfilment of certain conditions precedent, including the obtention and satisfaction of relevant legal and regulatory requirements.
Maris launched Equator Energy, together with Nvision, in 2016 – positioning itself at the forefront of the commercial & industrial (C&I) solar industry in East Africa.
4. BII commits €20m to Meridiam fund
British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announced a €20 million commitment to The Urban Resilience Fund (TURF), launched by Meridiam.
Meridiam is an infrastructure specialist with global expertise in developing, financing, and long-term management of public infrastructure in Africa. Through the fund, it will target infrastructure investments aligned with sustainability goals, such as energy efficiency and carbon capture.
5. Verod-Kepple Africa Ventures raises $43m
Verod-Kepple Africa Ventures (VKAV) has raised $43 million as part of its ongoing fundraising for its pan-African venture fund. The fund’s initial backers include institutions such as SBI Holdings, Toyota Tsusho Corporation, and individual investors such as Osamu Kaneda.
VKAV is the first fund by Verod-Kepple Africa Partners, a joint venture between Verod Capital and Kepple Africa Ventures. Launched in 2022, VKAV invests in scalable, tech-enabled, post-revenue businesses addressing difficult challenges across various industries on the continent.