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Private Equity | Harith, Africa Finance Merge $3.3 Billion Assets to Boost Growth
LAGOS, Nigeria, Capital Markets in Africa: Africa Finance Corp. and Harith General Partners Pty Limited. merged their African power assets in a bid to promote growth across the continent.
The new entity’s portfolio will be valued at $3.3 billion and have 1.3 gigawatts of capacity in operation and under development, according to a joint e-mailed statement from the development institution and private equity company.
The joint venture, which provides energy to 30 million people in 10 African countries, also includes Aldwych International Ltd., an independent power producer in London which is owned by Johannesburg-based Harith. AFC contributed two assets and Harith added four.
“The purpose of the proposed merger is to combine the assets of Aldwych and AFC so as to create an African power entity that will have substantial capital, sector-specific experience, a critical mass of existing assets and a pipeline of credible power projects,” said Harith Chief Executive Officer Tshepo Mahloele.
The joint venture will aim to develop and finance projects through corporate and project finance, according to the statement. The companies’ portfolio includes gas-fired power plants such as Kpone in Ghana and Azura Edo in Nigeria and the Lake Turkana wind farm in Kenya.