Africa Finance Corporation

Copperbelt Energy Corporation (CEC) and Africa Finance Corporation (AFC) sign memorandum of understanding (MoU) to collaborate on selected power assets across the African continent

Fri, 16 Mar 2012 0:00:00

PRESS RELEASE

COPPERBELT ENERGY CORPORATION (‘CEC’) AND AFRICA FINANCE CORPORATION (‘AFC’) SIGN MEMORANDUM OF UNDERSTANDING (‘MoU’) TO COLLABORATE ON THE DEVELOPMENT, INVESTMENT AND OPERATIONS OF SELECTED POWER ASSETS ACROSS THE AFRICAN CONTINENT

Lagos 16 March, 2012 The Copperbelt Energy Corporation Plc (CEC) and the Africa Finance Corporation (AFC), headquartered in Lagos, Nigeria, have signed a Memorandum of Understanding (MoU) to enable the parties collaborate on the development, investment and operations of selected power assets in Africa.

The principal objectives of the Parties, through the MoU, are to proactively develop, invest in, and operate selected power assets in Africa; and contribute to the promotion of Africa’s economic and social development through private sector leadership and/or public- private partnerships, while providing an attractive financial return to shareholders.

Projects that will be developed through the new partnership include the Kabompo Gorge Hydro Power Project in North-Western Zambia (cost >US$150M), the Luapula Hydro Schemes in Luapula Province of Zambia (cost >US$1Bn). The agreement will also cover investment in other African countries.

CEC owns and operates an electricity transmission network on the Zambian Copperbelt, supplying power to the mining industry, and is developing a number of new projects in the energy and telecommunications sectors. CEC is a publicly traded company, listed on the Lusaka Stock Exchange.

AFC is a hybrid investment bank and multilateral development financial institution established by treaty amongst Sovereign States. AFC has a paid-in capital in excess of US$1.1bn and has a mandate to invest in infrastructure related projects throughout the continent of Africa.

‘end'

About AFC -www.africafc.org

AFC is an African-led international financial institution, established in 2007, whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets.AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa. AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde. AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s USD 2.0 billion Power and Aviation Intervention Fund (PAIF). AFC is also the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. AFC recently provided financing to a leading Independent Power Producer (IPP) in Nigeria. AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. AFC has invested in the international oil and gas exploration and production company, Seven Energy Limited, which is playing a pioneering role in developing alternative sources of natural gas for domestic use in the Nigerian power and manufacturing sectors. Underscoring its interest in investing in PPPs/PFIs in its focal sectors across the African continent, AFC also invested in the Bakwena toll road project in South Africa.

Contacts:

Africa Finance Corporation

Oliver Andrews

Director & Chief Coverage Officer

Oliver.andrews@africafc.org

+234 1 279 9600

Lucy Savage

Vice President Communications

lucy.savage@africafc.org

Copperbelt Energy Corporation Plc

Chama Nsabika Kalima

+260 211 261647/ 0966 792922

nsabika@cec.com.zm

Ogunlesi listed by Forbes as one of top 10 Africans making it in New York

Thu, 15 Mar 2012 0:00:00

FORBES FOCUS – TOP 10 AFRICANS MAKING IT IN NEW YORK

Adebayo Ogunlesi

Country of Origin: Nigeria

Industry: Finance

It’s impossible to talk about powerful Africans in business without mentioning 59 – year-old Nigerian industrialist, Adebayo Ogunlesi.

As chairman and managing partner of Global Infrastructure Partners, a $5.64billion New York-based private equity firm, which invests in infrastructure assets, Adebayo Ogunlesi – or Bayo, for short, as those close to him call him – is one of the most powerful and successful Africans in business, driving major acquisitions, deals and investments, not just in New York City, but also around the world.

Born in 1953, in a small town in Ogun State, Nigeria, to a medical doctor and his wife, Ogunlesi was educated in Lagos at King’s College, an exclusive private school, which has produced Nigerian heads of state. He went on to study in Britain and the United States.

Like his father, Nigeria’s first – ever medical professor, Ogunlesi’s path has been one of firsts. After receiving a first class Honours degree in Philosophy, Politics and Economics from Oxford University, he went on to gain both an MBA from Harvard Business School and a Juris Doctor Law degree, graduating magna cum laude, from Harvard Law School in 1979. At a time when it only admitted American nationals, Ogunlesi was one of the three international students admitted to Harvard Law School. While at Harvard, where he has also lectured on investing in emerging nations, he was the first African and only one of six people of African descent – including US president, Barack Obama, to have edited the esteemed student –run Harvard Law Review. It was clear from early on that Ogunlesi was destined for immense success.

After graduation, he went on to become the first non-American to clerk at the United States Supreme Court under the auspices of Associate Justice Honorable Thurgood Marshall, who Ogunlesi says is one of his major influences.

However, it was in 1993, less than a year after becoming an associate at Cravath, Swaine & Moore, a premier New York law firm, that the world of global finance opened up to him. First Boston, a major American investment bank, was assisting the Nigerian government in the financing of a $6billion natural gas venture. As providence would have it, the contact at the Nigerian end of the deal knew Ogunlesi personally; First Boston requested Ogunlesi to join them for three months to work on the deal.

Twenty years later, at the ages of 48, he’d worked his way up through First Boston from project finance to being handpicked by then CEO John J. Mack to become the Global Head of Investment Banking at Credit Suisse First Boston (Credit Suisse acquired First Boston in 1990).

Ogunlesi was quick to make necessary changes, increasing effectiveness and introducing fiscal cutbacks, swiftly making hundreds of bankers redundant, while cutting other costs including pay for those with guaranteed contracts. A year later, Credit Suisse First Boston – which at the time of Ogunlesi’s taking the role was going through challenging times, having lost nearly $1billion and facing accusations of corrupting its stock research in order to appease corporate clients – had maintained its position as the number one bank.

Before 2008, when Ogunlesi left Credit Suisse First Boston to start Global Infrastructure Partners – in which Credit Suisse and General Electric were founding investors – he had risen to executive vice chairman and chief client officer.

Although the bespectacled and well-liked Nigerian business mogul is known to avoid the public and the press, his £1.455 billion debt – free acquisition of London’s Gatwick airport – the UK’s second largest airport and the world’s busiest single runway airport, which handles approximately 33 million passengers per year-made his name public. Many outside of the finance industry had never heard of him until then. What many in the public also did not know was that Ogunlesi is no stranger to acquiring airports – Global Infrastructure Partners also purchased London City Airport in 2006.

Ogunlesi’s success is no surprise to those who’ve watched him build up a formidable track record. Accolades have been coming for some time: In 2002, he was named one of Time’s most promising young executives on its Global Influential list and Fortune pronounced him the seventh-most powerful black executive in the United States – billionaire media personality and business woman Oprah Winfrey came in at number 10. In 2011, he was awarded an African Banker Icon Award and was also named in Black Enterprise’s “Who’s Who on Wall Street”.

The ever-busy Ogunlesi sits on a number of boards and although based in New York, he actively cultivates his ties to Africa and his homeland, Nigeria. He has been an advisor to previous Nigerian governments and in 2009 became the non –executive chairman of the Africa Finance Corporation which aims to “help drive faster economic growth on the continent by proactively assisting in the development and financing of critical infrastructure, industrial and other assets” as well as being engaged in other civil society organizations.

Not bad for a guy who says he only went to business school to “get over his fear of numbers”

Culled from Forbes Africa Magazine (March 2012, Page8)

AFC Wins Landmark Leadership in Sustainable Investment in Africa Award for Cabeolica Renewable Energy PPP

Fri, 23 Sep 2011 0:00:00

PRESS RELEASE

AFC Wins Landmark Leadership in Sustainable Investment in Africa Award for Cabeolica Renewable Energy PPP

Lagos, 23 September 2011 Africa Finance Corporation (AFC) was today awarded the ‘Leadership in Sustainable Investment in Africa’ award for the Cabeolica wind farm project, at the Investment and Business Leader Awards held during the IMF and World Bank annual meetings in Washington DC, USA. The Cape Verde based Cabeolica wind farm project is the first commercial scale Public Private Partnership (PPP) wind farm in Sub-Saharan Africa.

AFC is an African-led international multilateral financial institution, established in 2007 whose mission is to improve African economies by proactively developing, structuring and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of private sector led power projects in Africa.

AFC is the lead investor in Cabeolica SA, which was established to develop, build, own and operate the US$90 million, 26MW landmark renewable energy wind power project in Cape Verde. The PPP with the Government of Cape Verde and the national power utility, Electra, entails the construction of 30 wind turbines on four of the seven inhabited islands of the mid-Atlantic archipelago. Construction, installation and commissioning of the turbines will be completed in 2011.

The project is financed with equity from the Africa Finance Corporation, Finnfund, InfraCo Africa, Electra and the Government of Cape Verde. Debt financing is provided by the European Investment Bank and the African Development Bank.

In recognition of this landmark transaction Mr Andrew Alli, President and Chief Executive Officer AFC,

said “AFC has strengthened its commitment to pioneering renewable energy investments on the continent with a co-developer and lead investor role in this project. This investment underscores our strategic focus in leveraging results oriented Pan-African partnerships, building on the foundation for a sustained replication of renewable energy projects across Africa, and enables infrastructure development in a turbulent global economic climate”.

About AFC - www.africafc.org

AFC is an African-led international financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa. AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde. AFC co-financed five new Boeing 777-260LR aircraft for Ethiopian Airlines as part of its fleet modernization programme. AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s USD2.0 billion Power and Aviation Intervention Fund. AFC is also the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. Underscoring its interest in investing in PPPs/PFIs in its focal sectors across the African continent, AFC also invested in the Bakwena toll road project in South Africa.

ENDS

For more information, contact:

Oliver Andrews

Director, Origination & Coverage

Africa Finance Corporation, 3a Osborne Road

Lagos, Nigeria

Tel: + 234 1 279 9600

Email: oliver.andrews@africafc.org

AFC seals USD50 million Bilateral Term Loan Facility Maiden borrowing in International Loan markets

Fri, 22 Jul 2011 0:00:00

Lagos, 22 July, 2011. Africa Finance Corporation (AFC) today completed its maiden borrowing, a US$ 50 million bilateral loan facility with Standard Bank plc. This marks AFC’s initial step in fully leveraging its balance sheet to invest in and support the development of critical infrastructure in the power, natural resources, transport, heavy industry and telecommunications sectors.

Standard Bank plc, a leading African banking group, rooted in Africa for over 150 years with a footprint in key sub-Saharan and other emerging markets, was the sole arranger, lender and agent of the facility.

Commenting on AFC’s debut borrowing in the International Loan markets, Andrew Alli, CEO & President of AFC said “All financial institutions need to leverage their balance sheets in order to have access to the necessary liquidity to fund the assets they create. This bilateral facility with Standard Bank marks the launch of AFC’s international borrowing strategy. We are pleased that our maiden borrowing is with another African institution and that we expect to continue to work with closely, as it demonstrates the strengthening financial capacity of the continent and the close intra-African ties that are being developed. We expect to continue to develop our funding program by working with institutions such as Standard Bank, as well as by tapping the debt capital markets”

David McCaig, Global Head of Debt Products, Standard Bank Plc welcomed the successful closing of the loan facility and said “Standard Bank are immensely proud to be part of AFC's evolving growth story across Africa and internationally. Standard Bank believes that this facility will serve as a solid foundation for all future borrowings of AFC and will assist in establishing the Corporation as one of the leading capital markets participants from Africa."

About AFC - www.africafc.org

AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde.

AFC co-financed five new Boeing 777-260LR aircraft for Ethiopian Airlines as part of its fleet modernization programme. AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s USD2.0 billion Power and Aviation Intervention Fund.

AFC is also the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana.

AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. Underscoring its interest in investing in PPPs/PFIs in its focal sectors across the African continent, AFC also invested in the Bakwena toll road project in South Africa.

For more information, contact:

Adesola Adeduntan
Director & Chief Financial Officer
Africa Finance Corporation
3a Osborne Road
Lagos, Nigeria

Tel: + 234 1 279 9600
Email: sola.adeduntan@africafc.org

Lucy Savage
Vice President, Corporate Communications
Africa Finance Corporation
3a Osborne Road
Lagos, Nigeria

Tel: + 234 1 279 9600
Email: lucy.savage@africafc.org

Database of Law Firms registered with the Africa Finance Corporation (Updated)

Fri, 01 Jul 2011 0:00:00

The Africa Finance Corporation has released a database of local and international law firms currently registered with its Legal Department.

This list will be updated periodically as more firms seeking to do business with the Corporation are vetted. For the latest list of registered organizations please visit http://www.africafc.org/pages/law-firms.php

AFC funds USD 668 million Ethiopian Airlines fleet Modernisation

Thu, 30 Jun 2011 0:00:00

Lagos, 30 June, 2011 Africa Finance Corporation (AFC), in collaboration with other international financial institutions, has concluded the co-financing of five new Boeing 777-260LR aircraft for Ethiopian Airlines. The acquisition of the new airplanes was in line with the Airline’s fleet modernization and expansion program. The AFC provided USD 24 million as part of a second lien loan tranche of the fleet financing plan. The new aircraft will expand Ethiopian airlines capacity on long haul routes to and from Africa, from its Addis Ababa hub.

Ethiopian Airlines, the national flag carrier of Ethiopia, was founded in 1945. Today, it has become one of the continent’s leading carriers, operating at the forefront of technology, with high quality service and operational excellence. Ethiopian Airlines plays a pivotal role in the economic development of the Ethiopian economy, and commands a major share of the pan-African air transport network, serving 58 international destinations. It plays a major role in capacity development within Ethiopia. The modernization of its fleet will create in excess of 400 skilled jobs within the airline’s workforce.

The project is financed with senior debt from US Eximbank, and the second lien loan provided by the Africa Finance Corporation, African Development Bank, and PTA Bank. Citibank N. A. was the mandated lead arranger for the transaction.
Commenting on the support provided to the Project and the company’s long term investment plan, Andrew Alli said “the AFC will continue to partner with institutions such as Ethiopian Airlines, in its quest to achieve and surpass its worldwide competitors in continued technical and service excellence and capacity development, and in so doing execute on our mandate to bridge the infrastructure investment deficit in Africa"

About AFC - www.africafc.org

AFC is an African-led international financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa. AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde.

AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s USD2.0 billion Power and Aviation Intervention Fund (PAIF). AFC is also the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. AFC recently provided financing to a leading Independent Power Producer (IPP) in Nigeria. AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity.

AFC has invested in the international oil and gas exploration and production company, Seven Energy Limited, which is playing a pioneering role in developing alternative sources of natural gas for domestic use in the Nigerian power and manufacturing sectors. Underscoring its interest in investing in PPPs/PFIs in its focal sectors across the African continent, AFC also invested in the Bakwena toll road project in South Africa

For more information, contact:

Taiwo Adeniji
Director & Head of Financial Institutions and Advisory
Africa Finance Corporation, 3a Osborne Road
Lagos, Nigeria
Tel: + 234 1 279 9600
Email: taiwo.adeniji@africafc.org

Lucy Savage
Vice President, Corporate Communications
Africa Finance Corporation, 3a Osborne Road
Lagos, Nigeria
Tel: + 234 1 279 9600
Email: lucy.savage@africafc.org

AFC Announces Strategic Partnership with IDFC

Wed, 15 Jun 2011 0:00:00

A platform for engagement on Indian Investments into Africa

Lagos, 15 June, 2011 The Africa Finance Corporation (AFC) today formalised a strategic partnership with the Infrastructure Development Finance Company Limited (IDFC), through the signing of a Memorandum of Understanding (MoU) between the AFC and IDFC Capital Limited (IDFC Capital), a wholly owned subsidiary of IDFC. Through the partnership, AFC and IDFC Capital will collaborate to facilitate entry into Africa by Indian companies seeking to expand internationally through investment in infrastructure, logistics, mining, power and telecommunications. Established in 1997, IDFC is India's leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services.

The ability of IDFC to tap global as well as Indian financial resources makes IDFC acknowledged experts in infrastructure finance. IDFC has a current consolidated net-worth of USD2.5 billion, and balance sheet size of USD 10.7 billion.

The AFC was established in 2007 with a capital base of USD1.0 billion, to be the catalyst for private sector infrastructure investment across Africa. AFC fills a critical void in providing project structuring expertise and risk capital to address Africa’s infrastructure development needs, and is increasingly being seen as the benchmark institution for private sector investment in the core infrastructure sectors of power, oil and gas, heavy industry, transport, and telecommunications.

Andrew Alli, President & Chief Executive Officer of the Africa Finance Corporation said "Given the scale of Africa’s infrastructure requirement and investment deficit, together with the opportunities created by the drive to engage the private sector in financing the investment deficit, a long term partnership with IDFC will establish a formidable platform for engagement of Indian investors into Africa.

Dr. Rajiv Lall Managing Director and CEO of IDFC said “In the coming decade Africa will attract increasing attention from global investors. The continents’ growth its requirement and its vast reserves of resources will pave the way for increased collaboration between Indian companies and the African continent.

Through this partnership AFC will strengthen its commitment to pioneering infrastructure investment solutions on the continent. Indeed, AFC is already actively collaborating with IDFC on a number of advisory initiatives involving African projects and Indian investors, particularly in the mining sector across Africa”.

About AFC
AFC is an African-led international financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa.

AFC is the lead investor in the award winning Cabeolica project , a US$90 million, 26MW landmark renewable energy wind power project in Cape Verde. AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s $ 2.0 Billion Power and Aviation Intervention Fund (PAIF). AFC is also the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. AFC recently provided financing to a leading Independent Power Producer (IPP) in Nigeria. AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity.

About IDFC
Infrastructure Development Finance Company Limited (IDFC) is India's premier financial services institution focused on infrastructure. It was set up in 1997 by the Government of India as a financier and catalyst for private sector's involvement in infrastructure development in India. IDFC has evolved into a 'one stop shop' for infrastructure finance in India, meeting the complex and ambitious requirements of an expanding client base.

IDFC's strategy involves all parts of the value chain of infrastructure, providing a differentiated value proposition to its clients. IDFC's domain expertise in infrastructure combined with product breadth – project financing, investment banking and asset management enables it to provide creative solutions to its clients. IDFC has strong relationships with the private sector and government enabling it to provide objective advice and facilitate public-private partnerships in infrastructure. IDFC Foundation helps train government officials on public-private partnerships, provides advice on infrastructure policy and governance issues and on sustainable development strategies.

For more information, contact:

Oliver Andrews
Director and Chief Coverage Officer
Africa Finance Corporation
3a Osborne Road, Lagos Nigeria
Tel: + 234 1 279 9600
Email: oliver.andrews@africafc.org

Lucy Savage
Vice President, Corporate Communications
Africa Finance Corporation, 3a Osborne Road
Lagos, Nigeria
Tel: + 234 1 279 9600
Email: lucy.savage@africafc.org

AFC Publishes Second Edition of its Africa Infrastructure Review

Wed, 11 May 2011 0:00:00

Lagos, 11 May, 2011 – The Africa Finance Corporation has released the second issue of its quarterly publication, the Africa Infrastructure Review. Africa Infrastructure Review offers AFC’s perspective on topical issues relating to infrastructure development, financing and investment in Africa. It presents practical and innovative solutions, based on AFC expertise, local knowledge and unique insight into the African infrastructure space.

In the second quarter of 2011, we focus on the telecoms and information technology sector in sub-Saharan Africa, particularly in the area of terrestrial broadband penetration. The social, financial and developmental returns associated with the explosion in telecoms infrastructure and service penetration in Africa since 2000 are already widely accepted as evidence of the underlying, private-sector driven market potential on the continent. What is perhaps less publicized is the narrative surrounding the emerging broadband future of sub-Saharan Africa, and the key market factors, operators and private investors leading the drive for growth and profit in this arena. While it is expected that mobile voice services will for quite a while continue to be the major source of income for operators, there appears no doubt that data content transmission is one of few areas where the kind of growth witnessed over the last ten years can be replicated in the next ten. In this Review, we seek to chart a path for the next stage of the African telecoms story, from the mobile revolution through sub-sea cables and into terrestrial Africa.

We are optimistic about the potential for private investors to replicate the success of Africa’s mobile telecom revolution in the internet and broadband market segment. This will be essential to unlock the immense opportunities for productivity, value-addition and employment across the continent. AFC is actively engaged with various partners seeking to create this future environment. In addition to specialised financial advisory, debt and equity capital raising offerings, the Corporation offers technical and project development advisory services. AFC also co-invests with local and international partners in acquiring or developing assets across the African continent.

We hope you find Africa Infrastructure Review useful, and we look forward to hearing from you on ways we may be able to assist you in 2011 – both in telecoms and the wider African infrastructure investment space.

About AFC

AFC is an African-led international financial institution whose mission is to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets. Founded in 2007, the corporation has as its key shareholders the Central Bank of Nigeria and leading regional financial institutions. The institution was established by international treaty, and current signatories to its Charter are the governments of Ghana, Liberia, Gambia, Sierra Leone, Guinea-Bissau, Guinea and host country, Nigeria.

AFC is involved as an investor, developer and financier of various infrastructure projects. It is the lead investor in the Cenpower Generation Company Limited (Cenpower), which is developing the Kpone Independent Power Producer (IPP) project. This is a 340 megawatt combined cycle gas turbine power plant near Tema in Ghana. In Cape Verde, off the coast of West Africa, AFC has underscored its commitment to pioneering renewable energy investments on the continent with a lead investor role in a €61.0m, 28 megawatt wind farm project under development. AFC is also the main African participant in a seven-year USD825.0m syndicated reserve base lending facility to develop the landmark Ghanaian Jubilee Oil Field, West Africa’s largest offshore deepwater find in over a decade. AFC has also invested in the international oil and gas exploration and production company, Seven Energy Limited. Through its local subsidiary, Seven is playing a pioneering role in developing alternative sources of gas for domestic utilisation in the Nigerian power and industrial production sector.

For more information, contact:

Ini Urua

Senior Vice President – Heavy Industry

Africa Finance Corporation

3a Osborne Road, Lagos Nigeria

Tel: + 234 1 279 9608

Email: ini.urua@africafc.org

Fola Fagbule

Special Assistant to the President and Chief Executive Officer

Africa Finance Corporation, 3a Osborne Road

Lagos, Nigeria

Tel: + 234 1 279 9618

Email: fola.fagbule@africafc.org

AFC funded Cabeolica Project wins Best Renewable Energy Award

Thu, 14 Apr 2011 0:00:00

First commercial scale Public Private Partnership wind farm in Sub-Saharan Africa

Lagos, 14 April, 2011 The Africa Finance Corporation (AFC) scored another first with the granting of the Best Renewable Project in Africa Award to the Cabeolica Project, at the recent Africa Energy Awards held in Johannesburg. The Cape Verde based Cabeolica wind farm project was singled out for being the first commercial scale Public Private Partnership (PPP) wind farm in Sub-Saharan Africa

AFC is the majority investor in Cabeolica SA, which was established to develop, build, own and operate the US90 million, 28MW landmark renewable energy wind power project in Cape Verde. This public-private partnership with the Government of Cape Verde and the national power utility, Electra, entails the construction of 30 wind turbines on four of the seven inhabited islands of the mid-Atlantic archipelago.

When completed, the wind farm will make substantial savings in energy costs each year and help the government of Cape Verde achieve its target of ensuring 25% of local power needs are provided from renewable sources.

The project was financed with equity from the Africa Finance Corporation, Finnfund, InfraCo Africa, Electra and the Government of Cape Verde. Debt financing was provided by the European Investment Bank and the African Development Bank.

Andrew Alli, President & Chief Executive Officer of the Africa Finance Corporation said “Renewable energy resources need to be harnessed effectively to provide more cost efficient sustainable power, address the infrastructure investment deficit and make an economic difference in the lives of Africans. AFC has strengthened its commitment to pioneering renewable energy investments on the continent with a lead investor role in this project, and is honoured to be recognised for providing an African private sector investment solution which underscores the global imperative for sustainable energy.”

About AFC - www.africafc.org

AFC is also the lead investor, in conjunction with InfraCo, in Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. AFC recently provided financing to a leading Independent Power Producer (IPP) in Nigeria.

AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. AFC has invested in the international oil and gas exploration and production company, Seven Energy Limited, which is playing a pioneering role in developing alternative sources of natural gas for domestic use in the Nigerian power and manufacturing sectors. Underscoring its expertise in investing in PPPs/PFIs in its focal sectors across the African continent, AFC is also an investor in the Bakwena toll road project in South Africa.

For more information, contact:

Oliver Andrews
Director and Chief Coverage Officer
Africa Finance Corporation
3a Osborne Road, Lagos Nigeria
Tel: + 234 1 279 9600
Email: oliver.andrews@africafc.org

Lucy Savage
Vice President, Corporate Communications
Africa Finance Corporation, 3a Osborne Road
Lagos, Nigeria
Tel: + 234 1 279 9600
Email: lucy.savage@africafc.org

AFC Seals USD7.75mn Investment in Tower Power Utility Supports Expansion in IPP Generation capacity to 15.3 MW

Thu, 07 Apr 2011 0:00:00

Lagos, 7 April 2011 – Africa Finance Corporation (AFC) has concluded a USD 7.75 million investment in the expansion and development of Tower Power Utility Limited (TPUL), existing gas-fired power generation capacity from 8.75MW to 15.3MW.

TPUL an independent power producer licensed by the Nigerian Electricity Regulatory Commission and established for the purpose of developing, owning and operating an off-grid power plant located in Ogun State, Nigeria is part of Tower Aluminium Plc a subsidiary of the international conglomerate Comcraft Group, and a pioneering leader of aluminium products in West Africa. Comcraft Group, established in India in 1915, produces steel, plastics, and aluminium products in Kenya, Tanzania, Uganda, Ethiopia, and Nigeria.

“AFC is delighted to support the expansion in generation capacity in an off grid IPP and make a small step in addressing the acute power supply deficit impeding industrial production and economic development in Nigeria ” says Andrew Alli, AFC President and CEO. “TPUL is a company with origins and active operations in Nigeria. This is an opportunity for us to contribute to its growth and development and in harnessing south-south infrastructure investment in emergent economies”.

About AFC - www.africafc.org

AFC is an African-led financial institution, established in 2007 whose mission is to improve African economies by proactively developing and financing infrastructure, industrial and financial assets. AFC is involved as an investor, developer and financier of various infrastructure projects. AFC is the lead investor in conjunction with Cenpower Generation Company Limited (Cenpower), which is implementing the USD450 million Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana. In Cape Verde, AFC has underscored its commitment to pioneering renewable energy investments on the continent with a lead investor role in a €61.0m, 28 megawatt wind farm under development. AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity. AFC is also the main African participant in a seven-year USD750 million syndicated reserve base lending facility to develop the landmark Ghanaian Jubilee Oil Field - West Africa’s largest offshore deepwater find in over a decade. AFC has invested in the international oil and gas exploration and production company, Seven Energy Limited, which is playing a pioneering role in developing alternative sources of gas for domestic utilisation in the Nigerian power and industrial production sector.

Contact

Batchi Baldeh

Senior Vice President Power

Tel. + 234 1 279 9600

email: batchi.baldeh@africafc.org