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The Emerging Africa Infrastructure Fund and GuarantCo supporting €78m Akuo Kita solar power plant in Mali.

PIDG companies, the Emerging Africa Infrastructure Fund (EAIF) and GuarantCo, announced today that the €78 million Akuo Kita solar power station project in Mali has achieved financial close.

  • Second Mali power project for PIDG
  • Largest West African solar project
  • EAIF Mandated Lead Arranger
  • Deal incorporates €54 million debt facility and €2.3 million Debt Service Reserve Account guarante

PIDG companies, the Emerging Africa Infrastructure Fund (EAIF) and GuarantCo, announced today that the €78 million Akuo Kita solar power station project in Mali has achieved financial close. 


EAIF, the joint Mandated Lead Arranger (MLA) on the Akuo Kita Solar project financing, arranged the senior debt facility for a total of €54 million over 15 years. The project marks EAIF’s first MLA role in a French-speaking African country and is PIDG’s second energy project in Mali. 

EAIF’s share of the debt package is €18 million and it provided an additional €8 million mezzanine facility over 20 years. GuarantCo has provided a €2.3 million Debt Service Reserve Account guarantee.  

The transaction was co-arranged with the Banque Ouest Africaine de Développement. The other senior debt providers are FMO, the Dutch development finance institution and Banque Nationale de Développement Agricole. Built and managed by the French company, Akuo Energy, the 50MW Akuo Kita Solar plant will sell its power to Electricité du Mali SA, the national utility, under a 28-year power-purchase-agreement. It will be the largest solar farm in West Africa; powering the equivalent of over 91,000 homes a year in a fragile country where 36% live below the poverty line. Up to 400 people, including 20 managers, will be employed during the plant’s 14-month construction period. When operational, the Akuo Kita facility will employ 30 permanent staff, all of whom are expected to be from Mali. 

PIDG continues to support the development of renewable energy projects in fragile economies; encouraging economic growth and helping to provide greater confidence for investors. 

Akuo Kita is PIDG’s second project in Mali. Its first, a thermal power station, also supported by EAIF and GuarantCo, is approaching its commissioning stage.

ENDS


For further information, please contact:

PIDG
Katharine Rooney + 44 203 848 6761
Katharine.rooney@pidg.org

EAIF
Martin Roche +44 771 574 9621
Martinroche55@gmail.com

Investec Asset Management
Vian Sharif +44 207 597 1834
vian.sharif@investecmail.com

Kotie Basson +27 21 416 1812
kotie.basson@investecmail.com

About PIDG 
The Private Infrastructure Development Group (PIDG) encourages and mobilises private investment in infrastructure in the frontier markets of sub-Saharan Africa, south and south-east Asia, to help promote economic development and combat poverty. Since 2002, PIDG has mobilised $33.7bn from private sector investors and DFIs, supported 170 infrastructure projects to financial close and provided 231 million people with access to new or improved infrastructure. PIDG is funded by members from seven countries (UK, Switzerland, Australia, Norway, Sweden, Netherlands, Germany) and the World Bank Group. www.pidg.org

About EAIF
The Emerging Africa Infrastructure Fund provides a variety of debt products to infrastructure projects promoted mainly by private sector businesses in sub-Saharan Africa. Part of PIDG, EAIF is funded by the governments of the United Kingdom, The Netherlands, Switzerland, and Sweden. It raises its debt capital from public and private sources, including Allianz, the global insurance and financial services company; Standard Chartered Bank; Standard Bank; the African Development Bank; the German development finance institution, KFW, and FMO, the Dutch development bank. The Fund helps create the infrastructure framework that is essential to sustained economic stability; business confidence, job creation and poverty reduction. It has to date supported nearly 70 infrastructure projects across eight sectors in 21 sub-Saharan African countries. EAIF is managed by Investec Asset Management www.eaif.com

About Investec Asset Management
Investec Asset Management is an independently managed subsidiary of Investec Group. Investec Asset Management is a specialist investment manager, providing a premier range of products to institutional and individual investors. Established in 1991, the firm has been built from start-up into an international business managing more than US$141bn* on behalf of third-party clients. The business has grown largely organically from domestic roots in Southern Africa to a position where we proudly serve a growing international client base from the Americas, the UK and Continental Europe, Asia, the Middle East, Australia and Africa. The firm seeks to create a profitable partnership between clients, shareholders and employees, and to exceed expectations for both client service and performance www.investecassetmanagement.com

*As at end December 2017

About GuarantCo 
GuarantCo was established to mobilise local currency investment for infrastructure projects and support the development of financial markets in low income countries. GuarantCo is part of the Private Infrastructure Development Group. GuarantCo is supported by the governments of the UK, Switzerland, the Netherlands, Sweden and Australia and is rated AA- by Fitch and A1 by Moodys. www.guarantco.com


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