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Pan-African joint venture set up

AFRICA: A new pan-African power development joint venture has been created between Nigeria's semi-public Africa Finance Corporation (AFC) and South Africa's Harith General Partners, operating nearly 1.6GW of renewable capacity.

AFC and Harith General Partners own stakes in the Lake Turkana project under construction in Kenya
AFC and Harith General Partners own stakes in the Lake Turkana project under construction in Kenya

Both partners are large fund managing corporations focused on African development in general, with a particular emphasis on sub-Saharan Africa's weak power capacity and infrastructure.

Combined, the joint venture claims a 1.6GW portfolio of power projects already online or in construction, representing a total combined investment of $3.3 billion.

Of that capacity figure, nearly 336MW is from wind, namely the 25.5MW Cabeolica wind plant already online in Cape Verde and the 310MW Lake Turkana wind project in Kenya, currently under construction and shared with multiple other stakeholders.

Nevertheless, neither company has so far responded to requests for specific information regarding future wind power projects.

The partners say their joint venture's financial clout and combined capital resources will bring otherwise wary project financiers on board. AFC also has experience in issuing bonds, also considered for future projects.

The joint venture's project portfolio is spread widely across sub-Saharan Africa, where combined power capacity barely matches that of Spain.

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