Harith General Partners and Africa Finance Corp have formed a joint venture to combine both organisations’ power sector assets and expertise in Africa, including wind farms in Cape Verde and Kenya.
The JV will merge AFC’s interests in the Cabeolica wind farm in Cape Verde with those of the Pan Africa Infrastructure Development Fund, which is managed by Harith, and include the Lake Turkana wind farm in Kenya.
Overall, the JV has operations on 10 African countries and has a combined gross operational and under-construction capacity of 1575MW.
It will also develop and fund projects through corporate finance transactions and project finance, with the aim of “significantly reducing the lead time to bring power projects to fruition”.
Harith chief executive officer Tshepo Mahloele said: “The purpose of the proposed merger is … 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.
“This will enable the joint venture to expeditiously develop quality, cost reflective yet profitable power projects that will benefit Africans – both power users and investors alike.”
Image: Lake Turkana Wind Power
