Joule Africa and Africa Infrastructure Investment Managers (AIIM) have agreed entered into strategic partnership deal which gives the infrastructure equity investor the opportunity to invest in the power projects being developed by the renewable energy power developer. Precise details of the partnership framework were not disclosed.
Joule Africa is currently working on the 202MW Bumbuna II hydro-electric project in Sierra Leone, as well as the Kpep hydro-electric project in Cameroon. The press release quotes CEO Andrew Cavaghan as saying that the firm as a “…growing pipeline of projects which we have in development.” This would include a 100MW solar PV initiative in Cameroon, the memorandum of understanding for which was signed between Joule and the Government of Cameroon last year.
AIIM manages $1.2 billion across five infrastructure funds which target opportunities in long-term institutional unlisted equity in African infrastructure projects in a number of sectors, including renewable energy. Through its African Infrastructure Investment Fund II (AIIF 2) it has made a number of investments in renewable projects including Cenpower Generation Company the developer of Ghana’s Kpone Independent Power Project (IPP) and the Azura IPP in Nigeria.
Jurie Swart, AIIM’s CEO commented “We see significant growth within this sector over the coming years and this partnership enables us to collaborate with a developer in the African power market with a strong pipeline of investable opportunities.”
African Alpha Investment Partners, the corporate finance and advisory firm based in London, advised on this agreements.