London-based private equity company Actis LLP will take an 88 percent stake in the 100-megawatt Kipeto Wind Power in Kenya after buying out most of the project’s other shareholders, one of the farm’s founders said. Kenneth Namunje said he and two partners at Craftskills Wind Energy International Ltd. will cede some shareholding to Actis and…
The risk of a reversal in the inflation drop that has characterised many of the biggest African economies in the last year, will likely mean a freeze on borrowing costs. Rate decisions across Africa in the next two weeks are likely to confirm the continent’s biggest economies have mostly ceased a wave of easing that’s…
Zimbabwe has signed a US $1bn deal with Sinosteel Corp in a development that will see the Chinese firm building a 400MW coal bed methane-fired power plant in Matabeleland North Province and setting up new ferrochrome smelters at Zimasco. During the signing ceremony, President Emmerson Mnangagwa revealed that the first phase of the implementation will involve drilling of…
Amid great fanfare 44 African countries signed the long-awaited African Continental Free Trade Area (CFTA) earlier this year. The bloc is expected to boost intra-African trade – pegged at less than 20% – by eliminating import duties and scaling back tariffs. If fully implemented, a market of 1.2bn people with a combined GDP of $2.5…
China’s largest state-owned aluminum producer is pushing further into Africa to secure supplies of raw materials used to make the metal. Aluminum Corp. of China Ltd.’s Hong Kong unit plans to invest as much as $164 million in the Boffa bauxite project in Guinea, which has a total cost of $706 million, Chalco said in…
Ivory Coast is set to construct a mega thermal power plant after a complete negotiations with the local unit of France’s Eranove SA over a US $530 m deal. That could result in expansion of the county’s generation capacity by 5%. The gas fired facility which will be owned by Cie Ivoirienne de Production d’Electricite,…
Tanzania Petroleum Development Corporation(TPDC) is currently seeking a transaction adviser in regards to it US$ 30bn natural gas project that is currently entering a vital developmental stage. This comes hardly a month after one of the gas pipeline development partners signified that it would be signing the Host Government Agreement with Tanzania later this year…
The world’s three largest oil traders are competing to buy the African arm of Brazil’s Petrobras (PETR4.SA) that owns stakes in two major Nigerian offshore oil blocks, industry and banking sources with knowledge of the matter said, after submitting bids earlier this month. Last November, state-controlled Petroleo Brasileiro SA, known as Petrobras, launched the sale…
The federal government of Nigeria has signed a US $6.7bn contract agreement for the Ibadan-Kaduna segment of the Lagos-Kano rail line with China Civil Engineering Construction Corporation (CCECC). Commenting on the signed agreement, Yetunde Sonaike, Press Director, Federal Ministry of Transportation stated that the Minister of Transportation, Rotimi Amaechi, signed the contract and said the agreement was for the implementation of…
Chinese investment in Africa could be accelerating debt on the continent and creating economies which are “entirely dependent on China”, according to financial experts. Around $86bn (£64bn) in loans were issued by China between 2000 and 2014 to finance over 3,000 infrastructure projects in Africa. But as leaders gather in Beijing for China’s Belt and Road Summit this week, under…