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Calling solar companies to get funding from new green energy fund for off-grid projects

Calling solar companies to get funding from new green energy fund for off-grid projects

Abidjan – The Facility for Energy Inclusion announced this week that its Off-Grid Energy Access Fund has reached a final equity close with US$59 million in committed equity capital and US$36 million debt facilities, to support innovative, off-grid energy access companies.

The African Development Bank (AfDB.org) is the fund’s anchor sponsor with a US$30 million contribution, and US$8.5 million from the Global Environment Facility (GEF). The fund is managed by Lion’s Head Global Partners.

The final close, reached on 18 November 2019, was made possible through a US$15 million equity contribution from the European Union (EU), and a further US$17 million from the KfW, acting on behalf of the German Federal Ministry of Economic Cooperation and Development (BMZ). Additionally, the EU is providing US$2 million to fund a technical assistance facility, to enhance local currency financing.

Other equity investors in the fund include the Nordic Development Fund and All On Calvert Impact Capital and the Prudential Insurance Company of America. The fund has set a US$30 million target for further debt facilities.

Acting Vice-president for Power, Energy, Climate Change and Green Growth of the African Development Bank, Wale Shonibare said “We are pleased to welcome the participation of like-minded partners in our shared ambition to promote access to modern, reliable and sustainable energy in Africa, and to enhance private sector participation in order deliver electricity to under-served communities in Africa.”

Modern, high-quality off-grid connections can transform lives, Babette Stein von Kamienski, the KfW’s Director of Power and Energy in Southern Africa, noted.

“KfW and BMZ have invested in [the fund] to support this collaborative effort to advance climate friendly off-grid energy in Africa, demonstrating that off-grid solutions can complement sustained grid electrification to accelerate electricity access for millions of Africans,” she said.

Fund Manager, Harry Guinness, said “We are proud to have reached this milestone and excited to play a meaningful role in growing the sector and serve customers who are not currently served by traditional electricity grids. The off-grid market potential is massive and on track to transform electricity access in Africa.”


 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.