Finance | - Part 160

Infrastructure | Mainstream Raises $118 Million for African Wind and Solar Farms

LAGOS, Nigeria, Capital Markets in Africa: One of Africa’s biggest renewable-energy developers raised $118 million to expand its footprint in the continent’s fast-growing markets for solar and wind power. Mainstream Renewable Power Ltd., a Dublin-based clean-energy developer, raised the funds to help finance the $1.9 billion Lekela Power joint venture, which plans to install more than 1.3 gigawatts of renewable electricity across Africa by 2018, Chief Executive Officer Eddie O’Connor said. “It’s high risk, so…

Orange completes acquisition of mobile operator Airtel in Burkina Faso

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PARIS, France, Capital Markets in Africa: Orange announces today that, together with its subsidiary Orange Côte d’Ivoire, it has completed the acquisition of 100% of the mobile operator Airtel in Burkina Faso. Since the signature of an agreement with Bharti Airtel International (Netherlands) BV (“Airtel”) in January 2016, Orange has obtained all the official approbations necessary to complete this transaction. Airtel is the 2nd largest mobile operator in Burkina Faso, with close to 4.6 million…

Infrastructure | Ethiopia Plans $8 Billion Investment in Clean Energy

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Addis Ababa, Ethiopia, Capital Markets in Africa: Ethiopia plans to install almost 13,000 megawatts of renewable energy over five years in a bid to bring power to three out of every four citizens who currently live without electricity, a top government official said. “Currently we have an installed capacity of about 4,200 megawatts,” said Motuma Mekassa, Ethiopia’s electricity minister, in an interview at the Africa Energy Forum in London. It will cost “at least” $8…

Rand Snared and Ruble Spared Brexit Risk in U.K. Finance Web

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s rand is among emerging-market currencies most vulnerable to upheaval if Britain votes to leave the European Union, while ruble investors may find some benefit from the isolation provided by sanctions on Russia. That’s a possible conclusion to draw from a ranking of countries in central Europe and Africa based on the depth of their financial ties with U.K. banks, compiled by analysts at UniCredit SpA. British lenders’…

Yield Exceeding 10% May Lure Investors to Ghana’s Eurobond Sale

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ACCRA, Ghana, Capital Markets in Africa: With yields among the highest in Africa, Ghana may find plenty of takers searching for a premium in a coming round of Eurobond sales. The world’s second-largest cocoa grower plans to raise as much as $1 billion after the International Monetary Fund endorsed its efforts to consolidate debt and stabilize a volatile currency. A successful sale hinges on government officials persuading potential buyers that double-digit returns are adequate compensation for concerns…

Trade | EU Seals Trade Pact With African Nations After 12 Years of Talks

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LAGOS, Nigeria, Capital Markets in Africa: The European Union and six southern African nations will sign off on a trade accord Friday after 12 years of negotiations that were stalled mainly by differences over market access for agricultural products. The so-called Economic Partnership Agreements gives products from Botswana, Lesotho, Mozambique, Namibia, and Swaziland duty- and quota-free access to the EU. South Africa, which has the region’s most-developed economy, will enjoy enhanced market access that goes beyond…

Investment | Glencore Sells Agri Stake to Canadian Fund for $625 Million

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South Africa, Capital Markets in Africa: Glencore Plc agreed to sell just-under a 10 percent stake in its agriculture unit to Canada’s British Columbia Investment Management Corp. for $624.9 million in cash as it continues to cut debt. The commodities trader and miner, which sold a 40 percent stake in the business to Canada Pension Plan Investment Board for $2.5 billion in April, will retain a majority 50.01 percent stake, it said in a statement on Wednesday. The agreement takes the value…

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