Atta Africa Financial Update

Executive summary: Democratic Republic of Congo’s presidential term comes to an end.

Despite protests at home and abroad to prevent an unconstitutional third term for the incumbent, opposition parties remain divided and President Joseph Kabila has successfully delayed elections by calling for an updated population census, without a clear road map to the polls. Renewed instability in the DRC would impact the whole region, and many hope that increasingly vociferous diplomatic pressure could ensure a peaceful transition.

Several African leaders are currently pressuring Gambian president Yahya Jammeh to accept recent election results and step down after 22 years of rule – widespread violence has been averted so far. The DRC’s sheer size will incentivise these same leaders to weigh in on Kinshasa and support its democracy. Latest reports suggest Kabila will seek a compromise arrangement and step down before elections are held in 2018.

Fact: Scientists found 18 viruses new to science by sampling 133 New York City rats

DOB Equity to back Countryside Dairy

  • Dutch family office DOB Equity has made an investment for an undisclosed stake in Countryside Dairy, a Kenyan dairy-processing firm
  • Countryside Dairy’s business model and focus concentrates on providing its pasteurized fresh milk to the underserved, low income segment of Kenya’s population

African Development Bank is seeding the Facility for Energy Inclusion

  • African Development Bank is seeding the Facility for Energy Inclusion, a planned US$500 million pan-Africa renewable energy debt fund, with US$100 million
  • The financing package will consist of US$50 million in equity and a US$50 million convertible senior loan to the fund, which is expected to hold its first close by the middle of 2017
  • The fund will target opportunities to provide senior and mezzanine debt to off-grid, mini-grid and small scale independent power producers developing projects which cost less than US$30 million
  • Investors from the USA, the UK, Germany, Japan and South Africa in a bid to encourage commitments for the remaining US$400 million the fund is targeting

Amandi Energy has reached financial close

  • Amandi Energy, which counts a number of private capital investors amongst its backers, announced that it has reached financial close for the Amandi Energy Power Plant in Aboadze, Ghana
  • Of the US$552 million required, US$134 million is being provided as equity by a group made up of Denham Capital-backed Endeavor Energy, Harith General Partners-backed Aldwych International as well as Harith’s Pan African Infrastructure Development Fund 2 and the Amandi Founder Group
  • The capital strucutre also includes debt funding from US$250 million loan from OPIC, an US$83 million loan from CDC as well as commitments from Nedbank and Rand Merchant Bank