Our investment
In 2017, CDC invested $45 million into AIIF III alongside German DFI, DEG. We made a follow-on commitment in 2018, and another commitment in 2020. Our investment will support the development of vital infrastructure in Africa.
| Impact |
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| How? |
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Economic enabler: Increase the supply of reliable and affordable energy, cooking fuel, ICT infrastructure, increasing productivity, and so lead to economic growth, job creation and improved quality of life. |
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Consumers |
Top up: Pan-Africa, approximately 45 per cent Morocco (category ‘D’ country), 33 per cent Ghana (category ‘C’), 19 per cent South Africa (category ‘D’), 4 per cent Mali (category ‘A’). AIIF III (incl. top up): Pan-Africa, approximately 34 per cent Ghana (category ‘C’ country ), 21 per cent Nigeria (category ‘B’), 16 per cent Morocco (category ‘D’), 7 per cent South Africa (category ‘D’), 7 per cent Mali (category ‘A’), 4 per cent Tanzania (category ‘B’) 4 per cent DRC (category ‘A’), 3 per cent Kenya (category ‘C’), 3 per cent Rwanda (category ‘C’), 1 per cent Congo (category ‘A’). |
Urban/peri-urban households |
| Employees |
Top up: Pan-Africa, approximately 45 per cent Morocco (category ‘D’ country), 33 per cent Ghana (category ‘C’), 19 per cent South Africa (category ‘D’), 4 per cent Mali (category ‘A’). AIIF III (incl. top up): Pan-Africa, approximately 34 per cent Ghana (category ‘C’ country ), 21 per cent Nigeria (category ‘B’), 16 per cent Morocco (category ‘D’), 7 per cent South Africa (category ‘D’), 7 per cent Mali (category ‘A’), 4 per cent Tanzania (category ‘B’) 4 per cent DRC (category ‘A’), 3 per cent Kenya (category ‘C’), 3 per cent Rwanda (category ‘C’), 1 per cent Congo (category ‘A’). |
Unknown |
| Grid Score | Contribution |
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2.4 To help us direct our investments, we use a tool called the Development Impact Grid. The Grid scores every investment we plan out of a score of four, based on two factors: the difficulty of investing in the country and whether investment in that sector will lead to jobs. |
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Expected impact
Africa’s economic growth is hamstrung by a lack of essential infrastructure, notably in power generation, but also in transport and logistics. Our investment will enable the fund manager to develop power projects in some of the continent's most challenging and underserved countries, which will underpin wider economic growth. The fund will also help develop, expand and improve transport links and logistics hubs through its investment. In addition, the fund manager will provide strategic, commercial, operational and financial expertise to investee companies. The team has so far invested in landmark projects across West Africa, including IHS in Nigeria and the Cenpower and Azura power projects, in Ghana and Nigeria, respectively. It has also made seed investments into the pan-African AIIM Hydroneo Power, Tanzania's DSM Corridor Group, and Mali's Albatros Energy which, once complete, will be one of the first independent power projects to feed into the national grid, as well as several other transactions.
Environmental and social aspects
We worked closely with the fund manager to develop and implement an environmental and social management system (ESMS) that has the capacity to manage the higher level of environmental and social risk associated with this sector.
Key facts
- Status:
- Active
- Region
:
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa
- Sector
:
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.
- Communications and IT Services, Infrastructure, Manufacturing
- Website:
- https://aiimafrica.com/
- Investment type
:
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Intermediated investment
- Fund manager:
- Africa Infrastructure Investment Managers
- Start date
:
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- May 2017
- Amount
:
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
- $60.63m
- Domicile
:
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
- South Africa
Investments made by this fund
- Active
- Exited
| Investment name | Country | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
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AIIM Hydroneo
AIIM Hydroneo is a pan-African power development platform. |
Africa | Infrastructure | June 2017 | Active | |
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Albatros Energy
Albatros Energy Mali (AEM) will build, own, operate and transfer a 90 megawatt (MW) thermal power station in Kayes, western Mali. This is the first independent power project (IPP) to feed into the national grid in Mali. |
Mali | Africa, West Africa | Infrastructure | June 2017 | Active |
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DSM Corridor Group
DSM Corridor Group Ltd is a specialist dry bulk termoinal operator in the Port of Dar es Salaam. |
Tanzania | Africa, East Africa | Infrastructure | June 2017 | Active |
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Proton Energy
Proton Energy is a development company with plans to develop a 150MW gas fired power plant in Sapele, Nigeria. |
Nigeria | Africa, West Africa | Infrastructure | June 2017 | Active |
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Zina Solaire (formerly Windiga Energy)
Windiga Energy Inc. (Windiga) is an African focused renewable energy development company developing its inaugural 26.6MW solar PV project, Zina Solar Power (Zina), in Bukino Faso. |
Burkina Faso | Africa, West Africa | Infrastructure | June 2017 | Active |
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Amandi Energy
The Amandi Energy Independent Power Project (IPP) involves the construction of a 203 megawatt (MW) combined cycle gas turbine in Western Ghana, near the coastal town of Aboadze. Amandi Energy is part of the STL Group, an infrastructure and energy group that has operated in Ghana and West Africa for over 30 years. |
Ghana | Africa, West Africa | Infrastructure | December 2017 | Active |
| Starsight Power Utility Limited | Nigeria | Africa, West Africa | Infrastructure | December 2017 | Active |
| Petroleum Products Pipeline SA (3PL) | Cameroon | Africa, Central Africa | Infrastructure | March 2018 | Active |
| Uquo Integrated Gas Business (Accugas) | Nigeria | Africa, West Africa | Infrastructure | March 2018 | Active |
| Société d’Exploitation et de Gestion Aéroportuaire (SEGAP) | Africa, West Africa | Infrastructure | June 2018 | Active | |
| BBOXX | Africa | Manufacturing | November 2018 | Active | |
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Maria Gleta
Maria Gleta is a dual fuel, HFO and gas, 120 MWe 4-stroke engine-based power plant in Benin. |
Benin | Africa, West Africa | Infrastructure | February 2019 | Active |
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Central African Corridor Company (CACC)
Central African Corridor Company (CACC) was established to develop a new 4.4-hectare inland logistics terminal at Kapiri Mposhi in Zambia in partnership with the Tanzania Zambia Railway Authority (Tazara). |
Zambia | Africa, East Africa | Infrastructure | May 2019 | Active |
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Tema LNG Terminal Company
The Tema liquefied natural gas (LNG) import terminal project is located at the Port of Tema, Ghana, and is the first LNG import terminal to be developed in the sub-Saharan African region. |
Cameroon | Africa, Central Africa | Infrastructure | February 2020 | Active |
