African Infrastructure Investment Fund III

Mali, Ghana, Tanzania, Nigeria Infrastructure

Founded in 2000, African Infrastructure Investment Managers (AIIM) is one of Africa’s leading infrastructure investment firms. The South-African based firm also has offices in Nigeria, Kenya and Cote d’Ivoire which manage investments spanning 15 countries across East, West and Southern Africa.

The firm looks to invest in greenfield and brownfield infrastructure projects including toll roads, renewable energy, power generation, ports, and communication infrastructure assets. The African Infrastructure Investment Fund III (AIIF III) is the firm’s second sub-Saharan Africa focused fund. AIIF III will target core infrastructure investments in the power, transport and midstream energy sectors across sub-Saharan Africa.

Our investment

In 2017, CDC invested $45 million into AIIF III alongside German DFI, DEG. We made a follow-on commitment in 2018. Our investment will support the development of vital infrastructure in Africa. We

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 continue to support the fund manager in the implementation of its robust Environmental and Social Management System (ESMS), particularly in managing specific risks associated with this sector.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.


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.

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

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.


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
AIIM Hydroneo

AIIM Hydroneo is a pan-African power development platform.

View investment details

Africa Infrastructure June 2017 Active
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.

View investment details

Mali Africa, West Africa Infrastructure June 2017 Active
DSM Corridor Group

DSM Corridor Group Ltd is a specialist dry bulk termoinal operator in the Port of Dar es Salaam.

View investment details

Tanzania Africa, East Africa Infrastructure June 2017 Active
Proton Energy

Proton Energy is a development company with plans to develop a 150MW gas fired power plant in Sapele, Nigeria.

View investment details

Nigeria Africa, West Africa Infrastructure June 2017 Active
Zina Solaire (formerly Windiga Energy) June 2017 Active
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.

View investment details

Ghana Africa, West Africa Infrastructure December 2017 Active
Starsight Power Utility Limited December 2017 Active
Petroleum Products Pipeline SA (3PL) March 2018 Active
Uquo Integrated Gas Business (Accugas) March 2018 Active
Société d’Exploitation et de Gestion Aéroportuaire (SEGAP) June 2018 Active
BBOXX November 2018 Active
Maria Gleta

Maria Gleta is a dual fuel; HFO and gas 120 MWe 4-stroke engine-based power plant in Benin.

View investment details

Benin Africa Infrastructure February 2019 Active
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”). 

View investment details

Zambia Africa Infrastructure May 2019 Active