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38 pro j e c t s f i nanc ed t o da t e
Tot a l l i ng US$755 m i l l i on
Emerging Africa Infrastructure Fund
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P R O J E C T S W I T H E X T E R N A L D E L I V E RY O F P O W E R / E N E R G Y C O M P O N E N T
( E X C L . E . G . T E L E C O M S W H E R E P O W E R C A N B E I M P O R T A N T )
Portfolio Projects
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AES Sonel
EUR 24m Arranger for part of a corporate financing package for AES Sonel
Country: Cameroon
Arranged: Aug 2003 Signed: Dec 2006
Transaction Summary 2003: Construction of an 85MW HFO-fired power plant at Limbe,
2006 financing of an investment program to boost generating
capacity and improve electricity services;
Total Transaction Size: 2003 – US$ 90m, 2006 – EUR 240m;
Sponsor: AES;
Co Financiers: FMO, EIB, IFC, AfDB, Proparco, DEG and BEAC;
EAIF Role: Arranger (2003); Co-Lender (2006);
Additionality: in 2003 EAIF arranged a corporate facility of US$
60m, in 2006 provided bridge financing to allow other institutions
to join the transaction at a later stage as part of a new CAPEX
program.
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Development Benefit One of the only privatised Electric utilities in Africa; 50,000 additional connections per year on average until 2018; Upgrading the country’s generation, transmission, and
distribution systems and improving safety and environmental standards.
Kenmare Resources Plc (Moma Mining)
US$ 5.0m senior debt and US$ 24.5m Mezz. Debt
Country: Mozambique
Signed: Oct 2004
Transaction Summary Greenfield mineral sands mining (zircon, ilmenite, rutile); 15-year mezzanine and senior debt financing; Total Transaction Size: GBP 594m; Sponsor: Kenmare Resources Plc (LSE:KMR); Co Financiers: Absa, AfDB, EIB, IDC, FMO and KfW; EAIF Role & additionality: Co-Lender; EAIF’s willingness to provide
subordinated debt critical to full financing; Kenmare’s Development Association obtained the Nedbank Capital Green
Mining and Irish Chamber of Commerce best international CSR social responsibility awards in 2009.
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Development Benefit The project is the only mining/industrial project in its location in a remote
northern area of Mozambique anchoring industrial and social development and generating significant employment;
The power line from the national grid also enables electricity supplies to neighbouring villages;
The export of mineral sands contributes to export earnings for Mozambique; Because of its environmental and social approach in line with a/o IFC
environmental and social performance standards (see awards referred to above) the project is a good example for similar projects in the region;
The project has started an expansion in 2010, which will further develop the mine with associated regional benefits.
Olkaria III
US$ 15m senior secured debt financing
Country: Kenya
Signed: Jan 2008
Transaction Summary The project consists of the expansion of the Olkaria III
geothermal power plant from 13 MW to 48 MW capacity; Total Transaction Size: US$ 180m; Sponsor: Ormat International Inc.; Co Financiers: DEG, FMO, Proparco and KfW; EAIF Role: Co-Lender; Awarded “African Renewables Deal of the Year’ by
Euromoney’s Project Finance Magazine”.
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Development Benefit
Diversification of sources of power production;
Geothermal projects avoid the need to import fossil fuels, and
utilize instead a locally available resource which will improve
Kenya’s power supply;
Contributes positively to the targets of international climate
change policies.
Tronder Power
US$ 35m Underwritten Facility for a run of river small hydro Power Plant
Country: Uganda
Signed: May 2008
Transaction Summary Construction of a 13MW Hydro Power Plant and a 6 km 33 kV
transmission line;
Two Senior debt tranches: 15 year debt facility together with a
5 year debt facility to accommodate tariff structure;
Total Transaction Size: US$ 56m;
Sponsor: TronderEnergi and Norfund;
EAIF Role: Arranger and Underwriter.
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Development Benefit Significant improvement of electricity supply to the Kasese
district in western Uganda and the Ugandan Grid; Better grid management which will contribute to reducing the
technical losses currently experienced by Uganda Electricity Transmission Company Ltd (“UETCL”);
New improved homes and land titles for relocated population; New Hospital wing and medical supplies part of the CSR
program.
Rabai
EUR 22.5m Arranger for a 90 MW HFO fired power plant
Country: Kenya
Signed: Sep 2008
Transaction Summary 15-year mezzanine and senior debt financing; Total Transaction Size: EUR 120m; Sponsor: Aldwych and BWSC; Co Financiers: FMO, DEG and Proparco; EAIF Role & additionality: EAIF as lead arranger led the financial
structuring and negotiations of the transaction; Awarded the African Power Deal Of The Year prize by both Project Finance
International Magazine and Euromoney in 2008
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Development Benefit The Rabai IPP set the market standards for further IPP development in
Kenya; The plant's 90MW output is sufficient to provide power to up to 400,000
households; The addition of much needed new generating capacity will help reduce
the electricity rationing; Lower electricity prices (as it provides a substitute for more expensive
energy sources such as diesel generators) and improved quality/reliability of power supply;
The project has the ability to convert to gas once it becomes available in Kenya, which has substantial environmental and economic benefits (lower fuel costs).
SAEMS
US$ 14m senior secured debt facility
Country: Uganda
Signed: Sep 2008
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Development Benefit Additional generation capacity; Improved power supply to national grid; Cheap & Clean energy; Job Creation.
Transaction Summary Corporate debt facility for a portfolio of 12 small hydro power
projects with a total capacity of 58MW. 11 projects are located in Sri Lanka and 1 in Uganda;
Total Transaction Size: US$ 85m; Sponsor: South Asia Energy Management Systems Inc; Co Financiers: FMO, Finnfund and DEG; EAIF Role: Co-Lender; Additionality: EAIF’s funds are earmarked for the 18MW
Mpanga power project in Western Uganda. This is the first project under the Uganda Small Hydro IPP setup by the program that attracted debt finance.
Tower Power Abeokuta Ltd.
US$ 15m secured senior debt facility
Country: Nigeria
Signed: Jun 2011
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Development Benefit The plant will use Nigerian gas which otherwise would be flared; Removing potential off-takers from the national grid will stress-
relieve the national grid infrastructure and transmission network, both of which are in poor condition, thus benefitting domestic users with more reliable connections;
20 jobs created; TPAL plans to use Waste Heat Recovery technology to increase its
power output by capturing systemic heat wastes. This green technology will make the plant fuel efficient and help conserve energy.
Transaction Summary Greenfield 12.5MW gas fired combined cycle power plant that will
supply power to various industrial companies in Abeokuta. Total Transaction Size: US$ 21.3m; Sponsor: Powergas International, Clovis Participations ; EAIF Role: Structuring Bank and sole lender; Additionality: EAIF is supporting one of the first small scale IPP’s
that supplies power to industrial zones. This model is expected to implemented throughout Nigeria and therefore this project has a substantial demonstration effect.
Addax Bioenergy
EUR 20m financing for a Sugarcane plantation, Ethanol distillery factory and a Cogeneration Power plant
Country: Sierra Leone
Signed: June 2011
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Development Benefit The largest industrial project in Sierra Leone outside mining; 15MW of excess power exported to the grid, increasing the installed
capacity of the country by 25%; Significant employment of 2,000+ during full operations; Diversification of the country economy from mining to agriculture
and biofuels; Cooperation with the FAO to increase productivity of local farmers.
Transaction Summary
The development of a 10,000ha sugarcane plantation, an ethanol
distillery factory producing 82,000m3 of ethanol p.a. and a 32MW
cogeneration power plant;
Total Transaction Size: EUR 267m;
Sponsor: Addax and Oryx Group;
Co Financiers: FMO, DEG, AfDB, ICF, IDC and BIO;
EAIF Role: Co-Mandated Lead Arranger.
PFI and Euromoney African Renewable Energy Deal of the Year
KivuWatt Ltd
US$ 25m senior secured debt facility
Country: Rwanda
Signed: Aug 2011
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Development Benefit Improvement of reliable and affordable power supply to National
grid; Demonstration effect: once this project is completed, more gas to
power projects on Lake Kivu are expected to come online; The project will reduce the risk of toxic release of lake gases
through a controlled reduction of lake methane levels. The Project will enhance lake stability;
Job creation (200 during construction, 60 during operation).
Transaction Summary Integrated Methane Gas to Power Project utilizing Lake Kivu’s
unique methane gas resources. The project will consist of a Gas Extraction Facility plus a 25MW power plant;
Total Transaction Size: US$ 142m; Sponsor: ContourGlobal LP; Co Financiers: FMO, AfDB, BIO; EAIF Role: Co-Arranger; Additionality: Non availability of commercial funding with
required tenor and limited DFI appetite. PFI African Power Deal of the Year 2011
Kalangala Infrastructure
US$ 7m financing of the upgrade to road, ferry, power and water services.
Country: Uganda
Signed: Dec 2011
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Development Benefit Improved connectivity between the mainland and island, and
between the towns and communities along the road; Reduction in transaction costs for the local community, in terms
of reduced travel times, access to markets; Access to electricity, reducing need for more expensive sources,
ability to store perishable goods, improve quality of life; Increases access to safe and reliable water supply; Job creation during construction and operation.
Transaction Summary The Project involves the replacement of the existing ferry service with
2 new ferries, constructing a hybrid power plant, upgrading the
islands main road and developing a solar powered water supply
system to certain towns; Total Transaction Size: US$ 54m; Sponsor: InfraCo Africa Limited; Co Financiers: Nedbank, NSSF Uganda, GuarantCo and PIDG grant; EAIF Role: Co-Lender.
SAEMS II
US$ 6m secured senior debt facility
Country: Uganda
Signed: Jan 2012
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Development Benefit Additional generation capacity; Improved power supply to national grid; Cost effective & clean energy; Job Creation; Demonstration effect.
Transaction Summary Increase of the existing corporate debt facility with US$ 6m to US$
20m to facilitate the development SAEMS’s 2nd hydro power project in Uganda: the 14MW Nyamwamba power project located in Western Uganda;
Total Transaction Size: US$ 30m; Sponsor: South Asia Energy Management Systems Inc; Co Financiers: FMO, DEG and Finnfund; EAIF Role: Co-Lender; Additionality: EAIFs support to the Nyamwamba project follows
the succesful implementation of the 18MW Mpanga power project, one of the 1st small scale hydro IPP’s in Uganda. The project will provide power that will serve the rural western part of Uganda which currently experiences significant power shortages.
( P R O J E C T S W I T H E X T E R N A L P O W E R D E L I V E RY C O M P O N E N T )
Refinanced & Repaid Projects
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Tema Osonor Power Ltd
US$ 15m senior secured debt facility
Country: Ghana
Signed: Oct 2010
Cancelled: Dec 2011
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Development Benefit TOPL will provide reliable relative clean gas fuelled power, at
an efficient price, which will assist in solving power demand growth;
Job creation: 50 jobs; Tax revenues: The project is expected to pay on average US$
5m per annum in taxes.
Transaction Summary Construction of a 126MW LCO/gas-fired power plant in Tema; Total Transaction Size: US$ 128m; Sponsors: Aldwych International, PAIDF, Gecad and Standard
Bank; Co Financiers: FMO, AfDB and ICF Debt Pool; EAIF Role: Co-arranger; Additionality: EAIF structured & arranged US$ 90m Senior
debt package.
Tombstones
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Summary of transactions (2003- 2008)
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Oct 2004
MOMAGBP 594 million
Construction and operation of a Greenfield mineral sands project (ilmenite, rutile,
zircon) near Moma, northern Mozambique
US$ 5m - Senior Debt US$ 24.5m - Mezz. Facility
Jan 2003
MSI-Cellular / CeltelUS$ 260 million
Expansion of a GSM network across selected countries in Arica
US$ 30m Mezzanine debt facility
Feb 2007
Eleme PetrochemicalsUS$ 400 million
Financing of a post privatisation turnaround program for a petrochemical plant in Nigeria
US$ 20m Senior Debt facility
February 2007
Celtel NigeriaUS$ 190 million
Corporate facility for the expansion of Celltels GSM network in Nigeria
US$ 35mSenior Debt Facility
June 2007
Celtel AfricaUS$ 320 million
Corporate facility for expansion of GSM network in 5 African countries
US$ 24mSenior Debt Facility
Nov 2007
SeacomUS$ 600 million
Debt financing for equity participation of IPS Kenya (AKFED) in Seacom, the first submarine
fibre optics cable along the eastern coast of Africa
US$ 36.5m lender to IPS CSH for Seacom equity
Jan 2008
Orpower 4US$ 180 million
Expansion of the Olkaria III Geothermal power project to 48 MW
US$ 15m Senior Debt Facility
Mar 2008
Safal InvestmentsUS$ 211 million
Construction of a 13 MW run of river hydro power plant in Uganda
US$ 15m - Senior DebtUS$ 14m - Sub Debt
May 2008
Tronder PowerUS$ 56 million
Construction of a 13 MW run of river hydro power plant in Uganda
US$ 35m Senior DebtUnderwriter and Arranger
Sept 2008
Rabai Power ProjectEUR 120 million
Construction of a 90 MW HFO fired power plant in Kenya
EUR 22.5m Arranger –Senior Debt Facility
September 2008
SAEMSUS$ 85 million
US$ 14m Senior Debt Facility
Corporate facility for a portfolio of 12 small hydro power plants in Sri Lanka and Uganda
Aug 2003
AES SonelEUR 240 million
Construction of an 85 MW HFO fired power plant in Cameroon; in 2006 the facility was
increased to EUR 240 million and EAIF acted as a co-lender
EUR 24m Arranger –Senior Debt Facility
Nov 2004
MTN NigeriaUS$ 200 million
Corporate facility for the expansion of MTN’s GSM network in Nigeria
US$ 10mSenior Debt Facility
September 2005
Obajana CementUS$ 798 million
Construction and commissioning of a greenfield cement production plant with a capacity of 4.4 million tons per annum in
Nigeria
US$ 30m Senior Debt Facility
Nov 2004
SPM GhanaUS$ 47.3 million
Financing of a Single Point Mooring system and a conventional buoy mooring system in
the waters outside Tema Port, Ghana
US$ 12m Senior Debt Facility
Summary of transactions (2009 – 2011)
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July 2010
ALAF LimitedUS$ 35 million
Construction of a Metal Coating and Roofing facility in Tanzania
US$ 5mSenior Debt Facility
October 2010
Tema Osonor Power LtdUS$ 128 million
Construction of a 126MW gas-fired power plant in Tema, Ghana
US$ 15mCo-Arranger –Senior Debt Facility
November 2010
DPW Dakar EUR 216 million
Upgrade & expansion of the container terminal in the Port of Dakar, Senegal
EUR 12.5mSenior Debt Facility
November 2010
O3b NetworksUS$ 1.2 billion
Orbit Satellites and ground facilities to deliver fibre quality broad band
communications services to emerging markets
US$ 12.5m Senior Debt US$ 12.5m Sub Debt
December 2009
African Foundries LimitedUS$ 130 million
Construction of a 150MT p/a rolling mill that will produce TMT Rebars, Nigeria
US$ 20mSenior Debt Facility
African Foundries Limited
December 2009
Helios Towers NigeriaUS$ 250 million
Corporate facility for the expansion of Helios’ tower network in Nigeria
US$ 19mSenior Debt Facility
October 2009
Bisha Mining Share CompanyUS$ 460 million
Construction and operation of the first modern mine in Eritrea mining gold and
copper in Eritrea
US$ 25m Mezzanine debt
June 2009
Zain GhanaUS$ 523 million
Construction and operation of a greenfield mobile network in Ghana
US$ 17.5m Senior Debt Facility – B Loan
Jan 2009
SPA MaghrebUS$ 24 million
Construction of green field steel pipe manufacturing company in Algeria
US$ 17mSenior Debt Facility
February 2009
Aldwych InternationalGBP 44 million
Round B equity and high yield debt financing for start up power plant developer Aldwych
International
EUR 6m - Senior debtUS$$ 1m - Equity
June 2011
Tower Power Abeokuta LtdUS$ 21.3 million
Constriction of Greenfield 12.5MW gas fired combined cycle power plant in Nigeria
US$ 15m Arranger –Senior Debt Facility
June 2011
Addax BioenergyEUR 267 million
The development of a 10,000ha sugarcane plantation, an ethanol distillery producing 82,000 m3 of ethanol p.a. and a 32MW
cogeneration power plant in Sierra Leone
EUR 20m Co-Arranger –Senior Debt Facility
US$ 25mCo-Arranger –Senior Debt Facility
August 2011
KivuWatt LtdUS$ 140 million
The development of an Integrated Methane Gas to Power Project in Rwanda utilizing
Lake Kivu’s unique methane gas resources. The project will consist of a Gas Extraction
Facility plus a 25MW power plant
December 2011
Helios Towers TanzaniaUS$ 85 million
Acquisition of >1000 telecom towers from Millicom Tanzania Ltd. Debt facility for
refurbisment and expansion of the tower network
US$ 15mSenior Debt Facility
December 2011
Kalangala InfrastructureUS$ 54 million
Development of road, ferry, water supply and power services for Kalangala District in
Uganda
US$ 7mSenior Debt Facility
Summary of transactions (2012 -)
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January 2012
SAEMS IIUS$ 30 million
Increase of the corporate facility to facilitate the development of SAEMS’s 2nd hydro
power project in Uganda
US$ 6mSenior Debt Facility
