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Fund to develop power assets in Nigeria, others

Nigerian News Update » Nigerian Newspapers
Punch Newspaper
An investment fund managed by QG Investments Africa Management Limited, QG AfricaMezzanine LP, has announced the establishment of a power firm to develop power assets across sub-Saharan Africa.

The new joint venture, QG Power Africa, was established in collaboration with Tomé International Limited and Independent Power Corporation Plc, a statement said.

It said QG AfricaMezzanine LP would support the joint venture as strategic investor; Tomé would be responsible for project management and the IPC for the development of the power assets.

The statement said the joint venture had been set up to develop power plants across countries in the sub-Saharan Africa region in the first phase focusing on Angola, Botswana, Mozambique, Uganda, Nigeria, Kenya and Ghana.

It said the QGPA would expand its development capabilities to meet Africa’s fast-growing demand for power.

The Managing Director, Head of Structuring, Milko Skoro, while welcoming the partnership and the launch of the QGPA, said, “The joint venture arrangement of the QGPA is based on an exceptional match of capabilities and expertise of the involved parties to conceive and develop power projects across the sub-Saharan region.

“Tomé and the IPC’s track record and the newly created platform for further growth were highly attractive to QG AfricaMezzanine LP. We look forward to contributing to close the infrastructure gap and support national growth plans with successful power assets in a number of African markets.”

According to the statement, the rationale behind the investment, beyond generation of solid returns, is the infrastructure sector’s substantial potential for job and wealth creation and local supply chains that positively impacts national economies.

It said commercial infrastructure projects in sub-Saharan Africa currently showed unparalleled potential and resilience against the perceived risks associated with the African continent.

QG AfricaMezzanine LP, according to the statement, is a $250m investment vehicle with attractive risk diversification across countries, sectors and underlying demand.
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