DealMakers AFRICA

The International Finance Corporation, with support from the Government of Canada, has announced a US$5 million financing package for Husk Power Energy Systems Nigeria. The package includes a $2,5 million senior loan and a $2,5m concessional subordinated loan from the Canada-IFC Renewable Energy Program for Africa. The funding will support the rollout of Husk’s solar hybrid mini-grids in Northern Nigeria.

Ghana-based agribusiness, Mariseth, has secured a US$560,000 working capital loan from Sahel Capital’s Social Enterprise Fund for Agriculture in Africa. The company operates across several regions, aggregating crops from smallholder farmers and supplying them to FMCG companies in Ghana.

Corcel Plc has announced the acquisition, through its 90% owned subsidiary, Atlas Petroleum Exploration Worldwide, of an additional 30% gross (27% net) interest in its operated Block KON-16 in the Kwanza Basin, onshore Angola, from Intank Global DMCC for US$500,000 plus a future 5% overriding royalty interest limited to the first development area of Kon-16 in the event of a commercial discovery. The company has also announced the sale of a 5% net interest stake in KON-16 to Sintana Energy for $2,5 million. The nett effect of the transactions will see Corcel increase its net interest in KON-16 from 49.5% to 71.5%.

Nawy, an Egyptian proptech founded in 2019, has announced a US$52 million Series A equity round led by Partech and including e& Capital, March Capital Investments, Verod-Kepple Africa Ventures, VentureSouq, Endeavor Catalyst, Development Partners International Venture Capital via the Nclude Fund, Shorooq Partners, Outliers, HOF Capital, and Plug and Play. The company has also raised $23 million in debt funding from some Egyptian banks and financial institutions.

The International Finance Corporation and Proparco will provide a senior loan of up to €32,6 million to Groupe Duval as part of the financing for the Village Notre Père project, a new 21 km2 mixed-use real estate project in Plateau, the business district of Côte d’Ivoire’s economic capital.

Climate Fund Managers and Norfund have signed a Development Funding Agreement valued at US$3,6 million, with UK-based energy developer, Konexa, to support the next phase of Konexa’s energy expansion in Nigeria. The funding will enable the development of a solar PV plant and new and strengthened grid infrastructure connecting two of Nigerian Breweries Plc’s sites to renewable electricity supply.

Egyptian edtech platform, Career 180, has raised an undisclosed six-figure investment from Den VC. The funding will be used to support the company’s expansion into Saudi Arabia.

GOGO Electric, a Ugandan EV mobility solutions company, has agreed a revolving working capital facility with The Africa Go Green Fund (managed by Cygnum Capital). The funding will be used to expand GOGO’s electric motorbike production in Uganda.

DealMakers AFRICA is the continent’s quarterly M&A publication
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