DealMakers AFRICA

British International Investment, FMO, Proparco and Frontier Energy have announced a co-investment of over US$52 million in Planet Solar, an independent solar power producer. The 50MW greenfield solar power project in Sierra Leone is being developed by Frontier Energy and Planet One. The project is expected to increase the country’s power supply by approximately 30%.

Kenya’s SunCulture, a company that provides solar-powered irrigation systems to smallholder farmers, has received a US$2,6 million investment from British International Investments ($2,1 million) and Shell Foundation ($0,5 million). The funding will assist more than 9,000 smallholder farmers to increase productivity in a sustainable way.

Electronic bus solutions company, BasiGo, has secured a US$5 million debt facility from British International Investment to support the delivery of 100 electric buses. The Kenyan e-mobility startup announced a $6,6 million seed funding round in early November.

Fortis Green Renewables has announced a US$1,5 million investment in Camco’s financing platform, Spark Energy Services. This completes a $10 million equity round for the Kenyan platform which was developed to support energy efficiency and captive solar generation initiatives in dub-Saharan Africa’s commercial and industrial sector.

Lychee Egypt has announced a Series A round led by Beltone Venture Capital, along with Index Sports Fund and Twenty Eight Capital. The value of the round was not disclosed, but the food and beverage company will use the funding to expand into the Saudi Arabian market.

Egyptian online auto parts marketplace, Mtor announced a US$2,8 million pre-seed round led by Algebra Ventures. Other investors include Dutch Founders Fund, Aditum Ventures, LoftyInc Capital Management and a number of angel investors.

Kenya’s climate-tech startup, Amini has raised a US$4 million seed round led by Salesforce Ventures and the Female Founders Fund. The round was also supported by Satgana, Pale Blue Dot and Superorganism.

Franco-Tunisian SaaS startup, Cynoia, has announced a €850,000 funding round which will be used to expand into UEMOA markets, with a strategic emphasis on Senegal and Ivory Coast. Investors in the round included United Gulf Financial Services, 216 Capital Ventures and Bpifrance.

The Emerging Africa Infrastructure Fund (EAIF) has committed c.US$19 million to a new 20MW solar PV project in North-West Uganda. Ituka West Nile Uganda has a 20-year Power purchase Agreement with the Uganda Electricity Transmission Company. This is EAIF’s third PV project in Uganda having previous financed the 10MW Tororo Solar PV plant and the 10MW Soroti solar plant.

ASX-listed Desert Metals has entered into an agreement to acquire 100% of Côte d’Ivoire gold and lithium explorer CDI Resources. CDI has interests in seven gold and lithium projects including the Tengrela South gold project, the Adzope gold project and the Agboville lithium project. Desert Metals will issue a total of 75,000,000 fully paid ordinary shares to the existing CDI shareholders in exchange for the 100% stake.

Energean has announced a farm in agreement into Chariot’s offshore acreage Morocco. The agreement includes the acquisition of 45% of the Lixus licence, with the option to increase its stake to 55% following drilling results and 37.5% of the Rissana licence. Energean will assume operatorship of both licences. Terms of the farm in include a US$10 million cash payment on closing; the carrying of Chariot’s share of the pre-FID costs plus $15 million in cash (contingent on FID being taken on the Anchois development).

DealMakers AFRICA is the Continent’s M&A publication.
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