GPFAC and partners have closed a total of USD 7.7 billion in Africa, including Algeria, Côte d’Ivorie, Mali, Madagascar, Morocco, South Africa, and Tunisia. One of our professionals is located in Mali and South Africa and we use this office as a platform to manage our operations in North and Sub-Saharan Africa.
Our recent experience in Africa includes the following:
- Closed the first IPP (independent power project) in Mali, Euro 135 million (90 MW heavy fuel oil-fired, thermal power plant) in the role of project sponsor, financial and insurance advisor and equity investor. First combination of Islamic and conventional financing in the region. Project was built in 16 months (3 weeks ahead of schedule) and has been successfully operating since November 2018. A professional of GPFAC led this effort and presently is a member of the company’s Board of Directors.
- Advising a Spanish developer on a 50 MW thermal Power plant in Uganda, assisting the developer with the financing.
- Assisting a Swiss-American company that has developed a cost-effective, utility-scale, gravity-based energy storage system to develop financing solutions worldwide, starting with a focus in Africa.
- Working with several project developers on early stage power projects in Africa (Mali, Senegal, Ethiopia, Kenya, Rwanda, Congo, and Benin).
In the past, GPFAC professionals have closed some of the pioneering privatization projects in Africa and other countries including:
- USD 1,483 billion Jorf Lasfar project (first IPP in Morocco, 1,320 MW coal-fired) in the role of co-sponsor, debt underwriter, and financial advisor. Led major task streams, including negotiation of a 25 year PPA off-take, security package (escrow arrangements, letter of credits, etc.), coal handling and storage agreement, port extension, long-term coal-supply procurement and long-term ash disposal arrangements.
- USD 220 million Azito project (first IPP in Côte d’Ivorie, 140 MW gas-fired power project) in the role of sponsor and financial advisor. IFC (International Finance Corporation) was a participant.
- Closed on the privatization of the Kruger Mpumalanga International Airport (first private airport in South Africa) in the role of sponsor.
- Ohanet upstream gas exploration and development project, Algeria: acted as financial advisor to one of the project sponsors and EPC contractors; scope of work included advisory on all commercial, contractual, financing and sponsor’s financial return aspects of the project.
- In addition, GPFAC maintains relationships with the mining sector (off-grid initiatives, hybrid solutions) to follow their initiatives with respect to power supply for their mines and also supports other developers with respect to equity placement during the development phase or shortly before financial closing (Uganda, Benin).
- Active support in building some of the leading energy asset platforms for emerging markets including a 100 MW PV (photo-voltaic) project in South Africa (De Aar, Droogfontstein) and a138 MW wind farm in South Africa (Jeffreys Bay).
- Advised leading generator in Tanzania, Cameroon and Côte d’Ivoire and advised institutional investors in a successful exit from investments.
- Ait-Baha (2012-2013, Agadir, Morocco): On behalf of Airlight Energy and Italcementi (Heidelberg Cement Group), development of a 3.9 MW thermal concentrated solar plant until start of construction. Project includes three collectors with a mirror aperture of 10 and a length of 290 meters each and a gravel stone-based heat collector.
GPFAC’s strengths in Africa include:
- Deep network with developers and key players in this market.
- Established relationships with financing institutions in Africa (Nedbank, Standard Bank, West African Development Bank, African Development Bank, Emerging Africa Infrastructure Funds, Islamic Development Bank, Islamic Corporation for Development, Development Bank of South Africa, Standard Bank, Investec and many more).
- Extensive knowledge of the African insurance market: construction, operation, political risk, and guarantees.
- Quality relationships with governments and utilities.