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Triple success as EAIF takes glittering prizes at IJGlobal’s annual awards

IJGlobal, the specialist global infrastructure market intelligence organisation, has awarded projects supported by PIDG company, the Emerging Africa Infrastructure Fund (EAIF), three prizes at its 2019 awards event.

  • African Fundraising Deal of the Year
  • African Solar Deal of the Year to Akuo Kita, Mali
  • African Power Deal of the Year, Nachtigal, Cameroon

The London prize-giving, on 21st March, saw EAIF win African Fundraising Deal of the Year, African Solar Deal of the Year and African Power Deal of the Year.

“We were particularly impressed by the participation of Allianz, a major European institutional investor, and the significant impact the fundraising could have on African infrastructure,” Jon Whiteaker, Editor, IJGlobal.

In 2018, EAIF raised US$385 million to continue its core strategy of mobilising public and private finance for investment in private sector infrastructure projects across Africa, often in fragile states.

The fundraising met all of IJGlobal’s criteria to qualify for and win the African Deal of the Year award; it moved the market forward, featured significant complexity, overcame many obstacles, created opportunities for new market participants and can deliver positive social and economic impact.

The lending group for the US$385 million includes long-standing lenders KFW, the German development bank, FMO, the Dutch development finance institution, and Standard Chartered Bank. The African Development Bank (AfDB) returned as a lender. For the first time, EAIF attracted a large commercial institutional investor in global insurer Allianz. EAIF’s equity is provided by the governments of the United Kingdom, The Netherlands, Switzerland and Sweden.

Jon Whiteaker, Editor of IJGlobal says,

“We were particularly impressed by the participation of Allianz, a major European institutional investor, and the significant impact the fundraising can have on African infrastructure.”

EAIF, was joint Mandated Lead Arranger of the debt finance on the 50MW Akuo Kita Solar project in Mali. It won African Solar Deal of the Year. One of the largest solar plants in West Africa, it will provide power to the equivalent of 91,000 homes.

African Power Deal of the year was awarded to the Nachtigal Hydro Power Company’s 420MW run-of the-river project on the Sagana River in Cameroon. EAIF has loaned €50 million to the project, which will boost Cameroon’s base load electricity supply by up to 30%.