AIIM’s third fund buys into $552m Ghana power project

The Old Mutual affiliate joins project partners including Denham Capital and the ARM-Harith Infrastructure Fund.

African Infrastructure Investment Managers has invested in a 200MW dual-fuel combined-cycle power plant worth $552 million.

The group, a member of Old Mutual Alternative Investments, has bought a minority stake in the Amandi project via its third fund. The vehicle, which launched last year, was the first after Old Mutual gained full control of AIIM when it bought Macquarie’s 50 percent stake in November 2015.

AIIF3 joins the Amandi site as part of a shareholder group which already includes majority-owner Endeavour Energy, an Africa-focused developer backed by Denham Capital. Other partners comprise Aldwych International – a group with investors including the Emerging Africa Infrastructure Fund and the Pan-African Infrastructure Development Fund – and the ARM-Harith Infrastructure Fund.

The project reached a $552 million financial close in December 2016, which included $134 million in equity, a $250 million loan from OPIC and a further $83 million from CDC Group in addition to commitments from Nedbank and Rand Merchant Bank.

Amandi is the fifth investment made by the AIIF fund. The others include Nigeria-based Starsight Power Utility, pan-African hydropower platform AIIM Hydroneo, Tanzanian dry bulk terminal operator DSM Corridor and Albatros Energy Mali, a 90MW thermal power station.

The third fund follows the group’s $547 million fundraising in 2011 and its $186 million debut effort in 2004.