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Plans to expand the LP base to more institutional capital beyond the current DFIs would bring the fund to just over €500m.
The New York-based manager is launching Zarou through Blackstone Energy Partners, with Sameh Shenouda to head up the new company.
The Old Mutual subsidiary’s various vehicles are now invested in about 25% of renewable energy in the country, which recently rebooted its renewables programme.
The infrastructure vehicle could exceed its original target, depending on the manager’s ongoing talks with potential investors.
The guarantee was crucial for the $375m valuation the Danish manager and the UK’s CDC were offering for Zambia’s Copperbelt Energy Corporation.
Chinese investments could help fund Africa’s much needed infrastructure, but high leverage will make African projects more exposed to any political risks from the country, Moody’s says.
Global Infrastructure Hub’s Chris Heathcote tells us emerging-market risk is ‘overblown’, as report finds $2trn investment need for 10 African countries.
The firm – which had previously raised four energy funds targeting greenfield and development project – hopes to reach a final close on the $2bn vehicle by year end.
The Danish firm is $135m shy of its target, having held a second close for its maiden vehicle on $865m last month.
The Africa-based telecoms company said it drew ‘considerable institutional investor interest’, despite the cancellation.
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