AFC wins ‘Africa Power Deal of the Year’

share on:

Andrew Alli, Managing Director, African Finance Corporation

Africa Finance Corporation (AFC) has been named the winner of the Africa Power Deal of the Year in the Infrastructure Journal (IJ) Global Awards 2017 for its 80 megawatts peat to power project in Rwanda.

The Project is expected to improve access to electricity for three quarters of the country’s population that is currently off the grid.

AFC was the Mandated Lead Arranger for the project debt, and successfully arranged total senior debt facilities of $245 million, contributing $75 million of its funding to the facilities.

ALSO READ   Babatunde Fashola Says Nigeria's Electricity Problem Cannot Be Solved By Magic

Despite its status as one of Africa’s fastest-growing economies, only 25 per cent of Rwanda’s population currently has access to reliable electricity.

The $350 million power plant will increase Rwanda’s installed capacity by 40 per cent. Scheduled for completion within three years, the Project is located in the Gisagara District, one of the most remote areas of Rwanda.

ALSO READ   PDP Calls Rauf Aregbesola A Monumental Failure

Chief Executive Officer, AFC, Andrew Alli, said: “At AFC we are delighted to receive this award and to be recognised as a global force helping to address Africa’s severe energy problems.

This Project will be hugely beneficial to Rwandan communities, not just in terms of the financial savings made from reducing the imported energy supplies, butbecause of the wider socio-economic benefits.

ALSO READ   Victoria’s Secret Model Sues Hotel Over Bedbug Bites

Alli said at AFC the Corporation is 100 per cent committed to investing in projects that will address Africa’s infrastructure development needs that will provide substantial, measurable benefit in the long term.

“I would like to thank the organisers of this event for their work on this event, and for recognising AFC as a global leader in this space,” he said.

Leave A Comment Below
share on: