QG Africa Mezzanine LP, an investment fund managed by QG Investments Africa Management Ltd. (QGIAM), has announced the establishment of a Power Development Company, QG Power Africa(QGPA), with Tomé International Ltd. (Tomé) and Independent Power Corporation PLC (IPC) to develop power assets across sub-Saharan Africa.
QG Africa Mezzanine LP will support this joint venture as strategic investor; Tomé will be responsible for project management and IPC for the development of the power assets. The joint venture has been set up to develop power plants across countries in the sub-Saharan Africa region in the first phase focusing on Angola, Botswana, Mozambique, Uganda, Nigeria, Kenya and Ghana. QGPA will expand its development capabilities to meet Africa’s fast growing demand for power.
Welcoming this partnership and the launch of QGPA, Milko Skoro, Managing Director, Head of Structuring, commented: “The joint venture arrangement of QGPA is based on an exceptional match of capabilities and expertise of the involved parties to conceive and develop power projects across the sub-Saharan region. Tomé and IPC’s track record and the newly created platform for further growth were highly attractive to QG Africa Mezzanine LP. We look forward to contributing to close the infrastructure gap and support national growth plans with successful power assets in a number of African markets.”
The rationale behind this investment, beyond generation of solid returns, is the infrastructure sector’s substantial potential for job and wealth creation and local supply chains that positively impacts national economies. Commercial infrastructure projects in sub-Saharan Africa currently show unparalleled potential and resilience against the perceived risks associated with the African continent.