KenGen partners Japan’s Toshiba ESS for operation and maintenance of geothermal power plants

KENYA – Kenya Electricity Generating Company (KenGen), the largest producer of geothermal energy in East Africa, has signed a partnership with Japan’s Toshiba Energy Systems & Solutions Corporation (Toshiba ESS). The two companies will exploit geothermal energy in several countries. With 799 MWe in operation, Kenya Electricity Generating Company (KenGen) is the leading producer of geothermal energy in Africa. Although…

Read More

60 African startups to scale up business through Black Founders Fund

AFRICA – Sixty eligible, black-founded startups from across Africa have been selected for the second cohort of Google for Startups Black Founders Fund (BFF) for Africa, sharing US$4 million in funding and support to enable them to scale up their work. The US$3 million Google for Startups Black Founders Fund Africa is part of Google’s racial equity commitments announced in…

Read More

Amethis Investment Fund closes its US$121m second fund to support SMS enterprises

SOUTH AFRICA – Amethis Investment Fund Manager S.A., an investment fund manager dedicated to long-term responsible investing across the African continent, and Edmond de Rothschild Private Equity, have announced the final close of Amethis MENA Fund II (AMF II) on target at €120 million (US$121.82m).  AMF II is the second fund of the Amethis franchise focused on the MENA region,…

Read More

Equity bank set to acquire teachers owned Spire Bank

KENYA – Equity Bank, a financial service provider, has concluded negotiations to buy Spire Bank, setting the stage for the signing of a deal that is expected to get the teachers-owned bank out of a financial crisis. According to Business Daily, the deal will see Mwalimu Sacco, which owns Spire Bank, pay Equity an additional KSh1.7 billion (US$14.12m) to cover…

Read More

CrossBoundary Energy secures US$25m new funding to deploy clean energy in Africa

AFRICA – CrossBoundary Energy Access (CBEA), Africa’s first project financing facility for mini-grids, has announced US$25 million in new funding commitments from ARCH Emerging Markets Partners Limited, Bank of America, and Microsoft Climate Innovation Fund. This investment will leverage an additional US$25 million in senior debt to deploy US$50 million of capital into CBEA’s near-term pipeline of solar-powered mini-grids. CBEA…

Read More

Ecobank Transnational appoints Jeremy Awori as new Group CEO

TOGO – Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced the appointment of Jeremy Awori as the Group’s Chief Executive Officer. Awori replaces Ade Ayeyemi who is set to retire after he attains the age of 60, in accordance with ETI policy. He has served the bank for seven years. According to Ecobank Group Chairman…

Read More