Azure Power's 35 megawatt solar project in Rajasthan, named Rajasthan 2
- A loan of US$135 million has been signed for Indian solar developer Azure Power by a syndicate led by International Finance Corporation (IFC). IFC provided majority debt financing of US$45 million. Other contributions included US$40 million from the French development agency Proparco, US$30 million from FMO, and US$20 million from OeEB, the development bank of Austria. The transaction is expected to finance a total of 175 megawatts in solar capacity for the firm’s commercial, industrial and governmental clients.
- Together with venture capital fund Dalus Capital, which supports early stage businesses in Mexico and Latin America, IFC has also provided a US$10 million capital investment to eFactor Network, a Mexican fintech firm specialised in factoring and working capital. This investment aims to consolidate its growth and develop new products.
- IFC is considering an equity investment in Vezeeta, a digital healthcare company headquartered in Cairo.
- The Overseas Private Investment Corporation (OPIC) has invested US$5 million in Grameen Impact India under a loan guarantee agreement with India’s IndusInd Bank. Grameen Impact India is a non-banking financial firm that lends to enterprises in the social sector.
- TriLinc Global Impact Fund (TriLinc) has approved an additional US$15.3 million in term loans and trade financing with firms operating in Southeast Asia, sub-Saharan Africa, Latin America, and emerging Europe. TriLinc’s total commitments come to US$438.2 million. The fund targets established SMEs in developing economies where affordable capital is scarce.
- UBS Global Wealth Management (UBS) and The World Bank have launched their first sustainable investment portfolio in the UK. The private client branch of the Swiss banking firm has said that it is trying to meet the growing demand for sustainable and impact investing solutions among its UK clients.
- Fairfax Africa is raising US$150 million in capital for additional African investments and some general corporate purposes. The raise has been underwritten by a syndicate led by three Canadian investment banks: Scotia Bank, RBC Capital Markets, and TD Securities. Two firms, one unnamed and the other Fairfax Africa’s parent company, Fairfax Financial, will take up around two-thirds of the offering.
- The Dubai-based Abraaj Group has raised US$51.9 million from the sale of its minority stake in Egyptian engineering contractor Orascom Construction. Abraaj sold its entire 5.4 percent stake worth 6.26 million shares at US$8.30 each earlier this month. The Abraaj Group has also sold its stake in Cairo Investment and Real Estate Development (CIRA) back to the company’s founding family.
- Infrastructure Development Finance Company has brought in the UK’s CDC Group as an investor in the third private equity fund managed by IDFC Alternatives Ltd, its alternative asset management business. CDC will provide an exit to some of the existing limited partners of the vehicle.
- Agile Capital is raising a third Africa private equity fund twice the size of its predecessor. As the investor’s US$40 million second fund nears full investment, the firm is looking to raise US$80 million in the latest of a series of joint initiatives between the firms.
- Amethis Finance is taking over the management of a €75 million Maghreb-focused private equity fund from Capital Invest Group. The fund has been renamed Amethis Maghreb Fund I, and has to date built a portfolio of seven companies.