AFC, Investee Company Infinity Power Win Big at 2024 Bonds & Loans Awards

AFC wins Sovereign, Supra & Agency Treasury Team Award at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards in Cape Town, with investee Infinity Power Holdings clinching M&A Deal of the Year
(Source: AFC)

AFC played a leading role in proffering an innovative funding solution, with the Corporation deploying a suite of equity and quasi-equity instruments

March 7, 2024/AFC

Africa Finance Corporation, the continent’s leading instrumental infrastructure provider, received the prestigious Sovereign, Supra & Agency Treasury & Funding Team of the Year Award at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards in Cape Town yesterday, while AFC’s investee company Infinity Power Holdings was awarded M&A Deal of the Year.

Since 2014, the Bonds & Loans Awards has been recognising the most innovative and ground-breaking deals from sovereign, corporate and financial issuers and borrowers, celebrating outstanding achievements and highlighting significant contributions to the development of capital markets across Africa. An exhaustive selection process examines deal size, tenor, structure, and distribution; a borrower’s accessibility to finance; and focuses particularly on deals demonstrating high quality execution, accessing new pools of liquidity, innovative structuring, and opening-up of new markets.

The Sovereign, Supra & Agency Treasury & Funding Team Award recognises AFC’s expertise in the global capital markets through the successful execution of several strategic funding transactions in the last year. Notable deals closed include a US$625 million syndicated loan from a consortium of lenders, a EUR50 million loan facility agreement with Italy’s Cassa Depositi e Prestiti SpA (CDP), a US$350 million long-term line of credit with the African Development Bank (AfDB), a US$300 million facility from the Export-Import Bank of China,  and support to the Arab Republic of Egypt as re-guarantor on a private placement offering of JPY75 billion of 5-year Samurai bonds. The success of the transactions demonstrates global investor confidence in AFC’s strong credit profile and ability to deliver de-risked and transformational infrastructure projects that propel Africa to its rightful place on the global stage.

AFC’s investee company, Infinity Power Holdings, won the M&A Deal of the Year, recognising the company’s successful acquisition of Lekela Power BV, Africa’s largest wind platform, by AFC alongside partners- Infinity WorldWide, the principal sponsors of Infinity Power Holdings; Masdar, the renewable energy company of the Government of the United Arab Emirates; and the European Bank for Reconstruction and Development. The completion of the transaction signifies the increasing importance of global capital funding Africa’s key role in achieving global energy transition. AFC played a leading role in proffering an innovative funding solution, with the Corporation deploying a suite of equity and quasi-equity instruments. Following the acquisition, Infinity Power Holdings is now the largest renewable energy company in Africa, with 1.3 GW of operational projects and a 14 GW project pipeline. Through its operations, Infinity Power avoids more than 3.4 million tons of CO2 emissions per year, generates more than 4,000GWh of zero carbon energy, and powers more than 1.2 million homes, earning global recognition as a UN sustainability climate leader.

Commenting on the awards, AFC Senior Director & Treasurer, Banji Fehintola said: “We are honoured to receive these prestigious awards which not only recognise AFC’s commitment to rapid industrialisation, value capture and job creation in Africa but demonstrate the very essence of AFC as an institution with strong access to capital markets that provides innovative financing solutions to unleash Africa’s immense potential. We are immensely proud of our teams’ commitment and expertise, which enables us navigate complex financial landscapes and forge strategic partnerships that drive positive change in the region.”

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