- ECP has become a shareholder in the Eranove Group.
- ECP plans to focus on deploying clean energy in Africa.
- Eranove believes the partnership will lead to the accelerated provision of clean energy and potable water on the continent.
ECP Power & Water Holding has acquired a stake in Eranove group, which provides electricity and water to several African countries through its subsidiaries. ECP Power & Water Holding, is an investment vehicle of fund manager Emerging Capital Partners (ECP) and Deutsche Investitions- und Entwicklungsgesellschaft (DEG. ECP Power & Water Holding is also supported by the Danish development finance institution, Investment Fund for Developing Countries (IFU-Denmark).
ECP Power & Water plans to focus on the deployment of clean energy. Eranove already has several clean energy projects under development across many sub-Saharan African countries. For example, in Madagascar, Eranove has partnered with other investors to build the Sahofika hydroelectric power station, which will add 200MW into the island’s grid. The group has also increased its clean energy portfolio through concessions in Gabon with the Asokh Energy hydroelectric scheme, in Ivory Coast with the Cavally hydroelectric plant, and in Guinea with the 42MW Kenié hydroelectric plant.
Eranove is also investing in the deployment of off-grid solar energy in sub-Saharan Africa. For example, in the Democratic Republic of Congo (DRC), the group has partnered with AEE Power and Gridwork to invest $100 million to develop hybrid solar mini-grids in the towns of Bumba, Isiro and Gemena.
The group believes that the new partnership will enable it to provide clean energy and potable water to millions in Africa. In addition, Vincent Le Guennou, ECP’s co-chairman and CEO, believes that the new “strategic partnership” will provide the needed finance to accelerate Eranove’s long-term development.