A. P. MOLLER CAPITAL ACQUIRED IBERAFRICA POWER LIMITED

A. P. MOLLER CAPITAL ACQUIRED IBERAFRICA POWER LIMITED

By Donald Kogai

A.P. Moller Capital completed its first

investment in Kenya with the acquisition of the

Nairobi based thermal power plant Iberafrica.

A.P. Moller Capital acquired the 52.5MW

Independent Power Producer (IPP) from

Naturgy.

The acquisition of the entire issued share

capital of Iberafrica, one of Kenya’s leading

IPPs, is part of A.P. Moller Capital’s efforts to

invest in infrastructure assets including power

and energy in Africa.

The acquisition provides A.P. Moller Capital

with an effective platform to advance its

investment commitments in Kenya.

A.P. Moller Capital is planning to invest further

in greenfield and brownfield power and energy

infrastructure assets in Kenya.

“Kenya is one of our focus countries with its

sizeable, growing, and well diversified economy

as well as its strategic location in East Africa.

The transaction represents A.P. Moller Capital’s

first investment in Kenya, where we are

planning to be an active long term partner in

the energy transformation, creating

employment and driving foreign investments to

advance the national development and growth

agenda.

” said Lars Reno Jakobsen, Senior Partner at

A.P. Moller Capital.

Located in Nairobi’s industrial area, Iberafrica

has provided base load and reliable power to

the grid since the start of its operations in 1997

and is operated by a highly experienced local

management team with extensive knowledge of

the Kenyan energy market.

Iberafrica sells electricity to the national utility

Kenya Power and Lighting Company Plc under

a long-term power purchase agreement.

Naturgy is a leading multinational group in the

energy sector, a pioneer in the integration of gas

and electricity in Spain and Latin America.

The company, as at end of 2019, has more than

18 million customers worldwide, an installed

capacity of 16.8 GW and a diversified mix of

power generation.

It is also a leader in the distribution of gas in

Spain and one of the largest distributors of

natural gas in Latin America.

It currently has renewable energy developments

in countries such as Spain, Australia, Mexico,

Brazil or Chile.

A.P. Moller Capital, founded in 2017, is an

affiliate of A.P. Moller Holding and was

established to manage stand-alone funds

focusing on infrastructure in growth markets.

A.P. Moller Capital launched its first fund, The

Africa Infrastructure Fund, in August 2017 to

invest in infrastructure assets on the African

continent with a focus on energy and

transportation.