The pan-African fund manager Emerging Capital Partners (ECP), a major player in private equity on the continent, AP Moller Capital, a fund manager specializing in the infrastructure sector and developing markets, DEG, the German financing institution of the development dedicated to the private sector, and Investment Fund for Developing Countries (IFU-Denmark), the Danish development finance institution for private sector investment in developing countries, have announced the creation of a new company called “ECP Power & Water Holding ”which will invest in the industrial group Eranove.
ECP Power & Water Holding becomes the reference shareholder of the pan-African industrial group Eranove, a major player in the management of public services and the production of electricity and drinking water, of which Emerging Capital Partners (ECP) has been the largest shareholder since 2008. This operation places the Eranove group in a long-term strategy to provide electricity and drinking water to millions of people in Africa. The new company will prioritize investments in clean energy, with Eranove underlining its commitments to the green transition and the promotion of sustainable and responsible development across Africa.
“This strategic partnership is a strong focus for ECP, which has established itself as a long-term investor in the water and electricity sectors on the continent. It is also a growth lever to finance the long-term development of Eranove, confirming the Group’s orientation towards sustainable and responsible development ”, explains Vincent le Guennou, Co-CEO of ECP, Chairman of the Board of Directors. of the Eranove Group and Chairman of the Board of Directors of ECP Power & Water Holding.
The Eranove Group has been present in Côte d’Ivoire for several decades (SODECI, CIE, CIPREL, Awale, Smart Energy), and in Senegal (SDE) since 1996. With a turnover of 615 million euros, production with 306 million cubic meters of drinking water, an exploited electricity production capacity of 1,250 MW, the Eranove Group employs more than 7,800 people, whose skills and know-how it catalyzes to supply 2.9 million customers in electricity and 1.4 million in water (2020 figures). In the area of power generation, the Group has two power plants under construction and a rich roadmap of renewable energy projects – hydroelectric and solar – across Africa. Eranove will be able to continue to strengthen its commitment to social, societal and environmental responsibility, and to develop projects to meet the growing demand for electricity on the continent, as well as to reduce the carbon footprint of its existing subsidiaries, which is already reduced. 25% per kWh produced since 2015.
“This investment in Eranove fits perfectly with our strategy for The Africa Infrastructure Fund, which is to support sustainable development on the African continent. Providing reliable, cost-effective, low-carbon energy for businesses and homes is a necessity for the continent’s continued development, ”concludes Jens Thomassen, partner at A.P. Moller Capital.
“Our investment in the Eranove Group is a unique opportunity to support a socially responsible and economically viable institution, which will continue to have significant positive impacts on socio-economic development in Africa”, explains Mackenzie Schow, Deputy Head of the Equity Africa Department of the DEG.
“We are very satisfied with our investment in Eranove as the company has the potential to become a major supplier and distributor of energy and water in Africa, offering sustainable services that support the green transition and enable people and businesses to thrive, ”said Torben Huss, CEO of IFU.
