VENTURES AFRICA – Africapitalism proponet and chairman of Hiers Holding, Mr Tony Elumelu has disclosed plans to invest $2.5 billion to boost power supply in Africa.
The investment is part of US President Barack Obama’s unveiled power plan for Africa, and would be made through his pan-African proprietary investment company Heirs Holdings, which is the single largest investor to be included in the white house initiative.
The US president on Sunday announced a $7 billion power plan for the black continent, aimed at upgrading the continent’s power network and ending blackouts that deter business investments and activities.
“The investment we are making demonstrates our intent to become a significant player in the power sector.” Mr Elumelu said in a statement. “We want to conduct business in this strategic sector for the long term, in a way that links economic return to social benefits.”
Earlier this year, the investment company, through its investee company, Transnational Corporation of Nigeria (Transcorp), acquired the Ughelli power plant, one of Nigeria’s largest power assets, which it plans to restore to its full generating capacity of 1000 megawatts. Also, the Africa Finance Corporation (AFC), another African partner in the power Initiative, will invest about $250 million in Ghana, Kenya and Nigeria’s power sectors, with an additional $1 billion investment in sub-Saharan Africa energy projects. Daily Times reported.
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