Africa Finance Corporation and Harith General Partners, acting on behalf of its portfolio company Aldwych Holdings, has announced final close of the merger of their respective electricity generation assets into a new operating company, Anergi Holdings. 

Following a transaction initially signed in June 2016, all conditions precedent to the implementation of the merger have now been met, and the inaugural board meeting of the company was held on December 5, 2017. 

At its inaugural board meeting, Andrew Alli, President and CEO of AFC, was appointed Chairman of the Board of Directors of Anergi Holdings Limited, which is incorporated and domiciled in Mauritius. 

Other board members appointed include Tshepo Mahloele, Oliver Andrews, Alwyn Wessels, Sipho Makhubela and Fola Fagbule.

Alli said:"We are pleased that the Anergi transaction has come to a final close, and I look forward to working with the board and management to implement the strategy and achieve the operational goals of the business over the next few years.” 

Anergi is a holding company owning equity interests in seven generation assets with a total of 1,786MW (gross) and 554MW (net) generation capacity across five African countries. 

Anergi also holds near-term investment rights from its founding shareholders, to invest or acquire interests in new projects under development with a further 500MW capacity. 

As of December 2017, Anergi owns long-term economic interests in a portfolio of assets diversified by geography and fuel type. 

These are the 350MW Kpone IPP tri-fuel power plant (Ghana), the 310MW Lake Turkana Wind Farm (Kenya), the 26MW Cabeolica Wind Farm (Cape Verde), the 90MW Rabai Heavy Fuel Oil power plant (Kenya), the 200MW Amandi Gas-fired power plant (Ghana), the 450MW Azura Gas-fired power plant (Nigeria) and the 300MW Kelvin IPP (South Africa). 

The future equity investment rights held by Anergi relate to other projects at advanced stages of development in Cote d'Ivoire, Djibouti, Nigeria and Mozambique. 

Anergi's sponsors intend for it to operate as a consolidated energy business focused on acquiring, owning and managing controlling interests in African electricity sector assets, commencing with the initially merged assets. 

The company will also seek to consolidate its ownership interests in these assets, through mutually beneficial transactions with its existing co-shareholders. 
Anergi will commence work immediately towards securing a stock market listing on an international exchange at the earliest feasible date. From inception, Anergi will be the leading diversified electricity business operating in Africa. 

Tshepo Mahloele, Chairman of Aldwych Holdings Limited said: "We are excited about this merger and the next phase of growth for our African energy business. As we continue to implement our strategy of creating valuable and permanent operating platforms with significant technical and financial capabilities, Anergi Holdings Limited will be an important part of our future".