Quantum Global’s Mezzanine Fund has invested in a new joint venture with Tomé International and Independent Power Corporation (IPC) to develop power assets in sub-Saharan Africa.

QG Africa Mezzanine, a $250m investment fund managed by QG Investments Africa Management, Tome and IPC have established a power development company, QG Power Africa (QGPA).

QG Africa Mezzanine will have a majority shareholding in QGPA and will support this joint venture as strategic investor.

Tomé will be responsible for project management and IPC for the development of the power assets. 

The JV has been set up to develop power plants across countries in the sub-Saharan Africa region in the first phase focusing on Angola, Botswana, Mozambique, Uganda, Nigeria, Kenya and Ghana. 

QGPA will expand its development capabilities to meet Africa’s fast growing demand for power.

Milko Skoro, Managing Director, Head of Structuring at Quantum Global, said: “The joint venture arrangement of QGPA is based on an exceptional match of capabilities and expertise of the involved parties to conceive and develop power projects across the sub-Saharan region.” 

Tomé is an engineering consultancy dedicated to the project management of large-scale infrastructure projects in the sectors of power, petrochemical, ports, airports, roads and rails. 

IPC develops and operates power plants for governments, large corporations and independent power producers. 

“Tomé and IPC’s track record and the newly created platform for further growth were highly attractive to QG Africa Mezzanine LP. We look forward to contributing to close the infrastructure gap and support national growth plans with successful power assets in a number of African markets,” commented Skoro.

According to Skoro, the rationale behind this investment, beyond generation of solid returns, is the infrastructure sector’s substantial potential for job and wealth creation and local supply chains that positively impacts national economies. 

"Commercial infrastructure projects in sub-Saharan Africa currently show unparalleled potential and resilience against the perceived risks associated with the African continent," he said.