Eranove, the West African utility group majority-owned by Emerging Capital Partners (ECP), has landed significant fresh backing from ECP Power & Water Holding, a new entity set up by the private equity firm in partnership with A.P. Moller Capital, DEG, the German development finance institution, and its Danish counterpart, IFU. According to Reuters, the newly-created platform is putting $250 million to work in Eranove, making it the largest shareholder in the business.
The details of how the deal has been structured have not been made available. ECP first backed Eranove in 2008 and has worked with the firm’s management to grow it into a significant presence in the management of public services as well as the production of electricity and water in the region. Following this investment, Eranove will focus on clean energy investments as it prioritizes sustainable development throughout the continent, all key factors for each member of the investor group.
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