EDF takes stake in Bboxx Kenya

French energy giant EDF has taken a 23% stake in Bboxx Kenya. Bboxx manufactures, distributes and finances decentralised solar powered systems in developing countries. EDF says it will bring its commercial resources and experience from developing offgrid solutions in several African countries. The agreement follows a 50% joint venture deal between Bboxx and EDF in Togo, launched in 2018.

EDF also said it had bought a 50% stake in solar energy firm Econet Energy Kenya.

South Africa bails out Land and Agricultural Development Bank

South Africa’s National Treasury has allocated $481m to recapitalise the Land and Agricultural Development Bank of South Africa, a state-owned lender which defaulted on its debt last year. The distressed bank, which has a mandate of developing and transforming the agricultural sector, will receive R5bn ($340m) in 2021-22, and R1bn ($68m) in each of the two subsequent fiscal years.

Panoro Energy to purchase Tullow Oil assets in Equatorial Guinea

Panoro Energy, a Londonbased, Oslo-listed independent oil exploration and production company, has agreed a $105m purchase of all of Tullow Oil’s assets in Equatorial Guinea. The transaction, which forms part of Tullow’s $180m sale of assets to Panoro in West Africa, has been approved by the government of Equatorial Guinea. Panoro also holds assets in Tunisia, Gabon and Nigeria.

EAIF commits to buy $50m of Liquid Telecoms bond

The Emerging Africa Infrastructure Fund (EAIF) has committed to buy up to $50m of a bond issue by pan-African telecoms firm Liquid Telecommunications. The bond aims to raise $600m which will be used to refinance existing debt and for corporate purposes. EAIF, acting through agent Ninety One SA, along with the IFC and German DFI Deutsche Investitions-und Entwicklungsgesellschaft (DEG), have committed to place orders to purchase up to an aggregate $178m.