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Strong appetite from international banks for first gigascale 24/7 solar plant
ECA-backed deal comes after AFC raises $2bn to fund infrastructure development
Deal was three times oversubscribed
International Finance Corp’s drive to introduce development finance to the CLO market is advancing. Its second deal of $509m had more investors, more tranches and better pricing, supporting its rapid growth
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Africa Finance Corp — Lake Turkana Wind Power — Alrosa
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KazMunaiGas is still arranging its $600m loan through operating subsidiary, Urikhtau. The deal will likely close early next year, said a banker on the deal. A banker away from the deal said the deal may be struggling.
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Lake Turkana Wind Power, the Kenyan wind power project, has signed a $625m loan, the largest single private investment in Kenya.
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Africa Finance Corp has obtained a $300m term loan from 23 banks. The deal received over $630m of commitments from investors.
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Makram Abboud is VTB Capital's chief executive officer, Middle East and Africa and vice-chairman, international. Dan Alderson spoke to him about how the bank is carving out its niche in these regions, which have become a focus for Western banks with the shut out of the Russian loan market in 2014. Abboud also discussed challenges and opportunities in the year ahead and the prospect of VTB issuing its first sukuk.
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British Islamic lender Bank of London and The Middle East has announced a joint venture agreement with Japanese financial services firm Marubeni Corp, to provide lease financing to Marubeni’s customers in the UK.