African investment group is the single largest investor to US-led pan-African power initiative
As
part of his commitment to deliver affordable and accessible power to
the continent, African business leader Tony O. Elumelu is committing
US$2.5 billion to the power sector in Africa. The investment is being
made through his pan-African proprietary investment company Heirs
Holdings (http://www.heirsholdings.com) – the single largest investor included in the White House statement announcing the Power Africa initiative.
Power
Africa is a multi-stakeholder partnership between the United States,
the governments of Ghana, Tanzania, Kenya, Liberia, Nigeria and
Ethiopia, and the African private sector, with the shared objective of
accelerating investment in Africa's power sector over the next five
years. The initiative was launched in South Africa during Obama's town
hall at the University of Cape Town.
Earlier
this year, Elumelu’s holding company, through its investee company,
Transnational Corporation of Nigeria (Transcorp), purchased the Ughelli
power plant, one of Nigeria’s largest power assets, which it plans to
restore to its full generating capacity of 1000 megawatts.
"The
investment we are making demonstrates our intent to become a
significant player in the power sector. It also shows in a clear and
meaningful way that African capital can and should be part of the
solution to Africa’s challenges. We need more African companies to step
up and get involved in Africa’s development.”
Elumelu,
who is Chairman of Heirs Holdings, went on to say, “Heirs Holdings’
investment in Power Africa is not just about creating value for
shareholders.
We want to conduct business in this strategic sector for
the long term, in a way that links economic return to social benefits – a
key component of what I call Africapitalism. Access to affordable,
uninterrupted power will have an immeasurable impact on the economic
ecosystem.
The cost of doing business will come down, entrepreneurs will
expand and innovate, and jobs will be created as a result. That is a
very tangible example of what Africapitalism is about: the private
sector creating economic prosperity and social wealth.”
Distributed by the African Press Organization on behalf of Heirs Holdings.
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