Enos Banda has been appointed Chief Executive Officer of Anergi, the major African power company established through the joint venture between the Africa Finance Corporation and Harith General Partners.
Anergi was established through the merger of the power investments of AFC and Harith, two institutional investors based in Africa, bringing their experience and expertise together to create a new entity that combines both renewable and non-renewable power assets in Africa.
The joint venture has over 1,786 MW of gross operational and under-construction capacity which will supply reliable energy to over 30 million people in 5 African countries.
Anergi comprises AFC’s interests in Cenpower, owner of the Kpone Independent Power Project under construction in Ghana, and Cabeolica, a wind farm that provides 20% of Cape Verde’s energy needs, with those of the Pan Africa Infrastructure Development Fund (PAIDF) which is managed by Harith. Harith’s interests include the Azura Edo IPP in Nigeria, the Lake Turkana Wind Power Project in Kenya, Kelvin Power Station in South Africa and the Rabai Thermal project in Kenya. Collectively this portfolio represents some of the largest recent independent power projects in Africa’s energy sector.
Enos began his career as a member of the New York Bar, working with White & Case LLP, a prestigious international law firm for which he helped establish in South Africa, where he is also an Advocate of the Supreme Court. He is also an investment banker, having served as Sub-Saharan Africa Head for Global Investment and Corporate Banking and Country Head for two leading global investment banks. He has advised on major infrastructure projects, including a major electricity industry operator listed on the London Stock Exchange in relation to significant IPP bids and capital raising.
Enos’s experience in the electricity sector includes serving as the regulator of the South African electricity industry and, serving as CEO of Eskom Enterprises (Pty), the asset formation and maintenance arm of the Eskom Group, the largest producer of electricity in Africa. Eskom Enterprises is responsible for non-regulated electricity, supply industry activities, electricity supply and served as a generation and transmission utility outside South Africa. This includes project development, construction, operations, maintenance and energy solutions across Sub Saharan Africa including Nigeria, Uganda and Tanzania as well as Libya. He was responsible for a nine-fold net profit turnaround in his first year as CEO. This experience has also accorded him with a track record of operating at key ministerial and government levels across Africa.
Andrew Alli, President and CEO of AFC and Chairman of the Board of Directors at Anergi said: “We are thrilled to welcome Enos as CEO of Anergi. In addition to an impressive record in Africa’s infrastructure finance space, Enos has also served as CEO of Africa’s largest producer of electricity.
“It is precisely because of this experience that we believe he is best positioned to become the inaugural CEO of our joint venture with Harith. Whilst generation is steadily increasing, access to power remains one of the major barriers to economic prosperity in Africa. This venture will play an important role in closing this gap.”
Tshepo Mahloele, CEO of Harith General Partners also commented on the announcement: “The energy deficit Africa faces calls upon all of us to expedite and increase our efforts in closing this gap. Key to doing this is pulling together experienced pairs of hands together with substantial capital and other existing assets.
“An experienced pair of hands is precisely what Enos brings to the table. A confident, well established, self-starter, Harith is delighted to have him on board, and look forward supporting him in maximising the potential of Anergi in development power projects across the continent”.
AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet size of approximately US$3.5 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. AFC successfully raised US$750 million in 2015 and US$500 million in 2017; out of its Board-approved US$3 Billion Global Medium Term Note (MTN) Programme. Both Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA.
AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested approximately US$4 billion in projects within 28 countries across North, East, West and Southern Africa.
Harith General Partners is the leading Pan-African fund manager for infrastructure development across the continent. With offices in Johannesburg and Cote d’Ivoire; Harith manages Africa’s first and only 15-year US$630m infrastructure fund, the Pan African Infrastructure Development Fund (PAIDF) 1 and recently announced the first close of the US$435m PAIDF2.
The funds are invested in a number of major projects in diversified sectors such as energy, transport, information and telecommunications, and water and sanitation. Harith recently added health care as a sector.
PAIDF is supported by African capital raised from state pension funds, development finance institutions, top investment banks and financial institutions.
Harith is also in a partnership with Asset and Resource Management Company Ltd (ARM), a leading Nigerian financial services company which currently manages over US$2.7bn of assets, to form the ARM-Harith Infrastructure Fund (ARMHIF). ARMHIF invests in infrastructure projects in West Africa.