Africa-focused public utilities manager Eranove Group has a new key shareholder after a $200 million investment by a company formed by fund managers Emerging Capital Partners, A.P. Moller Capital and two development institutions, ECP said on Thursday.
It said the new company – ECP Power and Water Holding – will prioritise clean energy investments and help Eranove increase its supply of electricity and clean water to millions.
Pan-African fund manager ECP has been the largest shareholder in Eranove since 2008. The new company is a result of ECP joining forces with fellow fund manager A.P. Moller and the German and Danish development finance institutions.
Eranove has operated in Ivory Coast for several decades and in Senegal since 1996. As of 2020, it had turnover of 615 million euros ($728 million), producing 306 million cubic meters of drinking water with operated electricity