Meridiam is expanding its African portfolio through a new renewable energy partnership in Egypt with Hassan Allam Utilities (HAU) and the European Bank for Reconstruction and Development (EBRD), and a majority stake acquisition in South African telecoms firm Ilitha Telecommunications.
The infrastructure manager said the partnership with HAU and EBRD will develop and invest in greenfield renewable energy projects, particularly wind and solar.
The partnership’s first project, developed with ACWA Power, is a €1bn wind power plant comprising two 550MW sites in a Gulf of Suez desert area.
Construction is set to begin in January 2025, with full commercial operation expected by 2027 for a 25-year period.
Meridiam said its investment in Ilitha, which is being made via the Meridiam TURF B Fund, will enable the telecommunication firm to accelerate its fibre rollout in South Africa’s township communities.
Marie Lam Frendo, partner at Meridiam and chief strategy officer, said: ”With this investment, we aim to play a catalytic role in the nascent but fast-growing internet market in the underserved areas of South Africa.
“But even more importantly, we expect to contribute to a tangible positive social and economic impact on township communities by providing them with reliable, affordable and fast internet connectivity.”
The size of Meridiam’s stake in Ilitha was undisclosed.
Vuyani Jarana, CEO and founder of Ilitha, said: “Access to the internet has become a basic human right, yet many people living in townships and rural communities do not have access to affordable quality broadband services.
“Ilitha is not just about bringing internet to these communities, it’s about the “Over the Internet Services”, improving access to education, information as well as household security through deployment surveillance cameras linked to the internet.”
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