• Erik Wandrag

• Senior Investment Director: Energy

• Harith

• South Africa

Our funds

Partnerships

Additional value

SECTOR REGION SPONSOR SPONSOR ORIGIN

YR RATIONALE

ICT West Nigeria 2009 Subsea cable from Portugal to Nigeria to capitalise on data demands

Energy West Nigeria 2008 Benefitting from high oil prices and local content regulation

ICT East India 2009 Capitalising on low mobile penetration with value added services aimed towards youth

Transport North Turkey 2010 Beneficiary of increasing tourism and business traffic in Tunisia

ICT South S. Africa 2009/10 Provider of last mile connectivity from cable landings to cities

Energy West/South UK 2009 Power developer with strong African track record to capitalise on energy needs

Transport West France 2012 Toll bridge that will help relieve heavy traffic congestion in Abidjan’s city center

Real Estate South Botswana 2012 Investment in the new SADC head office in Botswana forming a critical part of a PPP

Transport South Consortium South Africa 2012 Strategic infrastructure asset in the highly specialized & competitive aviation sector

Energy East KP&P Netherlands 2014 Wind farm supplying base power to market

PAIDF I Investment Portfolio

GEPF, USD 250

ABSA / Barclays, USD 125

DBSA, USD 100

AfDB, USD 50

Old Mutual, USD 50

Liberty Life, USD 15

Standard Bank, USD 15

Metropolitan, USD 10

SSNIT, USD 10

Eskom Pension, USD 5

PAIDF I investors

Case study:

Investment Thesis

Exit Strategy

Kenya, 300MW wind project - approximately 20% of the current installed electricity generating capacity.

US$870 million - the largest single-private investment in Kenya’s history.

Largest wind farm in Africa.

Transmission line of 428km (Turkana to Nairobi).

PAIDF Investment: US$ 63.3 million – largest equity contribution.

African Renewables Deal of the Year 2014 at the IJGlobal Awards.

Reuters Project Finance International (PFI) African Renewable Deal Award 2014.

Investment Thesis

Exit Strategy

So how did we get here ?

Project identification and selection

Investment Thesis

Exit Strategy

Excellent fit with fund mandate (including ESG);

Role to play for portfolio company (Aldwych);

Return to portfolio company as well as fund above hurdle rates;

Experienced and capable PPA counterparty in Kenya Power;

Credible project partners;

Strong government support;

Credit and country risk supported by World Bank;

Favourable debt:equity ratio;

Investment on upper end of prudential limits; and

Residual risk commensurate to reward.

What appealed to us about the project ?

Investment Process Deal Enquiries (Full Project Database)

Project Summary (If interested)

Investment team review (Team Evaluates Project, Portfolio Fit)

Screening Paper (For IC)

Internal review committee approves

IC (Approves DD)

Due Diligence

Appraisal Report

Internal review committee

IC

B.O.T

Pre -investment process

Investment Process

Monthly Monitoring

Initial Review

Board Meetings & Regular Monitoring

Value Enhancement

Realisation

14

Post -investment process

Project history and timelines

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Investment Thesis

Exit Strategy

Orville Cachia

Senior Investment Director: Origination

+27 82 410 7755

orville.cachia@harith.co.za

Erik Wandrag

Senior Investment Director: Energy

+27 82 926 6898

erik.wandrag@harith.co.za

Contact details