Akon considering an IPO of his Chinese funded solar business in Africa
Akon will not stop impressing us! The star rapper and renewable-energy entrepreneur, is considering an initial public offering of his Chinese-funded solar business in Africa.
The Akon Lighting Africa initiative which has been moving at a really rapid pace, has been looking at ways to fuel an intercontinental expansion. In just three years, the initiative has completed 203,200 small-scale solar projects including the installation of miniature grids and street lighting across 17 African countries. (Bloomberg)
Akon built his solar business, Akon Lighting Africa, with credit lines of $1 billion from Chinese backers. The venture has structured about $400 million of solar deals to date. However, the financial engine and IPO candidate behind the venture, is actually Solektra International LLC, a company investing in economic growth and development in Africa. The company is owned by Akon, including two other co-founders: Samba Bathily, a business man from Mali, and Senegalese political activist and motivational speaker, Thione Niang.
Akon Lighting Africa works with local governments and banks to set up public-private partnerships to finance projects. Solar panels are supplied by Chinese companies. Bathily negotiates a payback period with local governments ranging from three to eight years. (Bloomberg)
Pilot projects in Brazil are already underway with expansion plans for China and India. Akon also wishes to build a solar farm in the U.S.
Here is a little presentation of the Akon Lighting Africa project
Source: Bloomberg
