British International Investment

Pembani Remgro Infrastructure Mauritius Fund I LP

AfricaGlobalKenyaNamibiaNigeriaSouth AfricaZimbabweAfricaCommunications & IT servicesFinancial servicesFood & AgricultureInfrastructureManufacturing

The Pembani Remgro Infrastructure Fund I focuses on making late-stage greenfield and brownfield infrastructure investments in Africa.  

It looks to invest in infrastructure projects and associated infrastructure support service companies, covering power, energy, transport and logistics.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In 2015, CDC invested $75 million into Pembani Remgro, alongside investments from other DFIs, including the OPEC Fund for International Development (OFID) and Germany's DEG. The fund closed at a total fund size of $302 million.

Our investment supports the development of infrastructure projects in key regions across sub-Saharan Africa.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Many African countries, including the two biggest economies, Nigeria and South Africa, are plagued by poor, underinvested infrastructure and frequent power shortages that disrupt production. This limits wider economic growth.  

Our investment will enable the fund manager to boost the region’s power supply and build its transport and logistics network. 

The fund manager has already used seed capital to finance a minority stake in ETG, an agriculture logistics and infrastructure supply chain business which operates across several countries in sub-Saharan Africa; it also established GPR Leasing Africa, a joint venture for leasing rail rolling stock.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We are working closely with the fund manager to support the implementation of its ESMS.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    March 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D268
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    Africa
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Communications & IT services, Financial services, Food & Agriculture, Infrastructure, Manufacturing

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Fund
    Start date :
    May 2015
    Amount :
    $75m
    Currency of investment :
    USD
    Fund Manager:
    Pembani Remgro MU GP Limited
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Mauritius

Investments made by this fund into companies:

For further information about these companies, visit https://www.pembani-remgro.com/

Investment name Country Region Sector Start date Status
ETC Group Australia, China, Global, India, Kenya, Malawi, Mozambique, South Africa, Tanzania, United Arab Emirates, United Kingdom, USA, Vietnam, Zambia, Zimbabwe Australia, East Africa, East Asia, Global, South Asia, Southeast Asia, Southern Africa, USA, Western Asia, Western Europe Food & Agriculture November 2012 Exited
Gas Holdco South Africa Southern Africa Manufacturing January 2020 Active
GridX Africa Africa Infrastructure December 2020 Active
icolo.io Kenya East Africa Communications & IT services April 2020 Active
Medallion Data Centre Nigeria West Africa Communications & IT services September 2021 Active
Nova Lumos Netherlands Holding B.V. (Lumos) Nigeria West Africa Infrastructure November 2016 Active
Octotel (Pty) Ltd South Africa Southern Africa Communications & IT services October 2016 Exited
Railco Africa Africa Financial services February 2014 Active
RSAWeb (Pty) Ltd South Africa Southern Africa Communications & IT services January 2017 Exited
Solar Saver Namibia Southern Africa Infrastructure February 2018 Active
Zimborders Zimbabwe Southern Africa Manufacturing November 2020 Active

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