News / Eranove to raise 200 million to invest in water and energy in Africa

Eranove to raise 200 million to invest in water and energy in Africa

🕔 December 9, 2015
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Eranove has announced its plans to raise around €200 million through a listing in the Paris stock exchange for the development of new water and energy assets in Africa.

Eranove operates primarily in Ivory Coast and Senegal through concession companies including CIE, SODECI, SDE and an independent power producer, CIPREL. The firm employs over 7,800 people.

The firm has announced through a press release it has already done its registration with the French Authority of financial markets (AMF) for the future listing. Marc Albérola, Eranove MD, said in the statement:.

"This new stage and this fundraising will allow us to increase organic growth in the countries where we are present historically, while allowing the development of the group in other countries in Africa."

Eranove is also considering a secondary listing in the stock exchange of Abidjan, Ivory Coast.

The firm had revenue of €430 million and EBTDA of €92 million in 2014. According to the filing documents, 2015 revenue should be in the €480-490 million range.

Eranove has 1.3 million electricity clients in Ivory Coast and 1.4 million water clients in Western Africa.

Current shareholders of the firm are Emerging Capital Partners (ECP), with a 55,9%, Axa (18,6%) and other private investors.

AXA recently acquired from Bouygues SA the 18.6% stake in Eranove.

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