Up to now confined to North America, the EIG fund has ventured into Africa’s oil industry. In teaming up with the Nigerian equity fund Africa Finance Corporation, EIG Global Energy Partners has lent $425 million to the British explorer. Highly active in E&P in North America (it bankrolls Chesapeake Energy, among others), EIG is making its very first investment in the sector in Africa.
New Age has enjoyed considerable operational success in recent years across its Pan African portfolio and we would like to help them build on these foundations for the future. The company’s well capitalised existing shareholder base, now complemented by a new financing from top tier financial institutions with a long history of investing in global oil and gas projects, is a testament to the confidence in the business model and provides comfort on New Age’s ability to successfully execute future large scale capital projects.