Nigerian energy and infrastructure consultancy and investment group Àrgentil Capital Partners has provided further debt and equity investment to housing company Tempohousing Nigeria, in which it owns a stake.
The funding will provide support for the existing business of Tempohousing, which manufactures prefabricated and temporary housing and commercial properties, primarily out of shipping containers. The properties are on average 30% cheaper and built three times quicker than normal buildings, allowing cheap access for private citizens and business owners, benefitting small and medium-sized enterprises in the education, healthcare and financial services sectors.
Tempohousing will use the debt finance to support the current renewable energy training it provides to universities and health centres, including those involved in fighting Covid-19.
As part of the financing, Lagos-headquartered Àrgentil has increased the 20% stake which it originally took in the housing company in 2018, by converting loan notes.
Tempohousing has plans to develop housing to meet demand for young professionals and students.
Àrgentil’s other projects include a new SME-focused fund for West Africa.
Last month, Union Bank of Nigeria received a USD 200 million loan from the United States International Development Finance Corporation, to support SMEs among other causes.
Elsewhere in West Africa, United Kingdom development finance institution CDC Group recently backed a Ghanaian pharmaceutical supply company.
In March, Standard Bank launched its first green bond, supporting environmentally friendly projects.
source:ICLG
