Global asset management firm Blackstone (NYSE:BX) today announced that
it has partnered with Black Rhino, an African infrastructure development
company, to identify, develop, finance, construct and operate
large-scale infrastructure projects across Sub-Saharan Africa with a
focus on the energy sector, including power generation, transmission,
fuel storage and pipelines.
Formed in January 2012 and based in Johannesburg, South Africa, and
Dakar, Senegal, Black Rhino is led by Founder and CEO Brian Herlihy, who
previously founded and served as CEO of Seacom. At Seacom, Herlihy led a
$600 million submarine cable development project to connect fiber optic
communications networks from Europe and Asia to 23 African countries.
During his career, Herlihy has been involved in over $7 billion of
project finance infrastructure development in Africa, including chemical
refining, power plant, rail, port and road projects.
The Black Rhino team is comprised of developers, construction project
managers and development finance experts. The team will leverage
Blackstone’s existing expertise in the energy sector, including its
significant experience investing in Africa and in other emerging markets.
“Long-term capital investment in energy is critical to Africa’s
development,” said Steve Schwarzman, Blackstone’s Chairman, CEO, and
Co-Founder. “Blackstone is pleased to be partnering with Brian Herlihy,
Mimi Alemayehou, and the entire Black Rhino team to develop innovative
projects with the power to transform economies across Africa.”
“We look forward to partnering with Black Rhino in developing energy
infrastructure and power projects in Africa, where the need for
investment is enormous,” said Sean Klimczak, Senior Managing Director at
Blackstone. “Black Rhino has a world-class team, extensive experience
and a strong track record of working together with local stakeholders,
which make them an ideal partner as Blackstone looks to invest in Africa
for the long term.”
“We are extremely excited to team with Blackstone,” said Brian Herlihy,
Black Rhino’s Founder and CEO. “Blackstone is uniquely positioned as a
leader in the greenfield energy space, having undertaken development and
construction of over $25 billion of greenfield projects globally.
Moreover, they have done this in demanding environments such as Africa
before. With Blackstone as its partner, we are convinced that Black
Rhino will be able to undertake truly transformational projects in the
power and energy sectors that are necessary for Africa to maintain the
significant economic growth it is currently experiencing.”
Blackstone is helping build the Black Rhino team, and also announced
today the hiring of Mimi Alemayehou.
Mimi Alemayehou, who previously served as the Executive Vice President
at the Overseas Private Investment Corporation (OPIC), will join Black
Rhino as Managing Director and member of the Executive Committee. In
addition, Alemayehou will serve as an Executive Advisor and Chair of
Blackstone Africa Infrastructure. During Alemayehou’s tenure from 2010
to 2014, OPIC’s portfolio grew by more than 24% to $18 billion. Her
leadership at OPIC was key in tripling its Africa portfolio to nearly $4
billion. Previously, Alemayehou served as the United States Executive
Director on the board of the African Development Bank (AfDB). As the
senior Treasury official in Africa, Alemayehou represented the U.S. on
Treasury and development issues and was instrumental in pushing the AfDB
to increase its lending to the private sector in support of
infrastructure projects.
Alemayehou will join Herlihy and the existing Black Rhino team, led by
Managing Directors, Daniel O’Shea and Greg Meneses. O’Shea and Meneses
contribute significant experience in the energy and infrastructure
sectors, including thermal power generation, renewable power generation,
infrastructure, rail and telecommunications globally and across the
African continent.
Black Rhino’s active project development pipeline includes projects in
Djibouti, Ethiopia, Nigeria, and South Africa. Both Blackstone and Black
Rhino have a successful track record of working collaboratively with
local stakeholders to develop projects in a socially responsible way
that creates long-term value for local communities and regional
economies.
“Black Rhino’s development approach has been built around establishing
relationships with African partners who share our long-term commitment
to safe, sustainable, and socially responsible investments,” said
Herlihy. “We look forward to partnering with governments, civil society,
and other stakeholders to create mutual value in each community where we
invest in the coming years.”
Through its portfolio company Sithe Global, Blackstone is a lead
investor alongside the Aga Khan Fund for Economic Development in the 250
MW Bujagali Hydropower Plant in Jinja, Uganda on the Nile River. The
facility has reduced the cost of power for Uganda’s national utility by
two thirds, nearly doubled the country’s generation capacity with clean,
affordable, renewable energy, making the country’s electricity supply
one of the cleanest in the world, and helped increase Uganda’s GDP
growth rate by 60%. Blackstone is also a founding investor in Kosmos, an
oil and gas exploration company. Kosmos has worked closely with the
Government of Ghana and the Ghana National Petroleum Company to develop
the deep-water Jubilee oil field, one of West Africa’s largest
discoveries in the last decade.
About Blackstone
Blackstone Energy Partners is Blackstone's energy-focused private equity
business, with a successful record built on Blackstone's industry
expertise and partnerships with exceptional management teams. Blackstone
has invested approximately $7 billion of equity globally across a broad
range of sectors within the energy industry.
Blackstone is one of the world’s leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with almost
$300 billion in assets under management, include investment vehicles
focused on private equity, real estate, public debt and equity,
non-investment grade credit, real assets and secondary funds, all on a
global basis. Blackstone also provides various financial advisory
services, including financial and strategic advisory, restructuring and
reorganization advisory and fund placement services.
Further information is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
About Black Rhino
Black Rhino was founded to address the critical need for infrastructure
and energy development across the African continent. Black Rhino seeks
to capitalize on the major opportunity to invest in projects in the
energy security sector, including power generation, transmission, fuel
storage and pipelines. Black Rhino has developed a comprehensive
understanding of the African continent, including the necessity to
establish strong partnerships with leading African entities that
complement its expertise.
Black Rhino’s management team has collectively been involved in the
development of over US$35 billion of infrastructure, communication and
power generation projects across the globe and has over one hundred
thirty-five years of combined African experience. The team has been
responsible for numerous projects from the concept stage through the
full financing, construction, operation and ultimately the exit stage
and prides itself on setting standards for developing transformational
projects that aim for the greatest level of local population
participation and adherence to strict environmental and safety standards.
Further information is available at www.blackrhinogroup.com.
Contact Black Rhino at info@blackrhinogroup.com.
Copyright Business Wire 2014