Platinum Power welcomes in its shareholding structure the public-private investment fund PME Croissance (PMEC).

PMEC has amongst its institutional investors the Moroccan state (represented by CCG), Germany (KfW), the European Investment Bank (EIB), the French Development Agency (FDA) as well as first-rate Moroccan institutional investors.

“PMEC buying into the capital is a significant stage in the development of Platinum Power which validates our strategic vision and comforts us in our ambition to create a Moroccan leader in the energy production sector in Africa”, declared Omar Belmamoun, CEO for Platinum Power whose principal shareholder is the American investment fund Brookstone Partners.

For Brahim El Jai (pictured), CEO of AfricInvest Morocco, administrator of the PMEC, “the share of PMEC in the capital of Platinum Power is to support the development of a pioneering operation in a strategic sector for Morocco and for the whole African continent.”

The capital increase is the second undertaken by Platinum Power this year in order to support the fast development of its projects portfolio in Morocco and in sub-Saharan Africa. In June, Platinum Power signed a framework agreement for the purchase of electricity with Côte d’Ivoire, a country in which the company is developing three hydroelectric complexes of global potential power output of 300 MW. In early July, the company finalised, with the state of Cameroon, a framework agreement for the development of the Makay hydroelectric complex of an estimated capacity of 400 MW.