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Tag: Jonny Baxter

  • Starsight partners BII to advance clean energy growth in West Africa through US$15 million funding

    Starsight partners BII to advance clean energy growth in West Africa through US$15 million funding

    …the funding will drive clean energy growth in Starsight’s existing West African operations, with Nigeria earmarked to receive the majority of the funding

    • Capital will be deployed in Starsight’s existing West African operations to support growth, strengthen operations and scale energy solutions for commercial and industrial users.
    • Majority of the funds will assist in improving power security in Nigeria, where the unstable grid and reliance on diesel self-generation remain key characteristics of the energy sector.
    • The collaboration demonstrates BII’s confidence in Starsight’s long-term commitment to delivering reliable, affordable and sustainable power across the region.

    Starsight Energy Africa Group, a leading provider of clean energy solutions for commercial and industrial (C&I) customers across Sub-Saharan Africa, has secured USD15 million mezzanine debt funding from British International Investment, the UK’s development finance institution and impact investor.

    The funding will drive clean energy growth in Starsight’s existing West African operations, with Nigeria earmarked to receive the majority of the funding. It will finance a substantial growth pipeline of renewable solar energy projects whilst also ensuring best-in-class service is maintained to existing clients including asset replacement.

    The deployment of the funding within Starsight fits well with BII’s strategic objectives to support productive, sustainable and inclusive development. The collaboration between Starsight and BII also underscores a shared commitment to advancing sustainable infrastructure, supporting private sector growth, and driving measurable climate impact across West Africa.

    It has been estimated that up to 40GW of electricity in Nigeria is generated from diesel and petrol generators and Starsight’s funding round with BII is an important stride toward filling this vacuum with clean renewable energy for the C&I sector, says Paul van Zijl, Group CEO at Starsight.

    “Partnering with BII marks a significant milestone for the Starsight Energy Africa Group. This funding strengthens our ability to scale more rapidly in Nigeria and Ghana delivering reliable, clean energy solutions that support economic growth and improve energy resilience for our clients,” says Van Zijl.

    “BII’s mission is to support sustainable socio-economic development in emerging markets. Their decision to partner with us is an endorsement of the role we play in increasing energy access within these markets, delivering affordable, low-carbon solutions while simultaneously uplifting the communities in which we operate,” adds Van Zijl.

    British Deputy High Commissioner in Lagos, Jonny Baxter said: “The UK remains committed to supporting Nigeria’s transition to clean, reliable, and affordable energy. This investment by BII reflects that commitment in action. Expanding access to dependable renewable power for businesses across Nigeria will help unlock growth, strengthen energy resilience, and reduce dependence on costly and polluting diesel and petrol self-generation. It represents a practical step toward a greener, more sustainable future for both our countries.”

    Benson Adenuga, West Africa Regional Director and Head of Office, Nigeria, at BII, says: “Nigeria’s businesses need dependable and affordable power to grow. We identified Starsight’s strong track record, combined with its clean energy model, as a strong fit with BII’s mandate. Starsight’s commercial and industrial solar solutions directly address this challenge by reducing dependence on refined petroleum products and improving reliability. By backing scalable distributed renewable platforms like Starsight, BII is supporting clean energy expansion in West Africa and demonstrating confidence in the region’s potential for sustainable, inclusive growth.”

    Michael Chuchu, Group Commercial Director at Starsight, says that the BII funding will unlock new capacity in countries where energy stability has historically been a barrier to growth.

    “Nigeria remains our second-largest market and a core focus area for expansion. For our West African customers, this investment tangibly proves that Starsight is here to support their operations and provide energy certainty through environmentally responsible solutions.

    “With BII’s support, we’re set to pursue the next chapter of our growth journey,” Chuchu concludes.

  • Johnvents Group and BII partner to drive sustainability and growth in Nigeria’s cocoa sector with $40.5m investment

    Johnvents Group and BII partner to drive sustainability and growth in Nigeria’s cocoa sector with $40.5m investment

    …The partnership will boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers

    Johnvents Group (Johnvents), an agribusiness and manufacturing conglomerate, recognised as a leading player in Nigeria’s cocoa processing and export sector, has announced a landmark partnership with British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. This collaboration will support one of Johnvents Group’s subsidiaries, Premium Cocoa Products, Ile-Oluji to increase production to its installed capacity of 30,000 metric tonnes per year.

    This strategic collaboration comes at a pivotal time when Nigeria’s agricultural sector is poised to play a more prominent role in the global supply chain for sustainably sourced products. The $40.5 million investment from BII will enable Johnvents Group to optimise production efficiencies as well as strengthen its sustainability and traceability programme. This will advance the company’s ambitious goal to achieve 100 per cent traceable cocoa, with at least 90 per cent certified, by 2027.

    Underlining the UK’s commitment to work with Nigeria to strengthen its agricultural sector and drive inclusive growth, Jonny Baxter, British Deputy High Commissioner in Lagos, said: “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria. Through this landmark agreement between the UK’s development finance institution, British International Investment, and Johnvents Group, we look forward to further growth of Nigeria’s cocoa industry and increased export markets.” 

    Benson Adenuga, Coverage Director and Head of Nigeria Office at BII, said: “We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry. Not only will this benefit local farmers, but also improve Nigeria’s trade balance and global competitiveness through increased exports. The investment underlines BII’s commitment to back ambitious Black-owned and led domestic champions that provide innovative solutions to key bottlenecks in strategic sectors.”

    As the world’s fourth-largest cocoa producer, Nigeria holds immense potential, yet the country’s export capacity remains underutilised. This investment will enable Johnvents Group to scale up its processing capabilities, meet growing global demand, and position Nigeria as a competitive player in the international cocoa market.

    John Alamu, Group Managing Director of Johnvents Group, emphasised the importance of this milestone, stating: “At Johnvents Group, we are dedicated to building a sustainable and globally competitive agribusiness industry in Nigeria. The investment into the Premium Cocoa Products Ile-Oluji facility – one of our cocoa processing subsidiaries, coupled with our partnership with BII, represents a significant step forward in achieving this goal. This investment will not only boost our processing capabilities but also empower thousands of farmers and contribute to the overall economic development of Nigeria.”

    BII’s partnership with Johnvents reinforces the DFI’s commitment to increase investment in Black-owned and led business in Africa, who often face challenges in accessing capital compared to other ethnicities in the region.

  • UK attracts $85m investment into Nigeria’s manufacturing sector

    UK attracts $85m investment into Nigeria’s manufacturing sector

    The government of the United Kingdom (UK) has helped to attract $85 million investment into Nigeria’s manufacturing sector through its Manufacturing Africa programme since 2020.

    Deputy British High Commissioner to Nigeria, Jonny Baxter, disclosed this at a ceremony to announce the funding of three Nigerian-based clean energy companies to expand renewable energy access in the country.

    According to a statement by Ndidiamaka Eze, Senior Press & Public Affairs Officer at the British High Commission, Baxter said that the  Manufacturing Africa programme has so far supported 31 Nigerian companies to raise investment in sectors including agro-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.

    “The programme has helped to attract $85 millions into Nigeria’s manufacturing sector since 2020,” he stated.

    Baxter said that the fund would enhance Nigeria’s commitments toward boosting private-sector-led economic growth.

    “We’re funding the Manufacturing Africa programme to provide free advisory services to companies raising finance to expand their capabilities and create new jobs in Nigeria. It’s great to see these companies realise their goals with UK support,” he added.

    According to him, the advisory services that the programme has provided to the companies included financial analysis, modelling, commercial diligence analysis and strategic business planning.

    Meanwhile, the statement listed the three clean energy companies funded by the programme as Arnergy, Koolboks, and BURN Manufacturing.

    “The three companies in the programme’s portfolio – Arnergy, Koolboks, and BURN Manufacturing – have collectively secured $17 million in Foreign Direct Investment (FDI), boosting Nigeria’s efforts to expand access to renewable energy solutions. These investments will provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1,100 jobs, and support thousands of livelihoods. The three companies are sustainability trailblazers,” the statement said.

  • British International Investment supports Nigeria’s agricultural sector with commitment to Valency International

    British International Investment supports Nigeria’s agricultural sector with commitment to Valency International

    …It will also provide market access indirectly to a further 60,000 smallholder farmers and boost agricultural output and export.

    British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, today announced it has signed legally binding documents to invest US$15m in equity into a Singapore-headquartered agricultural commodities trading house, Valency International (Valency), to fund their expansion of processing and warehouse infrastructure in Nigeria. The transaction is subject to regulatory approval and is expected to close in early 2024.

    In addition to its commitment of $15m, BII has an option to invest a further $35m in equity into Valency within two years of completion of its initial investment.

    Agriculture is a key contributor to Nigeria’s economy, accounting for a quarter of total gross domestic product, and employs more than one in three Nigerians. Crop production[1] is the largest segment within agriculture, accounting for about 87.6 per cent of the sector’s total output. However, food processing and manufacturing remains underdeveloped in the local agricultural sector.

    The new Valency facilities, funded by BII will strengthen partnerships with local farmers and processing centres to maximise their output and provide a more stable supply of premium-quality products. The projects are expected to reach at least an extra 60,000 farmers and create up to 2,800 jobs among low-income communities in Nigeria.

    BII, as the first institutional investor in Valency, will provide value-added support to the company in developing best practices in business integrity and Environmental and Social Management System (ESMS). Both parties will work closely to improve job quality and gender inclusion and enhance value creation.

    Jonny Baxter, UK Deputy High Commissioner said: “The UK’s sustainable agriculture work in Nigeria helps to not only mitigate greenhouse gas emissions and adapt to a changing climate, but strengthens livelihoods and improves nutrition, supporting food security and poverty alleviation. 

    “I am excited to welcome this new UK investment to help enhance Nigeria’s food processing capabilities, which will create jobs across the nation. We look forward to continuing to support Nigeria’s agriculture sector and the opportunities this provides for its economic growth.”

    Benson Adenuga, Head of Office and Coverage Director, Nigeria for BII said: “The strategic opportunity to catalyse growth in Nigeria’s food and agricultural sector should be seized and offers the chance to leverage its immense food export potential. We are proud to deepen our commitment to food security and smallholder farmers in Nigeria while creating jobs that enable industrialisation and facilitate regional and international trade.

    “We are delighted to partner with Valency, and we look forward to the significant impact and economic development that our catalytic capital will support.”

    Speaking on the signing, Mr. Sumit Jain, CEO of Valency International commented: “We have been careful and deliberate in our choice of partners for the next phase of our growth. While we have been approached by a variety of investor groups, we chose to partner with BII as we have been impressed by BII’s engagement to the regions where we have committed to invest substantially over the medium term. Equally we are privileged that BII has chosen Valency to drive its impact agenda in Nigeria in the growing food and agriculture sector.”

    Roman Frenkel, Head of Food and Agriculture at BII will join the Board of Valency as part of the transaction.

    BII’s commitment contributes to UN Sustainable Development Goal 8 on Decent work and economic growth.