Petroleum Africa
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Monday, August 11, 2014
Black Rhino Group, a portfolio company of Blackstone Energy Partners and affiliated funds managed by Blackstone Group, is partnering with Dangote Industries in Africa. The companies will invest up to $5 billion over the next five years in energy infrastructure projects across the continent. The firms will have focus on power, transmission, and pipeline projects.
Blackstone Group, in a press release, said it will commit $2.5 billion over the next five years with the remaining $2.5 billion in funding coming from Dangote.
Both Blackstone and Dangote have highly successful entrepreneurs as founders. On the Blackstone end there is Steve Schwarzman and Dangote was founded by Aliko Dangote who has been deemed one of Africa’s richest men.
“We can think of no better partner as we invest the firm’s capital in African energy infrastructure development. We have confidence that the critical infrastructure projects that the Dangote team and Black Rhino will jointly pursue will play a meaningful role in the development of economies across Africa,” Schwarzman said.
Dangote, who is president and CEO of Dangote Industries, said: “I am pleased to partner with Blackstone and the Black Rhino team, who have considerable experience successfully developing large-scale infrastructure projects, to address this issue in a socially conscious way. This partnership no doubt holds out great potential of transformational and inclusive growth critical for fast-paced development that can lift millions out of poverty in Africa.”
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