Washington, DC November 21, 2013—IFC,
a member of the World Bank Group, is providing Delonex Energy $60 million
in equity finance to fund the company’s oil and gas exploration in East
and Central Africa. The identification and development of local sources
of energy has the potential to support more competitive downstream industries
and offset the high cost of imported fuels in the region.
IFC’s investment is part of a $600 million equity line to be provided
by the company’s investors led by Warburg Pincus, a global private equity
firm focused on growth investing.
IFC’s investment will be used to fund start-up costs, exploration, appraisal,
acquisition and early development of oil and gas assets. IFC will
also work closely with Delonex to implement best in class environment and
social management practices in its exploration and development work.
Rahul Dhir, Chief Executive Officer of Delonex Energy, said: “I am pleased
that IFC is joining our investor group, led by Warburg Pincus. Their
experience supporting energy companies across the world as well as their
expertise in emerging markets will be invaluable to us as we build our
business in Africa.”
“The East and Central Africa region remains underexplored for hydrocarbons.
IFC’s support to Delonex follows our strategy to help Africa harness its
natural resources for long term economic growth”, said Lance Crist, IFC
Global Head of Oil and Gas. “Delonex has an experienced management team
with a successful track record that we hope can be a showcase for responsible
exploration in the region.”
Last year, IFC committed a record $5.3 billion to new investments in Sub-Saharan
Africa with a focus on infrastructure, entrepreneurs, farmers and the health
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit
About Delonex Energy
Delonex Energy is a new, world-class energy exploration and production
company focused on Central and East Africa. The Company’s vision is to
unlock hydrocarbon potential of the countries it operates in and to create
value for host governments by building a material portfolio of commercial
reserves and resources. The Company is led by CEO Rahul Dhir, Executive
Director David Ginger, CFO Ajay Gupta and a very experienced team with
a proven track record and strong competence in exploration, development
Delonex Energy is committed to the highest standards of Environmental,
Social and Governance responsibilities, with special emphasis on minimizing
the impact of its operations on the environment and working with local
governments so that hydrocarbon development can be a catalyst for positive
Delonex Energy is headquartered in London, with subsidiaries in UK, India
and Kenya. For more information please visit www.delonexenergy.com.