We invest in long-term infrastructure assets where we can add value as investors


Logistics infrastructure for grain imports in Morocco and regional markets

The investment opportunity
Grain terminals are essential transport infrastructure: modern facilities enable more efficient trade, linking supply with demand for key food products.  As one of the largest consumers of cereal products in Africa, Morocco relies heavily on imports to satisfy consumers’ preferences for high-quality grains.

In November 2020, A.P. Moller Capital acquired a 49% shareholding in Mass Céréales al Maghreb, the leading grain terminal operator in Morocco. This investment provides an effective platform for A.P. Moller Capital to develop agri-bulk logistics infrastructure across Africa.

The business case
Mass Céréales al Maghreb is the concession holder and operator of two grain terminals located at the ports of Casablanca and Jorf Lasfar. The company provides handling services and storage of bulk cargoes, contributing to improvements in grain carriers’ productivity and overall port traffic.  The company intends to build on its proven track record to become the leader in grain logistics infrastructure across Africa. The company’s first international initiative is the ongoing construction of an industrial bagging and storage facility near the new port located in Bargny-Sendou, Senegal, where it will help facilitate importation to Senegal as well as neighbouring Mali.

Positive social impact
Positive impacts include local jobs both at Mass Cereales and further down the grain/cereals value chain involved in processing and retail.  The grain sector is of critical importance to Morocco. Morocco is a significant importer and has one of the highest per capita consumptions of grain in the world. The grain and cereals sector is one of the top government priorities, considering its economic and social importance. The sector represents up to 20% of the GDP generated by the country’s agricultural activities. Grain (including fodder) crops mobilise up to 75% of the total cultivated lands in Morocco. The sector has a major social weight, as grain crop remains the predominant activity for most of Moroccan farmers, particularly smallholders. Imports are needed to secure stable supply over the year and during years of low rain.


iconLearn more

iconDownload press release (UK)

iconDownload press release (DK)


Gas-to-Power platform providing low cost, reliable and clean power to Nigerian Corporates

The investment opportunity
Nigeria, Africa’s largest economy and home to Africa’s largest population, has significant power supply challenges. Nigeria’s power sector is burdened by poor transmission and distribution infrastructure resulting in frequent blackouts and reliance on diesel fired generators, which are expensive and cause high levels of pollution. The inadequate power infrastructure makes achieving reliable power a challenge for industries and commercial businesses that operate in Nigeria.

In April 2019, A.P. Moller Capital invested in Impala Energy Holdings (Impala) a commercial and industrial Gas-to-Power platform with the goal to provide low cost, reliable and clean power to users in Nigeria.

The business case
Impala is a power development company focused on small to medium sized clean and renewable power projects in Sub-Saharan Africa. With its first project, Impala will develop captive compressed natural gas-based energy from ‘flared gas’ facilitating the generation of 60MW clean power. The project will result in a net greenhouse gas emission saving, cleaner air, employment and ecosystem services for local communities, as well as more affordable and reliable power for local companies.

Positive social impact
The project provides power to commercial and industrial customers by capturing and distributing previously flared natural gas. This reduces the GHG emissions associated with flaring. Other benefits of avoided flaring include the release of air emissions, noise and light pollution to the local area.

In 2020, PEL captured and sold almost 3.68 million SCUM natural gas from flare gas as a part of the Nigeria Flare as Reduction Program. Given the customers served by PEL do not have access to piped natural gas and would largely otherwise use diesel if they did not purchase gas, we have estimated the associated GHG savings from August to December 2020 to have been 2,400 tCO2eq.


iconLearn more

iconDownload press release

East Africa Power Platform

Creating a power platform of scale with ambitious plans for energy transition via gas conversion

The investment opportunity
Kenya has a well-structured power market with unbundled and partially privatised transmission, generation and distribution activities as well as cost reflective tariffs. The country has a sizeable and growing economy with no significant dependency on one specific sector making the economy more diverse and stable.

Kenya generates more than 90% of its energy from renewables and thermal plants play a critical role in providing operational reserve and peak capacity to the system, avoiding power outages and reducing reliance on individual generators. All thermal plants run on heavy fuel oil and there is an opportunity to convert these plants to gas to support Kenya in its transition to cleaner energy.

In April 2020, A.P. Moller Capital made its first investment in Kenya with the acquisition of Iberafrica, a 53MW thermal power plant.

Iberafrica is located in the industrial and populated area of Nairobi, the region with the highest demand for electricity in Kenya. A.P. Moller Capital aims to convert Iberafrica to gas by 2025 at the latest.

The business case
Gas-fired power projects have an important role to play in providing base load power in high-growth economies such as Kenya as they are often a cleaner substitute to more common solutions.

Iberafrica has provided base load and reliable power to the grid since the start of operations and is operated by a highly experienced local management team with extensive knowledge of the Kenyan energy market. The plant sells electricity to the national utility Kenya Power and Lighting Company Plc under long-term power purchase agreements.

The acquisition has provided A.P. Moller Capital with an effective platform to advance its investment commitment in Kenya.

Iberafrica will pursue gas conversions by 2025 at the latest to make the power plant more sustainable and support Kenya in its transition to cleaner energy.

Positive social impact (2020 data, concerning Iberafrica only)
Through electricity generation and prevention of load shedding, Iberafrica’s power generation is estimated to have increased production time, supporting a total output of USD 150m and contributed USD 80m to the GDP, the majority of which goes to business as savings, as well as supported around 10,800 jobs.

As a responsible investor in Iberafrica, we ensured concrete actions to reduce GHG emissions were implemented at the plant itself. Electricity and AGO savings in 2020 amounted to 94,785 kWh and 63,255 litres respectively. Energy saving initiatives that will be completed in 2021 include the installation of solar collectors and solar PV panels on site to reduce auxiliary energy consumption.

Iberafrica has also signed an agreement with the Kenyan Forestry Research Institute to fund reforestation activities supported by the Government of Kenya. Finally, we are engaging with key stakeholders in Kenya to convert Iberafrica from using HFO to gas. We expect this to also provide socio-economic benefits by lowering the cost of power for consumers.


iconDownload press release


Ports and logistics ecosystem to facilitate and capture growing trade and enable industrial development in West Africa

The investment opportunity
Efficient infrastructure is vital for economic growth and development of the African continent. Sub-Saharan Africa continues to be one of the fastest growing regions globally, and investing in the local infrastructure ecosystems of ports, trucking, warehouses, and rails, is vital to support local prosperity.

In January 2020, A.P. Moller Capital invested in ARISE Ports & Logistics, which comprises of two operational assets in Gabon:

And an advanced greenfield port in Ivory Coast:

This investment provides A. P. Moller Capital with an opportunity to create a strong partnership for ports and logistics businesses in West Africa.

The business case
ARISE Ports & Logistics (Arise P&L) is a joint venture between A.P. Moller Capital, the Africa Finance Corporation and Olam International Limited. It carries out port and integrated multimodal logistics operations for various customers and commodities. The platform is an infrastructure ecosystem of ports, trucking and rail services, which facilitates effective trade and creates a foundation for local growth.

A.P. Moller Capital will leverage its industrial knowledge and network. With our partners we plan to grow the portfolio through capacity expansions or additional projects in West Africa.

Positive social impact
The investments made by Arise in port infrastructure aim to enable trade by reducing transport costs and creating efficient transport/logistics corridors, thereby benefitting the national and regional economic development and creating jobs. In Gabon, the two operational port terminals are key in the country’s development plan (the Strategic Plan Gabon Emergent) to transition from an oil-exporting economy to a diversified and sustainable economy based on the mining, metallurgical, wood and agriculture sectors. To emphasise the additional value of infrastructure projects, we commissioned a study to estimate the impact of Arise investments on enabling trade in Gabon specifically. The results show that around 71,680 additional jobs were enabled by the AIF terminals, and USD 718m in value added.

Arise P&L adheres to the IFC PS and is committed to contributing to carbon emission reduction efforts.


Owendo Mineral Port – facts

New Owendo International Port – facts

Port of San Pedro – facts

iconLearn more

iconDownload press release

Our investment approach

Our investment strategy is focused on the twin elements of value creation and risk mitigation while applying the highest ethical standards and being true to the heritage and values of the A.P. Moller Group. We focus on investments that support sustainable economic growth and prosperity in the markets where we operate while delivering consistent and competitive returns. The primary focus is on transportation and logistics in addition to opportunities within energy and power.

iconLearn more about who we are

Current investments in The Africa Infrastructure Fund

Learn more about The Africa Infrastructure Fund

Where to find us

Postal address

A.P. Møller Capital P/S
Esplanaden 50
1263 Copenhagen K

Visiting addresses

Esplanaden 19
1263 Copenhagen K


Al Fattan Currency House
2-1502/1503, DIFC Dubai
United Arab Emirates

A.P. Møller Capital P/S is governed and regulated by the Danish Financial Supervisory Authority as an Alternative Investment Fund Manager. A.P. Møller Capital P/S (DIFC Branch) is regulated by the Dubai Financial Services Authority to provide advice and arrange deals in investments, to support the headquarter in Denmark.

How to contact us


Melanie Beck
T: +971 55 588 6592


Mika Bildsøe Lassen
T: +45 20 55 26 55




A.P. Moller Capital has appointed Jeppe Nymann Jensen, CFO of A.P. Moller Capital, as Complaints Manager. Contact Jeppe at


A.P. Moller Capital has implemented a whistle-blower system and encourages you to help fight corruption, business crime and other unacceptable business conduct.

Whistle-blower reporting