Acquisitions, new appointments or strategic decisions in our Group - find our news below

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Dhruv Narain new Partner in A.P. Moller Capital

We are pleased to share that as of 1 August, Dhruv Narain has joined A.P. Moller Capital as Partner. Dhruv will be fully integrated into the Partner team and will be a member of the Investment Committee.

Dhruv brings with him over twenty years of experience in investing in infrastructure asset strategies. Prior to joining, Dhruv was part of the Global Infrastructure Investments leadership team, Global ESG Committee and Real Assets Investment Sub-Committee at GCM Grosvenor, and Head of Global Direct and Co-Invest Infrastructure at Abu Dhabi Investment Council. He has also held investment roles at the World Bank Group’s IFC, Macquarie Capital and HSBC.

“At a time of unique economic, environmental and demographic transition, there is a pressing need to invest in building the infrastructure for the decades ahead - to deliver food and mineral security, to manage climate change and to optimise scarce resources - and I am proud to be joining a company that focuses on exactly that” says Dhruv Narain.

With Dhruv’s arrival we will strengthen our focus on investments outside Africa.

“Dhruv brings with him over twenty years of experience in investing in infrastructure asset strategies as well as important leadership skills, key competences in our endeavors of building sustainable growth and creating social impact in high growth markets” says Kim Fejfer, Managing Partner in A.P Moller Capital.

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Lumika expands with its first project in Egypt

The project will be the largest on the continent.

Lumika Renewables, a joint venture between A.P. Moller Capital and Reunert, is a Commercial and Industrial (“C&I”) renewable developer in Africa. Lumika expands with its first project in Egypt with a signed agreement to develop, construct and provide electricity to Lafarge Egypt. The project, with a capacity of 50MWac, will be the largest C&I project on the continent with the aim to start electrical production in Q1 2024

The goal of the project is to reduce Lafarge Egypt’s carbon footprint by providing clean reliable power to its cement factory for its daily operations. Lumika Renewable has committed to a Net Zero emissions target by 2040, a goal that is the driving force behind Lumika’s offering to its clients and future customers to reduce their dependence on fossil fuels.

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A.P. Moller Capital joins the Mærsk McKinney Møller Center for Zero Carbon Shipping

As Mission Ambassador, A.P. Moller Capital will support the Center’s efforts developing the relevant infrastructure necessary to decarbonise shipping by 2050.

“In A.P. Møller Capital, we believe that strong partnerships, collaborative efforts and sharing of expertise are key in enabling the industry to reach the shared ambition. We are proud to now support the Mærsk McKinney Møller Center for Zero Carbon shipping and look forward to join minded partners and industry experts,” says Kim Fejfer, CEO at A.P. Moller Capital.

The Mærsk McKinney Møller Center for Zero Carbon Shipping was established in 2020 as an independent not-for-profit research and development center. The Center works to accelerate the transition towards a net-zero future for the maritime industry by developing new net-zero fuel types and technologies in close collaboration with partners across the shipping value chain.

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ESG Report 2021

A.P. Moller Capital’s purpose, through equity investments on behalf of the funds that we manage, is to offer attractive financial returns to our investors and to have a positive sustainable impact on society.

The past year, despite the global pandemic, was one of achievements and progress for A.P. Moller Capital, especially with regards to our social and environmental impact. Compared to 2020, the social impact of the AIF I portfolio increased by a factor of four. Our strategy for climate impact remained to avoid GHG emissions by prioritizing renewable energy and where this was not possible, we worked to reduce GHG emissions. Read more about our progress in our Annual ESG Report 2021.

“In 2021, our portfolio created positive social impact and we used our influence on portfolio company boards to continually push to improve ESG performance. We look forward to discussing our enhancements to the strategy as we continue to grow throughout 2022,” says Carole Welton Kaagaard, Head of ESG

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A.P. Moller Capital acquires Thika Power, an independent power producer in Nairobi, Kenya

With this acquisition, A.P. Moller Capital’s power platform, East Africa Infrastructure Platform Limited, becomes one of the largest independent power producers in Kenya and will actively participate in Kenya’s energy transition efforts.

“This marks A.P. Moller Capital’s second investment in the Kenyan power sector, where we are adding a similar and well-run power plant to our portfolio, reaching a combined capacity of 140MW. As a responsible investor, A.P. Moller Capital is committed to being a key investor in the Kenyan power sector and actively participate in Kenya’s energy transition efforts. We have already taken steps to reduce our emissions footprint, and will continue to support the Government of Kenya and all other stakeholders in the energy transition efforts through gas/green fuel conversion while also delivering energy cost savings,” says Lars Reno Jakobsen, Senior Partner at A.P. Moller Capital.

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A.P. Moller Capital to co-invest in the leading LPG transport & logistics company in East Africa

We are pleased to announce that A.P. Moller Capital has completed the acquisition of a 29% stake in KEG Holdings Limited (KEG).

KEG operates across the LPG value chain in East Africa and owns the largest LPG import marine and storage terminal in the region.

Today, 80% of Kenyan households cook using solid fuels, such as wood and charcoal, which contribute to deforestation and cause severe indoor air pollution with adverse health consequences. This investment supports the transition away from the use of these solid fuels and towards the use of LPG, a cleaner method of cooking.

For every household converted from using charcoal to LPG, approximately 1 tonne of C02 emissions are saved per annum. We therefore estimate that KEG’s businesses will avoid more than 5 million tonnes of CO2 emissions during our hold period. Additional benefits include reduced deforestation, as it is expected that over 100 million trees will be preserved as consumers use LPG instead of firewood/charcoal and improved air quality, which is expected to benefit over 3.2m people.

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A.P. Moller Capital invests in Cabeolica – Cape Verde’s largest IPP and renewable energy producer

Since 2011, Cabeolica’s wind farms have provided reliable renewable power to the grid, not least due to a highly experienced local management team.

With this acquisition, A.P. Moller Capital aspires to further improve the supply of renewable energy in Cape Verde – and the African continent:

“A.P. Moller Capital has a clear vision to be an active long-term participant in the global energy transition, including to support the growth of renewable power generation combined with stable energy supply. We are pleased to partner with Africa Finance Corporation (AFC) and the local shareholders in Cabeolica to ensure the continued supply of reliable and cost-effective renewable energy in Cape Verde and we aim to build upon this first investment with future growth in the sector on the African continent,” says Lars Reno Jakobsen, Senior Partner at A.P. Moller Capital.

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A.P. Moller Capital invests in Eranove

Emerging Capital Partners, A.P. Moller Capital, DEG and IFU of Denmark have announced the creation of a new company called ‘ECP Power & Water Holding’ that will invest in the industrial group Eranove.

"This investment in Eranove fits well with our strategy for The Africa Infrastructure Fund, namely, to support sustainable development on the African continent. Supplying reliable and cost-effective energy with low carbon emissions, for corporations and households is a necessity for further development in the continent," concludes Jens Thomassen, Partner at A.P. Moller Capital.

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ESG Report 2020

A.P. Moller Capital is committed to support economic development in emerging markets in a manner that embraces our core beliefs and values.

We seek to measure the ESG impacts of our investments, and social as well as environmental returns are pursued through carefully structured ESG governance frameworks at all levels of our organisation and at all stages of the investment process. Learn more in our ESG Report 2020.

iconRead our ESG Report 2020

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A.P. Moller Capital invests in renewable energy solutions for commercial and industrial customers in Africa

Reunert and A.P. Moller Capital, are excited to announce the establishment of a new joint venture, Lumika Renewables (Lumika).

Lumika will develop a portfolio of cost efficient, renewable energy solutions for commercial and industrial customers in Africa. As well as design, build and finance renewable based energy solutions for commercial and industrial customers in Africa through, among others, the installation of solar panels supplying green energy and providing software that creates transparency in terms of energy consumption. These solutions will lower the high cost of energy, reduce the reliance on fossil energy sources and in the end help African businesses to become more cost competitive and lower their impact on the environment by lowering their carbon footprint.




A.P. Moller Capital to invest in grain logistics infrastructure in Africa

A.P. Moller Capital has through the Africa Infrastructure Fund 1 completed the acquisition of a 49% shareholding in Casablanca-based grain terminal operator Mass Céréales al Maghreb (MCM).

Holding Marocaine Commerciale et Financiere (“HOLMARCOM”) will retain 51% ownership of MCM. MCM has, for more than a decade, provided handling and storage services for grain bulk cargoes at the ports of Casablanca and Jorf Lasfar. The company handles nearly half of all grain bulk imports each year, contributing to an efficient logistics chain for key food supplies in Morocco.




A.P. Moller Capital has acquired Iberafrica Power (E.A.) Limited (Iberafrica) in Kenya from Naturgy

A.P. Moller Capital has completed its first investment in Kenya with the acquisition of the Nairobi based thermal power plant Iberafrica. A.P. Moller Capital acquired the 52.5MW Independent Power Producer (IPP) from Naturgy.

The acquisition of the entire issued share capital of Iberafrica, one of Kenya’s leading IPPs, is part of A.P. Moller Capital’s efforts to invest in infrastructure assets including power and energy in Africa. The acquisition provides A.P. Moller Capital with an effective platform to advance its investment commitments in Kenya. A.P. Moller Capital is planning to invest further in greenfield and brownfield power and energy infrastructure assets in Kenya.



A.P. Moller Capital to invest in port and logistics infrastructure in West Africa

In partnership with Olam International (Olam) and Africa Finance Corporation (AFC) A.P. Moller Capital will invest in infrastructure in West Africa to create growth and development.

Through the Africa Infrastructure Fund, A.P. Moller Capital is making a sizable investment in a Ports and Logistics platform in West Africa. The platform is an infrastructure ecosystem of ports, trucking, warehouses and rail services, which facilitates effective trade and creates a foundation for local growth. At the outset, the focus will be on investing in and expanding the ecosystem.



A.P. Moller Capital to focus on clean and reliable power in Nigeria

A.P. Moller Capital has acquired Impala Energy Holdings (Impala) which has comprehensive experience and capabilities as well as a strong pipeline of opportunities within captive power projects. Together, Impala and A.P. Moller Capital, through the African Infrastructure Fund, will focus on supplying clean and reliable power in Nigeria.

Nigeria, Africa’s largest economy and home to Africa’s largest population, has significant power supply challenges. About 55% of the population has no access to electricity, and the biggest hindrance to business in Nigeria is electricity constraints.



A.P. Moller Capital has raised USD 982m for the Africa Infrastructure Fund

12 months after the launch, A.P. Moller Capital has received total commitments of USD 982m from leading institutional investors.

The investers include PKA, PensionDanmark, Lægernes Pension, PFA, Danica Pension, SEB Pension och Försäkring, Lærernes Pension, and A.P. Moller Holding. With total commitments in line with the ambition for the Africa Infrastructure Fund, A.P. Moller Capital will therefore conclude the fundraising period in the next few months, after finalising ongoing dialogues, with a few remaining potential investors.




A.P. Moller Capital’s offer for Copperbelt Energy Corporation lapsed

The offer made by Zambian Transmission LLP, a CDC Group plc and an A.P. Moller Capital-backed entity, for shares in Copperbelt Energy Corporation plc (CEC) has lapsed as a result of non-fulfilment of certain conditions precedent.

CDC and A.P. Moller Capital wishes to thank the management team of CEC, its shareholders, and the various Zambian governmental representatives and agencies who have supported the transaction. A.P. Moller Capital will continue to look for opportunities to expand its portfolio of investments in Zambia and other African countries in the future.



A.P. Moller Capital obtains further commitments of USD 215 million for its Africa Infrastructure Fund

A.P. Moller Capital’s Africa Infrastructure Fund has had its close with total commitments reaching USD 865m.

Kim Fejfer, Managing Partner and CEO, A.P. Moller Capital: “We are pleased and proud to announce that six months after the announcement of our Africa Infrastructure Fund, we have received total commitments of USD 865m from leading investors in Denmark and Sweden. With Danica, Danske Invest and SEB on board, we have increased our capacity to support a sustainable development in Africa through infrastructure investments.”



A.P. Moller Capital and CDC Group (CDC) make bid to acquire Copperbelt Energy Corporation

A.P. Moller Capital’s Africa Infrastructure Fund has together with CDC Group plc (CDC), the UK’s Development Finance Institution, made a bid to acquire a majority stake in the publicly listed Zambian company, Copperbelt Energy Corporation (CEC).

CEC is a leading Zambian power transmission, distribution and generation company and a major developer of energy infrastructure in Zambia. CEC owns, operates and maintains power transmission as well as generation assets and supplies electricity to customers in Zambia.



PFA invests in Africa Infrastructure Fund

A.P. Moller Capital has received further commitments of USD 100 million from PFA Pension.

On 9 August 2017, A.P. Moller Capital launched The Africa Infrastructure Fund. The Fund will focus on African infrastructure investments – investments that will support sustainable economic growth in the region and deliver attractive returns to its investors. PFA Pension has committed USD 100 million, bringing total commitments from A.P. Moller Holding and the other anchor investors PKA, Pension Denmark and Lægernes Pension (The Medical Doctor’s Pension Fund) to USD 650 million.




A.P. Moller Holding has launched a new infrastructure fund with a focus on Africa

The fund, with PKA, PensionDanmark and Lægernes Pension, has received commitments of USD 550 million from anchor investors.

The new fund will focus on investments in infrastructure in Africa to support sustainable economic growth in the region while delivering an attractive return to its investors. It will be managed by A.P. Moller Capital, and consists of a team lead by four partners, Kim Fejfer, Lars Reno Jakobsen, Jens Thomassen and Joe Nicklaus Nielsen.



Où sommes-nous ?


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


A.P. Møller Capital A/S
Lyngby Hovedgade 85
2800 Kgs Lyngby


A.P. Møller Capital A/S
Al Fattan Currency House 2-1502/1503
DIFC Dubai
United Arab Emirates

A.P. Møller Capital P/S est régie et réglementée par l’Autorité danoise de Surveillance financière en tant que gestionnaire de fonds d’investissement alternatif et n’a reçu aucune remarque. A.P. Møller Capital P/S (DIFC Branch) est réglementé par l’Autorité des Services financiers de Dubaï, laquelle lui délivre des conseils et gère des transactions d’investissement, en soutien au siège social au Danemark.

Nous contacter


Melanie Beck
T: +971 55 588 6592

Relations avec les investisseurs

Peter Wernberg Nielsen
T: +45 20 44 93 77


Mika Bildsøe Lassen
T: +45 20 55 26 55

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