MBEE Energy Services

Company Description

MBee is an African company specializing in energy services. This includes energy generation using various sources such as solar photovoltaic panels (PV), wind power, and fuels like LNG and diesel. Established and based in South Africa and Liberia, MBee brings together experts from different disciplines. The MBee Consortium is a lead partner in the Liberia West African Sustainable Power project.

Countries of Operation

Liberia, Ghana

Ownership of Company: Local Company

Number of years since incorporated

2

Project Pitch:

MBee WASP Power Project: MBee Energy Services is developing a US$386m power plant project. The project entails the development of a 150 MW power station employing advanced Combined Cycle Gas Turbine (CCGT) technology on a four-hectare site located within the National Oil Company of Liberia (NOCAL) precinct at the Port of Buchanan. A 70:30 debt/equity ratio is sought, with the project sponsors having to contribute $115.8m in equity commitments. Funding required for the project is $386m ($270.2m debt and $115.8m equity). Equity participation will be sourced through the WASP (Liberia) SPV, consisting of the MBEE Energy Consortium, its Liberian partner, and financial investors. Debt is expected to come from long-term project-finance loans lasting 10 to 15 years, backed by revenue from the Power Purchase Agreement (PPA) and supported by government or partial risk guarantees where applicable. The sponsors have spent US$1.18 million to complete the pre-feasibility, and the project is at the detailed feasibility stage. The detailed feasibility cost is US$2.38 million and will include: (i) Policy, legal and regulatory feasibility, (ii) technical and detailed engineering studies, (iii) environmental and Social impact assessment (iv) Geotechnical studies, (v) market studies and (vi) Quantity Surveying and BOQ

Team

Walter McCarthy, the chairman of MBee, has decades of experience as an entrepreneur and business executive. formerly served as Liberia's deputy minister of mines and energy. Paul Maclons, the CEO, has been involved in infrastructure and power projects in Africa for more than 20 years. He is in charge of interacting with stakeholders, providing overall strategic leadership, and communicating with the government and financiers. He is responsible for overseeing the power plant, communicating with all parties involved, and making sure it operates as planned. Christopher Road is the project's technical lead. He has been a professional engineer for more than 30 years, working on civil infrastructure, waste, electrical, and water projects. Chris has completed projects in Botswana, Angola, and other African nations. Financial executive Saah J. Mayah, a director at MBEE Liberia, has over 15 years of experience in capital allocation, risk management, and strategic financial management. He has held senior positions in a variety of industries, such as corporate finance, public finance, banking, and strategic development consulting. He has actively supported decisions that maximize value, maximize resource mobilization, adhere to regulations, and foster sustainable growth. In addition, he serves as managing partner at Development Oriented Consulting (DOC) Africa, where he directs the company's mission to lead Sub-Saharan Africa's sustainable infrastructure and economic development. MBEE's transaction advisor, Papa Sekyiamah, is a chartered accountant with a Dartmouth College MBA. Papa has more than 25 years of experience in senior management positions in banking, strategy consulting, and project management. He has a wealth of experience overseeing infrastructure projects across Africa. Michael Sawyer, a director at MBEE Liberia, holds an MBA in business administration and a PhD in medicine. He has been a consultant for business development for more than 20 years. He is a former member of parliament in Sierra Leone, where he was a ranking member of parliament's labor committee. Lead Consultant Joseph N. Boakai, Jr., has a wealth of expertise in public policy and development, business management, and political influence, converging these skills in driving business development and infrastructure initiatives across sub-Saharan Africa. With over decades of experience, he has honed his skills in strategic partnerships, investment development, and policy advisory. His deep understanding of governmental procedures, coupled with his political acumen, uniquely positions him to navigate complex business landscapes and foster collaborations that advance infrastructure projects in the region.

Type of Project

Private Company Project

Stage

Established (mature)

Annual Revenue (in EUR)

1.000.000 - 5.000.000 EUR

Number of employees

11-50

Total Project Cost (in EUR)

EURO 327,829,800

Financing needs (in EUR)

EURO 327,829,800

Type of financing needed

Debt; Equity

The Company is looking for:

Financing; Joint Venture/Partnership

Planned allocation of fundraising capital

Greenfield (new activity for the company); Expansion (expanding an existing activity); PPP (Public-Private Partnership)