The Emerging Africa Infrastructure Fund (EAIF), a joint public and private investment fund owned by the Private Infrastructure Development Group and managed by Investec Asset Management, has backed a US$189 million refinancing of Mozambique-based thermoelectric power plant developer Central Termica de Ressano Garcia (CTRG). EAIF provided a B loan totaling US$21 million as part of an International Finance Corporation (IFC)-led syndication that also included development finance institution FMO. French development finance institution Proparco and South Africa-based ABSA Bank also supported the refinancing. CTRG, which operates a 175-megawatt generation facility near the border with South Africa, is owned by Africa-based energy companies Electricidade de Mozambique (EDM) and Sasol Group.