Lebanese tycoon Bahaeddine Bassatne’s BB Energy eyes $42 million for Africa LPG expansion

International Finance Corporation (IFC) is preparing to provide up to $42 million in financing to BB Energy Group Holding Ltd to support a $64 million liquefied petroleum gas (LPG) expansion across the Democratic Republic of Congo, South Africa, and Zambia. 

The investment, disclosed Aug. 6, 2026, is pending board approval expected Sept. 7, 2026, and reflects a strategic push to expand clean cooking access across underserved African markets.

Financing structure supports LPG growth

The proposed financing combines debt, concessional funding, and equity to address project scale and risk. IFC’s package includes a $30.15 million A-loan, an $11.03 million subordinated loan through the IDA Private Sector Window, and a $1 million equity investment in the DRC.

Sponsor equity of about $21 million will fund the remaining portion of the $64 million project cost. The blended finance component, estimated at approximately 3% of total project value, is designed to bridge financing gaps linked to elevated country and execution risks.

Multi-country rollout targets infrastructure gaps

The investment will support BB Energy’s downstream LPG infrastructure expansion across three key African markets. In the Democratic Republic of Congo, the company plans a greenfield LPG import terminal in Boma, alongside a filling plant in Kinshasa and distribution infrastructure.

In South Africa, BB Energy intends to acquire a stake in an LPG bulk distributor and expand storage capacity. In Zambia, the group has already acquired LPG assets in Lusaka and plans further expansion. The strategy aims to build integrated LPG value chains in markets where supply constraints and infrastructure deficits persist.

BB Energy deepens downstream strategy

Founded in 1963, BB Energy is a family-owned global energy trader controlled by the Bassatne family. The LPG expansion is being executed through Deux Rivieres Holding, a sub-holding fully owned by BB Energy Downstream Ltd.

The project signals a strategic shift toward deeper participation in Africa’s downstream energy sector, positioning the company to capture rising demand for LPG as a cleaner alternative to traditional biomass fuels.

IFC de-risks capital structure

IFC’s involvement, alongside concessional funding, is structured to address the mismatch between project risk and commercial returns. Long-term infrastructure financing remains limited across several African markets, particularly for projects with extended ramp-up timelines.

Beyond capital, IFC is expected to provide technical support, capacity building, and environmental and social oversight. The project is classified as Environmental Category B, indicating manageable risks.

Clean energy access and economic impact

The expansion is expected to improve access to cleaner cooking fuel, reduce reliance on biomass, and deliver health and environmental benefits. IFC also anticipates broader economic impact, including job creation, increased private sector participation, and improved competitiveness in LPG markets.

By supporting a multinational operator’s expansion across three African markets, the project could play a catalytic role in scaling LPG infrastructure and strengthening energy access across the region.