Mainstream and Actis sign agreement to sell African company Lekela Power

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Mainstream Renewable Power and the investment company Actis have agreed to sell Lekela Powera renewable energy platform operating in Africa, for approximately $1.5 billion.

Infinity Group and Africa Finance Corporation (AFC) will acquire Lekela Power subject to regulatory approvals and customary closing conditions.

Lekela Power was established in 2015 as an independent producer of pure-play renewable energy.

Actis owns a 60% stake in the platform, while the remaining 40% is held by Mainstream Renewable Power Africa Holdings, a consortium led by Mainstream.

Lekela Power operates over 1 GW of fully operational wind assets, including five in South Africa (624 MW) and one in Egypt (252 MW) and one in Senegal (159 MW).

These assets together supply around three million African homes with clean energy.

The platform’s portfolio also includes development opportunities in Ghana, Senegal and Egypt.

Lucy Heintz, Actis Partner and Head of Energy Infrastructure, said: “This release highlights the hands-on approach we take at Actis as builders and operators of leading, large-scale energy platforms, delivering a positive impact.

“We are proud to leave Lekela Power firmly positioned for its next phase of growth as a recognized sustainability leader providing much-needed clean energy to communities across Africa, building on our net zero commitment.

Mary Quaney, Group Chief Executive, Mainstream Renewable Power, said: “Much of Africa is extremely vulnerable to climate change and we are proud to have worked with Actis, as well as with communities, governments, project lenders, equipment suppliers and contractors across Africa, to deliver over 1 GW of operational wind power that will continue to have a positive impact for decades to come.

Last month, Mainstream and Actis completed the sale of their Chilean joint venture Aela Energía to Innergex Renewable Energy.

Aela Energía has a portfolio of wind power plants with a total capacity of 332 MW, spread over three newly built wind assets in Chile.

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