Actis Poised to Sell its Stake in Lekela Power?

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  • Bloomberg reports that Actis is poised to sell its stake in Lekela Power (Lekela) to Masdar and Egypt’s Infinity Energy.
  • Lekela has renewable energy projects totalling 1300MW in South Africa, Egypt, Senegal and Ghana. 
  • Actis helped set up Lekela in 2015.

The private equity company has entered into exclusive talks with Infinity Power, a joint venture between Masdar and Egypt’s Infinity Energy, to buy the 60% stake, the people said, asking not to be identified because the information is not public.

Actis has about $16.3-billion assets under management and has done 165 exits. Masdar and Infinity Energy didn’t immediately respond to emails seeking comment. Actis declined to comment.

Lekela’s other investor is Mainstream Renewable Power, backed by billionaire Kjell Inge Rokke’s Aker.

Related news: Aker Horizons of Norway aquires 75% stake in Mainstream Renewable Power

Mainstream has controversially won preferred bidder status for 12 out of 25 projects awarded in South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) Bid Window 5 with the same broad based black economic empowerment (B-BBEE) partner, H1 Holdings. Read more here 

The financial close for REIPPPP Bid Window 5 projects has been extended by six months from 31st March to September 2022..Read more

Bid Window 5 yielded the lowest tariffs in any bid window thus far. The average weighted price bid for solar comes in at (R) 42.9c kW/h while the average bid for wind is (R) 49.5c kW/h. Industry experts claim that the winning tariffs are too low to be realistic. Read more 

Author: Bryan Groenendaal

Source: Bloomberg


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