Private equity investor, Actis Capital LLP has signed an agreement with American energy giant, AES, to acquire its stake in three power assets in Cameroon for $220 million.
The deal will give Actis a 56 percent stake in the country’s national integrated utility, Société Nationale d’Electricité (SONEL), including significant interests in two independent power plants, Kribi and Dibamba.
According to Business Day, Actis will directly manage SONEL, which provides 933 megawatts (MW) of electricity to over 800,000 customer throughout the country, while Kribi and Dibamba assets – holding a combined 300 MW capacity – will be overseen by Globeleq, the company’s wholly owned power subsidiary.
Speaking on the investment, the firm’s Energy Head, Torbjorn Caesar said the company’s experience in managing major power assets gives it the confidence that it can deliver strong infrastructure and excellent services, expected to revamp the country’s power sector and boost energy output.
“We have deployed over $1 billion in the energy space in the last decade; this latest investment is a natural next step for us in Africa,” he added.
Actis, which identifies investment opportunities in private equity and the energy sector across Asia, Africa and Latin America, reportedly provides 21 million people with access to electricity.
