Actis to sell South African and Kenyan portfolio to Engie and Meridiam

Global renewable energy investor Actis has agreed to sell 100% of African independent power producer (IPP) BTE Renewables to French utility giant Engie and investment firm Meridiam for $1 billion.

BTE Renewables, a pan-African renewable energy platform, was established in 2017 and focuses on solar and wind energy projects. It has 6 projects with an installed capacity of nearly 500MW, 5 of which are located in South Africa and 1 is located in Kenya. BTE currently has more than 5GW of projects under development in the region.

Engie will acquire the South African portfolio, including 190 MW of solar PV capacity and a 3GW portfolio in advanced development, and its employees, while Meridiam will acquire the Kenyan assets, including 250 MW of solar and wind projects in operation and development. Kenya's operating assets are primarily onshore wind and 100 MW of solar PV opportunities have been identified.

With the deal, Actis has sold another of its renewable energy assets in Africa, following the sale of renewable energy IPP Lekela earlier this year.

Lisa Pinsley, Head of Energy at Actis Middle East and Africa, said: "The sale of BTE Renewables marks our fifth exit from the Africa Energy Platform, where we now have 5GW of generation capacity under construction, making Actis To be one of the largest investors in the region. District energy sector. When we established BTE, our purpose was to help meet Africa's growing demand for electricity. Through our investments and experience of doing business globally, we have grown and has developed a leading power company with an excellent team based on the African continent and a portfolio of promising projects."

The transaction is expected to close in the fourth quarter of 2023, subject to the fulfillment of certain authorizations.