Mainstream Renewable Power, Actis Sign Agreement to Sell African Renewable Energy IPP Lekela to Infinity Group, AFC

Mainstream Renewable Power (Mainstream), the global wind and solar company majority-owned by Aker Horizons, and Actis have signed an agreement to sell the Lekela Power platform to Infinity Group and AFC, subject to regulatory approvals and customary closing conditions.  

The transaction is expected to generate net proceeds to Mainstream of approximately USD 90 million, subject to certain closing adjustments, with the transaction valued at an enterprise value of approximately USD 1.5 billion.  Closing of the transaction is expected to occur later in the year.  

The platform was established as a joint venture between Actis (60 percent), and a Mainstream-led consortium called Mainstream Renewable Power Africa Holdings (MRPAH) (40 percent). 

The planned exit reflects the successful culmination of the parties' partnership strategy for Lekela, following a comprehensive value creation approach.  

"There has never been a more critical time to accelerate the global transition to renewable energy, for the health of both our planet and our communities," said Mary Quaney, Group Chief Executive, Mainstream Renewable Power. "Much of Africa is acutely vulnerable to climate change and we are proud to have worked with Actis, as well as the 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."