Mainstream Renewable Power and Actis complete sale of Lekela Power

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Mar 20, 2023, 02:56 ET

Transaction generates net proceeds to Mainstream of approximately USD 90 million, subject to certain closing adjustments
Lekela is the African continent's largest pure-play renewable energy Independent Power Producer (`IPP') with over 1 GW of fully operational wind assets
The planned exit reflects the successful culmination of Mainstream and Actis' partnership strategy for Lekela

FORNEBU, Norway, March 20, 2023 /PRNewswire/ -- Reference is made to the stock exchange announcement by Aker Horizons ASA dated 18 July 2022 regarding Mainstream Renewable Power ("Mainstream"), the global wind and solar company majority-owned by Aker Horizons, and Actis', a leading global investor in sustainable infrastructure, agreement to sell the Lekela Power platform. Mainstream and Actis today announced the completion of the sale of 100 percent of the Lekela platform to Infinity Power, a joint venture between Egypt's Infinity and UAE's Masdar.

The transaction generates 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.

Lekela was established in 2015 in a joint venture between Actis (60 percent), and a Mainstream-led consortium called Mainstream Renewable Power Africa Holdings ('MRPAH') (40 percent), to deliver clean, reliable energy across Africa. Lekela has since become Africa's largest pure-play renewable energy IPP, with over 1 GW of fully-operational wind assets, including five operational wind farms in South Africa (624 MW), one operational wind farm in Egypt (252 MW), one operational wind farm in Senegal (159 MW) as well as development opportunities in Ghana, Senegal and Egypt.

The exit reflects the successful culmination of Actis and Mainstream's partnership strategy for Lekela, following a comprehensive value creation approach. With the support of Actis and Mainstream's dedicated sustainability professionals, Lekela has implemented the highest international standards in health, safety and environmental protection.

Lekela has also developed a deep commitment to local development and continues to operate a community investment programme that finances entrepreneurship, educational and environmental protection initiatives. Throughout the development, construction and operations journey, Actis and Mainstream have delivered on their robust sustainable development standards, guided by close engagement with local communities.

"We are immensely proud of the role we have played in building and nurturing what is today Africa's largest pure-play renewable energy IPP and I am confident that Lekela will continue to make a major contribution to a just, and therefore sustainable, energy transition. Mainstream is deeply committed to our mission of leading the global transition to renewable energy and our 150-strong proudly South African team is focused on bringing our 11.5 GW pipeline of wind and solar projects in South Africa to fruition this decade and beyond," said Mary Quaney, Group Chief Executive of Mainstream Renewable Power.

Citi and Clifford Chance advised Mainstream and Actis on the Lekela transaction.

For further information, please contact:

Emmet Curley, Communications, Mainstream Renewable Power
Tel: +353 86 2411 690
[email protected]

Elizabeth Adams, FTI Consulting
Tel: +44 7974 982331

Christian Yggeseth, Investor Relations, Aker Horizons
Tel: +47 915 10 000,
[email protected]

About Mainstream Renewable Power

Mainstream Renewable Power is a leading pure-play renewable energy company, with wind and solar assets across global markets, including in Latin America, Africa, and Asia-Pacific. Mainstream is one of the most successful developers of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and solar power generation. It has successfully delivered 6.5 GW of wind and solar generation assets to financial close-ready and has a global pipeline of over 21.7 GW, with 1.5 GW in operation and under construction.
www.mainstreamrp.com

About Aker Horizons
Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and hydrogen and develops industrial scale decarbonization projects. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Through its portfolio companies, Aker Horizons employs over 1,200 people across 18 countries and five continents.
www.akerhorizons.com

SOURCE Aker Horizons