Mainstream Renewable Power and investment company Actis have agreed to divest Lekela Power, a renewable energy platform operating in Africa, for around $1.5bn.
Infinity Group and Africa Finance Corporation (AFC) will buy Lekela Power subject to regulatory approvals and customary closing conditions.
Lekela Power was established in 2015 as a pure-play renewable energy independent power producer.
Actis holds a 60% stake in the platform, while the remaining 40% is owned by Mainstream Renewable Power Africa Holdings, a consortium led by Mainstream.
Lekela Power operates more than 1GW worth of fully operational wind assets, including five in South Africa (624MW) and one each in Egypt (252MW) and Senegal (159MW).
These assets supply around three million African households with clean energy in total.
The platform’s portfolio also includes development opportunities in Ghana, Senegal and Egypt.
Actis partner and Energy Infrastructure head Lucy Heintz said: “This exit highlights the hands-on approach we take at Actis as builders and operators of leading energy platforms of scale, delivering positive impact.
“We’re proud to leave Lekela Power strongly positioned for its next phase of growth as an acknowledged sustainability leader supplying much-needed clean energy to communities across Africa, building on our net-zero commitment.
Mainstream Renewable Power group chief executive Mary Quaney said: “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 1GW of operational wind power that will continue to have a positive impact for decades to come.”
Last month, Mainstream and Actis completed the sale of their Chile-based joint venture Aela Energía to Innergex Renewable Energy.
Aela Energía has a wind power plant portfolio with a total capacity of 332MW, which is distributed across three newly built wind assets in Chile.