Global private equity investor Actis is to buy into the Cameroonian energy market in an acquisition that sees it acquire three power production assets for $220m.
The investment will see Actis take a 56 per cent stake in the country’s national integrated utility, Société Nationale d’Electricité (SONEL) – a subsidiary of AES – and two independent power plants named Kribi and Dibamba.
SONEL supplies 933MW of energy generation capacity throughout the country via thermal, hydro and other power assets. Natural gas plant Krivi and oil based plant Dibamba contribute a further combined 300MW of capacity in the deal.
The firm will manage SONEL directly, while Actis’ wholly owned private power company Globeleq will manage and operate Kribi and Dibamba.
Actis energy head Torbjorn Caesar said, “Cameroon is a nation with great prospects. Our experience managing major electricity assets in Uganda and Guatemala means Actis comes to the investment with the confidence that we can deliver strong infrastructure and excellent customer service.
“We have deployed over $1bn in the energy space in the last decade. This latest investment is a natural next step for us in Africa.”
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