Actis sells African renewables platform BTE to Engie, Meridiam

London-based sustainable infrastructure investor Actis said Wednesday, it has agreed to sell its African renewables platform BTE Renewables to Engie SA (EPA:ENGI) and compatriot investment manager Meridiam.

The deal, at a total enterprise value of USD 1 billion (EUR 915m), will see Engie acquire the South African portfolio of BTE, and Meridiam -- the Kenyan portfolio. BTE has six operating projects totalling about 500 MW in the two countries and a pipeline of 5 GW across the region.

Through the purchase, Engie will add 340 MW of renewables, including 150 MW of onshore wind and 190 MW of solar photovoltaic (PV), and an advanced development pipeline of more than 3 GW in South Africa. This will expand its presence in the country, where the French energy company already operates 1.3 GW of assets, of which more than 300 MW of renewables.

Meridiam will acquire the 100-MW Kipeto wind farm, which has been in operation since July 2021, the 50-MW Siruai greenfield wind project with storage under development, as well as more than 100 MW of solar project opportunities.

The two buyers will also take over BTE’s respective teams in South Africa and Kenya.

The transaction, expected to close by the fourth quarter of 2023, follows Actis’ sale of Africa’s largest pure-play renewable energy independent power producer (IPP), Lekela, earlier this year. BTE is said to be Africa’s second-largest renewables player. Actis established the platform in 2017 with the purchase of the Kipeto wind project in the development stage. It later acquired South Africa-focused BioTherm Energy.

“The sale of BTE Renewables marks our fifth energy platform exit in Africa, where we have now built and owned 5 GW of generation capacity, making Actis one of the largest investors in the regional energy sector,” said Lisa Pinsley, partner in the Energy Infrastructure team and head of Middle East and Africa Energy at Actis.

(USD 1.0 = EUR 0.915)

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