CAIRO: Private equity firm Actis has sold and transferred the property of Globeleq Africa to the Norwegian Norfund and the English CDC Group, according to an Actis press release Monday.
“During the past seven years, through Globeleq, Actis has invested over $350 million in Globeleq Africa. As a result, Globeleq Africa has more than doubled its installed capacity to 1,234MW and the business is now the leading power generation platform on the continent,” the release reads.
Norfund acquired the minority share in the company by 30 percent, with a final cash of $227 million, while CDC group got the largest share by putting its interests in the joint company with Norfund.
Director at Actis Egypt Sherif el-Kholy noted that Lekela Power, a renewable power company controlled by Actis, is preparing sitemaps and plans to establish a solar power plant in Aswan and wind power plant West Gulf of Suez.
El-Kholy referred to Actis Lekela’s project of establishing a 250MW wind power plant in Gabal el-Zeit, in which Lekela offered the lowest tariff in this project of 3.961 cents per kWh.
Lekala Power is a power company affiliated to Actis, which was launched in February. The company plans to generate 1,000 MW of renewable energy across African in the next five years, Amwal al-Ghad reported in May.