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Publish Date : 12-Nov-2013

An agreement is signed by Actis with American energy giant, AES, to purchase the majority interest in three power assets in Cameroon for $220 million.

The transaction is awaiting government and lender authorization.

The investment provides Actis a 56 percent stake in Cameroon's national integrated utility, Société Nationale d'Electricité (SONEL), and in two independent power plants, Kribi and Dibamba.

SONEL offers 933MW of generation and supplies electricity to more than 800,000 customer connections all over the country, whereas Kribi and Dibamba contribute a combined 300 MW towards Cameroon's generation capacity.

Whereas Actis will control SONEL directly, Globeleq, Actis' completely owned private power company, will manage and control Kribi and Dibamba. Actis is an skilled energy investor supplying 10m customers with electricity every day. The firm has possesses Umeme, Uganda's national grid, from 2005.

Actis in 2012 controlled a heavily oversubscribed successful IPO when it floated 40 percent of Umeme's shares on the Kenyan and Ugandan stock exchanges.

From 2011 Actis has as well possesses 92 percent of Energuate, which controls the majority of Guatemala's national grid.

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."

Actis capitalizes completely in the rising markets with a growing portfolio of investments in Asia, Africa and Latin America; it at present has $6 billion funds under management.

Combining the knowledge of more than 120 investment professionals on the ground in nine countries, Actis recognizes investment prospects in three areas: private equity, energy and real estate. From 2002 Actis has set up in excess of US$1 billion in 25 energy transactions in power generation and electricity distribution assets, offering 21 million people with access to electricity.

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