admin
A unit of Old Mutual Ltd hired Goldman Sachs Group to help it acquire Africa-focused renewable-energy firm Lekela Power BV, according to people familiar with the matter.
Buyout firm Actis has drawn broad interest for its 60 percent stake in Lekela, including bidders from China and the Middle East, said the people who asked not to be identified because the matter is still private.
Old Mutual is bidding for Lekela through its African Infrastructure Investment Managers unit, they said.
Actis helped set up Lekela in 2015 and the group has built a 1 300-megawatt portfolio across Egypt, Ghana, South Africa and Senegal, according to its website.
Lekela may be worth more than US$2 billion and Actis is working with Citigroup to sell the stake. Lekela’s other investor, Mainstream Renewable Power, backed by billionaire Kjell Inge Rokke’s Aker, is another potential buyer.
It operates West Africa’s biggest wind farm in Senegal and is rolling out utility-scale battery storage to help stabilise Senegal’s electricity grid. — Bloomberg
Online Reporter