A unit of Previous Mutual Ltd. employed Goldman Sachs Group Inc. to assist it purchase Africa-focused renewable-energy agency Lekela Energy BV, based on individuals acquainted with the matter.
Buyout agency Actis LLP has drawn broad curiosity for its 60% stake in Lekela, together with bidders from China and the Center East, mentioned the individuals who requested to not be recognized as a result of the matter continues to be non-public. Previous Mutual is bidding for Lekela by way of its African Infrastructure Funding Managers unit, they mentioned.
Actis helped arrange Lekela in 2015 and the group has constructed a 1 300-megawatt portfolio throughout Egypt, Ghana, South Africa and Senegal, based on its web site. Following that sale, the corporate might exit its stake in BioTherm Power Pty Ltd., one of many individuals mentioned.
Lekela could also be price greater than $2 billion and Actis is working with Citigroup Inc. to promote the stake. Lekela’s different investor, Mainstream Renewable Energy Ltd., backed by billionaire Kjell Inge Rokke’s Aker ASA, is one other potential purchaser.
Goldman, Citi and Actis, in addition to Lekela and Mainstream, all declined to remark.
Lekela has a popularity of being “prepared to tackle challenges and are fairly forward-looking,” mentioned Antoine Vagneur-Jones, an analyst at BloombergNEF’s vitality transitions crew. It operates West Africa’s largest wind farm in Senegal and is rolling out utility-scale battery storage to assist stabilise Senegal’s electrical energy grid.
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