Investment and corporate solutions firm Old Mutual, through its African Infrastructure Investment Managers unit, has sought the assistance of global investment banking institution Goldman Sachs to help the firm acquire Lekela Power – a renewable power generation company with an active portfolio across Africa.
Old Mutual is bidding for buyout firm Actis LLP’s 60% stake in Lekela Power, and with Lekela estimated to be worth over $2 billion, the stake proves particularly lucrative. Old Mutual joins a number of bidders interested in the stake, including high level bidders from China and the Middle East as well as Lekela’s own investor, Mainstream Renewable Power.
As an Africa-focused renewable energy company, Lekela Power is committed to bringing clean energy solutions to key locations across the continent. The company has a 1,300 MW portfolio across Africa, with notable projects including the 158,7 MW Taiba N’Diaye wind farm in Senegal; the 252 MW West Bakr Wind project in Egypt; as well as the 143.1 MW Kangnas wind facility, the 143.1 MW Loeriesfontein 2 wind farm, the 143.1 MW Khobab wind farm, and the 81 MW Noupoort wind farm in South Africa.