Aker and Mainstream to sell Africa's largest renewables player Lekela

Mainstream Renewable Power and Actis signed an agreement to sell Lekela Power, Africa’s largest pure-play renewables IPP (independent power producer) to Infinity Group and Africa Finance Corporation (AFC) for an undisclosed amount.

Lekela currently has over 1GW in operational wind capacity across South Africa, Egypt and Senegal that provides electricity to close to three million households, as well as 325MW in wind projects and 175MW battery storage in its development pipeline.

The IPP was established in 2015 as joint venture between Actis (60%) and a Mainstream-led consortium called Mainstream Renewable Power Africa Holdings (40%) that also includes the International Finance Corp. (IFC). Mainstream itself is owned by Aker Horizons and Mitsui.

“Much of Africa is acutely vulnerable to climate change and we are proud to have worked with Actis, as well as the communities, governments, project lenders, equipment suppliers and contractors across Africa, to deliver over 1GW of operational wind power that will continue to have a positive impact for decades to come,” Mainstream Renewable Power chief executive Mary Quaney said.

Lucy Heintz, head of energy infrastructure at Actis, added: “We’re proud to leave Lekela Power strongly positioned for its next phase of growth as an acknowledged sustainability leader supplying much-needed clean energy to communities across Africa, building on our net zero commitment.”

The sale comes after Mainstream and Actis in June had already announced the completion of the sale of their Chilean joint venture Aela Energia to Canada’s Innergex Renewable Energy.