21 June 2023
- Nicholas Hughes, Mayowa Kalesanwo, Alistair Goble, Reem Ka'ati, Thomas Hobbs Martin, Prakruthi Gowda
Clifford Chance advises Actis on the US$1 billion sale of Africa's second largest renewables company
International law firm Clifford Chance has advised Actis, a leading global investor in sustainable infrastructure, on the sale of BTE Renewables (‘BTE’) to Engie and Meridiam for a total enterprise value of US$1 billion. BTE is the second largest renewables player in Africa, targeting the pan-African region and focusing primarily on utility scale wind and solar projects.
The Clifford Chance team was led by clean energy M&A partner Nicholas Hughes, with support from senior associate Mayowa Kalesanwo and associates Alistair Goble and Reem Ka'ati in London. Specialist Energy and Infrastructure support was provided by senior associate Prakruthi Gowda and associate Thomas Hobbs Martin.
Originally established by Actis in 2017, the platform was expanded to become the present day BTE and is composed of six operating projects totalling c500MW in generating capacity, including five projects in South Africa and one in Kenya. The South African portfolio and team will be acquired by Engie, and the Kenyan portfolio and team will be acquired by Meridiam. Through Actis’ ownership, BTE has become a sustainability leader in Africa, focusing on inclusion and diversity initiatives, community development and biodiversity conservation.
This deal adds to Clifford Chance's track record of advising on successful exits of clean energy businesses in the high-growth markets of Africa and Latin America, including Actis' recent sale of Africa's largest renewables business Lekela Power in March 2023 and Actis and Mainstream's sale of Aela Energía in 2022.