18 July 2022
Clifford Chance advises Actis and Mainstream on the sale of Lekela Power in Africa's biggest renewable energy deal
International law firm Clifford Chance has advised Actis, a leading global investor in sustainable infrastructure, and global wind and solar company, Mainstream Renewable Power (“Mainstream”), on the sale of Lekela Power ("Lekela") to a joint venture between the Infinity Group and Africa Finance Corporation. The transaction is subject to regulatory approvals and customary closing conditions.
Lekela delivers clean, reliable energy across Africa and is one of the continent's largest pure play renewable energy Independent Power Producers (IPPs). Actis and Mainstream established Lekela in 2015 and the platform now delivers over 1 GW of wind power from its five operational wind farms in South Africa (624MW), one in Egypt (252MW) and one in Senegal (159MW), as well as development opportunities in Ghana, Senegal and Egypt.
Clifford Chance has a longstanding association with Lekela, having advised on the original establishment of the platform, as well as on various acquisitions and project financings as Lekela's portfolio has developed.
This deal adds to Clifford Chance's recent track record of advising on successful exits of clean energy businesses in the high growth markets of Latin America and Africa, including Actis and Mainstream's sale of Aela Energía, Chile’s largest independent renewable energy producer, and the sale by Actis of Echoenergia, Brazil's largest independent renewable energy platform.
The M&A team advising on this transaction was led by Partner Nicholas Hughes, with support from Director Daniel Mutisya, and Associates Samuel Monk, Claudia Carr and Zahrah Mohammad in London. Specialist renewable energy sector advice was provided by Partner James Pay, supported by Senior Associate Prakruthi Gowda and Associate Lucy Roberts.