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Actis to sell BTE Renewables to Engie and Meridiam in $1bn deal

Sustainable infrastructure investor Actis is to sell BTE Renewables to Engie and Meridiam in a deal with an enterprise value of $1 billion. On completion, Engie will acquire the South African portfolio and team while Meridiam will acquire the Kenyan portfolio and team.

Sustainable infrastructure investor Actis is to sell BTE Renewables to Engie and Meridiam in a deal with an enterprise value of $1 billion. On completion, Engie will acquire the South African portfolio and team while Meridiam will acquire the Kenyan portfolio and team.

Actis established the pan-African renewable energy platform in 2017, with the acquisition of the Kipeto wind project in Kenya in the development stage. In 2019, Actis grew the platform with the acquisition of South Africa-focused BioTherm Energy and rebranded the company BTE Renewables (BTE). 

BTE targets the pan-African region, focused primarily on utility scale wind and solar projects. The platform is currently composed of six operating projects totalling c500MW in generating capacity, five projects in South Africa and one in Kenya. Five of the projects were built during the COVID-19 pandemic and despite the challenges were completed on budget. BTE has a proprietary pipeline of projects under development exceeding 5GW across the region.

The transaction follows Actis’s sale of Lekela, the African continent’s largest pure-play renewable energy Independent Power Producer (IPP), earlier in 2023.

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