Mainstream Renewable Power and Actis complete sale of Lekela Power

20 Mar 2023 07:37 CET

· Transaction generates net proceeds to Mainstream of approximately USD 90
million, subject to certain closing adjustments
· Lekela is the African continent's largest pure-play renewable energy
Independent Power Producer ('IPP') with over 1 GW of fully operational wind
assets
· The planned exit reflects the successful culmination of Mainstream and
Actis' partnership strategy for Lekela

Reference is made to the stock exchange announcement by Aker Horizons ASA dated
18 July 2022 regarding Mainstream Renewable Power ("Mainstream"), the global
wind and solar company majority-owned by Aker Horizons, and Actis', a leading
global investor in sustainable infrastructure, agreement to sell the Lekela
Power platform. Mainstream and Actis today announced the completion of the sale
of 100 percent of the Lekela platform to Infinity Power, a joint venture between
Egypt's Infinity and UAE's Masdar.

The transaction generates net proceeds to Mainstream of approximately USD 90
million, subject to certain closing adjustments, with the transaction valued at
an enterprise value of approximately USD 1.5 billion.

Lekela was established in 2015 in a joint venture between Actis (60 percent),
and a Mainstream-led consortium called Mainstream Renewable Power Africa
Holdings ('MRPAH') (40 percent), to deliver clean, reliable energy across
Africa. Lekela has since become Africa's largest pure-play renewable energy IPP,
with over 1 GW of fully-operational wind assets, including five operational wind
farms in South Africa (624 MW), one operational wind farm in Egypt (252 MW), one
operational wind farm in Senegal (159 MW) as well as development opportunities
in Ghana, Senegal and Egypt.

The exit reflects the successful culmination of Actis and Mainstream's
partnership strategy for Lekela, following a comprehensive value creation
approach. With the support of Actis and Mainstream's dedicated sustainability
professionals, Lekela has implemented the highest international standards in
health, safety and environmental protection.

Lekela has also developed a deep commitment to local development and continues
to operate a community investment programme that finances entrepreneurship,
educational and environmental protection initiatives. Throughout the
development, construction and operations journey, Actis and Mainstream have
delivered on their robust sustainable development standards, guided by close
engagement with local communities.

"We are immensely proud of the role we have played in building and nurturing
what is today Africa's largest pure-play renewable energy IPP and I am confident
that Lekela will continue to make a major contribution to a just, and therefore
sustainable, energy transition. Mainstream is deeply committed to our mission of
leading the global transition to renewable energy and our 150-strong proudly
South African team is focused on bringing our 11.5 GW pipeline of wind and solar
projects in South Africa to fruition this decade and beyond," said Mary Quaney,
Group Chief Executive of Mainstream Renewable Power.

Citi and Clifford Chance advised Mainstream and Actis on the Lekela transaction.

ENDS

For further information, please contact:

Emmet Curley, Communications, Mainstream Renewable Power
Tel: +353 86 2411 690
Emmet.curley@mainstreamrp.com


Elizabeth Adams, FTI Consulting
Tel: +44 7974 982331

Christian Yggeseth, Investor Relations, Aker Horizons
Tel: +47 915 10 000,
christian.yggeseth@akerhorizons.com

About Mainstream Renewable Power

Mainstream Renewable Power is a leading pure-play renewable energy company, with
wind and solar assets across global markets, including in Latin America, Africa,
and Asia-Pacific. Mainstream is one of the most successful developers of
gigawatt-scale renewables platforms, across onshore wind, offshore wind, and
solar power generation. It has successfully delivered 6.5 GW of wind and solar
generation assets to financial close-ready and has a global pipeline of over
21.7 GW, with 1.5 GW in operation and under construction.
www.mainstreamrp.com  (http://www.mainstreamrp.com )

About Aker Horizons
Aker Horizons develops green energy and green industry to accelerate the
transition to Net Zero. The company is active in renewable energy, carbon
capture and hydrogen and develops industrial scale decarbonization projects. As
part of the Aker group, Aker Horizons applies industrial, technological and
capital markets expertise with a planet-positive purpose to drive
decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and
headquartered in Fornebu, Norway. Through its portfolio companies, Aker Horizons
employs over 1,200 people across 18 countries and five continents.
www.akerhorizons.com

More information:
Access the news on Oslo Bors NewsWeb site