Actis Sells African Renewable Business for $1 Billion

In an announcement dated 21 June 2023, Actis has agreed to sell BTE Renewables (BTE) to Engie and Meridiam. The deal is valued at about USD 1 billion. BTE is the 2nd largest renewable company in Africa after Lekela Power, which Actis sold earlier in March 2023. The transaction is expected to close by 4Q2023.

Upon completion, Engie will own the South African portfolio while Meridiam will acquire the Kenyan portfolio. Actis is a global investor in sustainable energy sector and started operations in 2017 with the acquisition of Kipeto Wind Project in Kenya which was then still in the development stage. In 2019, Actis then acquired BioTherm Energy which focuses mainly in South Africa. Actis merged the assets into BTE Renewables or BTE for short.

Later, BTE grew its portfolio to six operating projecting totaling 500 MW, with five in South Africa (340 MW) and one in Kenya. The project in Kenya is a pioneering renewable energy project with battery storage facility. In addition, BTE has a pipeline of projects under development exceeding 5 GW across Africa.

It is worth noting that 57% of senior leadership of BTE is female. In fact, Standard Bank awarded it the ‘Top Gender Empowered Company’ in South Africa in 2022.

BTE also distinguished itself in the area of corporate social responsibility (#CSR). It contributed USD 3 million to early child development and livelihood enhancement. BTE is a founding member of the Initiative for Social Performance in Renewable Energy (INSPIRE). Furthermore, BTE is involved in biodiversity conservation project by providing USD 10 million in financing to NGO, The Nature Conservancy.

Today, BTE is positioned as a recognized leader in #GreenEnergy which adheres to a good #ESG framework and is working to be at the heart of Africa’s #JustTransition.