Actis, the emerging markets private equity fund, has completed the sale and transfer of Globaleq Africa to a new company formed by Norfund and UK development finance institution, CDC. Norfund paid $227 million in cash for a 30% stake, while CDC, which already held a majority indirect investment in Globaleq Africa via Actis’s Infrastructure 2 Fund transferred its stake to the newly formed company.
Over the last seven years, Actis has invested $350 million in Globaleq, helping the power generation company to double its installed capacity to 1,234MW. The independent power producer manages electricity-generating assets in Cameroon, Tanzania, Côte d’Ivoire, Kenya and South Africa, using a variety of technologies including heavy fuel oil, wind and solar.
Notable milestones during Actis’s period of ownership include the completion of the Azito power plant conversion in Côte d’Ivoire from open to combined cycle technology, increasing the plant’s installed capacity by almost 50% and helping to stablize the country’s power sector. Globaleq Africa also backed the construction of three renewable energy generating assets with a combined capacity of 238MW under South Africa’s Renewable Energy Procurement Program.
Goldman Sachs acted as exclusive advisor to Actis on the transaction.