Renewable energy company Mainstream Renewable Power and sustainable infrastructure investment company Actis have signed an agreement to sell renewable energy independent power producer (IPP) Lekela Power to diversified investments company Infinity Group and multilateral financial institution the Africa Finance Corporation (AFC).

“This planned exit reflects the successful culmination of Mainstream's and Actis’ partnership strategy for Lekela, with the platform consisting of a leading management team, over 1 GW of fully operational assets and significant growth prospects,” the companies said on July 18.

Established in 2015 to deliver clean, reliable energy across Africa, Lekela has become the African continent’s largest pure-play renewable energy IPP.

The platform consists of over 1 GW of fully operational wind assets, including five operational wind farms in South Africa totalling 624 MW, one operational 252 MW wind farm in Egypt, and one operational 159 MW wind farm in Senegal, as well as development opportunities in Ghana, Senegal and Egypt.

Lekela is a joint venture (JV) between Actis, which holds 60%, and a Mainstream-led consortium called Mainstream Renewable Power Africa.

Throughout the development, construction and operations journey, Mainstream and Actis have delivered on their guiding and robust sustainable development standards, guided by close engagement with local communities.

With the support of Mainstream and Actis, 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.

“This exit highlights the hands-on approach we take at Actis as builders and operators of leading energy platforms of scale, delivering positive impact. We’re proud to leave Lekela Power strongly positioned for its next phase of growth as an acknowledged sustainability leader supplying much-needed clean energy to communities across Africa, building on our net-zero commitment,” said Actis partner and head of energy infrastructure Lucy Heintz.

“With our dedicated sustainability team, we have focused on an active ownership approach allowing us to deliver deep commitment to local African communities and environmental protection initiatives, investing behind the Energy Transition and delivering financial performance for our investors,” she added.

“There has never been a more critical time to accelerate the global transition to renewable energy, for the health of both our planet and our communities. Much of Africa is acutely vulnerable to climate change and we are proud to have worked with Actis, as well as the communities, governments, project lenders, equipment suppliers and contractors across Africa, to deliver over 1 GW of operational wind power that will continue to have a positive impact for decades to come,” said Mainstream Renewable Power Group CE Mary Quaney.

“Our vision is of a world electrified by renewable energy. Together with our strategic shareholders Aker Horizons and Mitsui, we are well positioned to lead and truly accelerate the transition to renewables in South Africa, across the African continent and in markets globally,” she said.

Meanwhile, in June, Mainstream and Actis announced the completion of the sale of its Chilean JV Aela Energía to Canada-listed developer Innergex Renewable Energy. The Aela Energía transaction was another milestone for Mainstream in accelerating and delivering the transition to renewable energy.