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The acquisition further strengthens ENGIE’s presence in South Africa
ENGIE and Meridiam have signed a Sales and Purchase Agreement with global investment firm Actis for the acquisition of BTE Renewables, one of Africa’s leading renewable energy companies with an operating presence in South Africa and Kenya, according to a press statement.
The deal includes a carve-out of the Kenyan assets by ENGIE to Meridiam at closing.
With this acquisition, Engie adds 150 megawatts (MW) of onshore wind, 190 MW of solar photovoltaic (PV), and a portfolio of more than 3 GW of advanced development projects in South Africa to its portfolio.
“This acquisition further strengthens ENGIE’s presence in South Africa and will capitalise on the Group’s industrial value in the country, where ENGIE already operates 1.3 gigawatts (GW) of assets, which includes 200 MW of concentrating solar-thermal power plants (CSP), 21 MW of solar PV assets and 94 MW of onshore wind assets”, said the statement.
Meridiam acquires the 100 MW Kipeto Wind Farm, operational since July 2021. The deal also includes the 50 MW Siruai greenfield wind project with storage located adjacent to the Kipeto site.
Currently under development, it is scheduled to become Kenya’s first battery storage facility.
In parallel, more than 100 MW of additional solar PV projects’ opportunities have been identified, according to the statement.
Paulo Almirante, ENGIE Senior Executive Vice President Renewables, Energy Management and Nuclear said: “The acquisition of BTE is bringing to ENGIE high-quality wind and solar assets and a strong project pipeline. With this integration, ENGIE is pursuing its development outside Europe and the Americas.”
Mathieu Peller, Partner and Deputy CEO of Meridiam said: “This transaction reinforces our footprint both in Kenya and more globally in Africa where we invested more than €5 billion to date. Kipeto, our first wind farm asset on the continent, will greatly complement our existing renewable portfolio which already comprises solar, hydro, biomass and geothermal assets. Taking also into account the pipeline assets, this project will double our total renewable generation capacity in Africa and bring it to over 500 MW”.
Completion of the transaction is expected by the fourth quarter of 2023, subject to the fulfilment of certain authorisations including merger control clearance from relevant competition authorities. |
