Engie and Meridiam acquire BTE Renewables
ENGIE and Meridiam signed an agreement with Actis to acquire 100 % of BTE Renewables (BTE).
Image for illustration purposes.
Kenya, Nairobi: ENGIE and Meridiam signed an agreement with Actis to acquire 100 % of BTE Renewables (BTE).
French energy giant Engie and investment firm Meridiam entered into a Sales and Purchase Agreement with UK-based Actis to buy 100 % of the African renewable power developer, owner and operator BTE Renewables (BTE).
The statement said Engie will acquire BTE’s 340 MW of renewable operating assets in South Africa, comprising 150 MW of onshore wind and 190 MW of solar photovoltaic (PV) projects.
On the other hand, Meridiam will acquire the 100 MW Kipeto Wind Farm near Nairobi in Kenya.
The deal includes the 50 MW Siruai greenfield wind project with storage, scheduled to become Kenya’s first battery storage facility.
Paulo Almirante, Engie Senior Executive Vice President Renewables, Energy Management, and Nuclear, said the acquisition of BTE brings high-quality wind and solar assets and a strong project pipeline. He added, “We are looking forward to welcoming the BTE team within the Group. The integration of BTE will also contribute to South Africa’s ambitious energy plan and renewable targets.”
Mathieu Peller, Partner and Deputy CEO of Meridiam, said: “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 into account the pipeline assets as well, 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 Q4 2023. A press statement by Actis said it agreed to sell BTE to Engie and Meridiam at a total enterprise value of $1 B.
Lisa Pinsley, Partner in the Energy Infrastructure team and Head of Middle East & Africa Energy at Actis, said, “We are confident that BTE, with its new shareholders, will continue to play a leading role in the energy transition across Africa.”
Source: Energy&Utilites