Actis launched a pan-African renewable energy generation platform, Lekela Power, providing between 700mW and 900mW of wind and solar power, according to an official statement released Sunday.
Lekela Power will be funded over three years through a combination of equity and debt. The platform is actively pursuing wind and solar projects in Egypt, a market with compelling conditions for renewable energy, the statement said.
Actis is an emerging global market private equity firm and invests alongside Mainstream Renewable Power, a global wind and solar developer.
Actis Egypt Director Sherif El-Kholy said that, with wind capacity factors of over 40% in Egypt, the company is excited about this latest renewable energy sector venture.
“Actis has recently been pre-qualified for 100mW of wind and solar projects, under a new feed-in tariff programme in Egypt,” El-Kholy added. “We look forward to building a long term business, and positively impacting the lives of the Egyptian people.”
Since 2002, Actis has deployed over $1.9bn in 27 energy transactions, totalling 14gW across 21 countries, and providing energy access to over 30 million people.