Actis buys out AES in Cameroon

UK-based private equity investor Actis has bought AES Corporation’s Cameroon power assets for $220m. The investment gives Actis a 56% stake in Société Nationale d’Electricité (Sonel), and in the 216MW Kribi combined cycle gas turbine power plant and the 85MW Dibamba heavy fuel oil plant. While Actis will manage Sonel directly, Globeleq, its private power company, will operate Kribi and Dibamba. The investment is part of Actis’ Energy 3 Fund, which launched in April this year and has raised $750m to target power assets in Africa, Latin America and Asia.