{"id":543725,"date":"2022-02-15T04:04:25","date_gmt":"2022-02-15T04:04:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/old-mutual-makes-a-bid-for-lekela-as-actis-plots-exit\/"},"modified":"2022-02-15T04:04:25","modified_gmt":"2022-02-15T04:04:25","slug":"old-mutual-makes-a-bid-for-lekela-as-actis-plots-exit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/old-mutual-makes-a-bid-for-lekela-as-actis-plots-exit\/","title":{"rendered":"Old Mutual makes a bid for Lekela as Actis plots exit"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Pan-African financial services outfit Old Mutual is bidding for Actis\u2019 60% <\/strong><strong>stake in <\/strong><strong>Lekela Power<\/strong> through its African Infrastructure Investment Managers unit, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-14\/old-mutual-unit-hires-goldman-sachs-to-advise-on-lekela-bid?sref=mmeFTDW1\">Bloomberg<\/a> reports, citing people familiar with the matter. The unit has tapped Goldman Sachs to advise on the offer, while Citigroup is advising Actis as it looks to exit the renewable energy firm it helped found in 2015. Unnamed Chinese and Middle Eastern investors are also interested in buying Actis\u2019 stake in Lekela, as is the firm\u2019s other investor, Mainstream Renewable Power, the sources told Bloomberg.<\/p>\n<p><strong>Lekela has a presence in Egypt<\/strong>, Ghana, South Africa, and Senegal and has been valued at more than USD 2 bn. The renewables company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5c730b4-4705-43f2-bfea-72fc0ba4e2db\">inaugurated<\/a> its USD 350 mn, 250 MW wind farm in West Bakr last November, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/323f6825-1739-4d2e-b6f6-edea60694a8a\">said in 2020<\/a> that it would funnel most of its investments to Egypt in \u201cthe coming period.\u201d<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Fawry Microfinance has disbursed loans worth more than EGP 1 bn since <\/strong><strong>its<\/strong><strong> launch in 2018<\/strong>, according to a <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d9%81%d9%88%d8%b1%d9%89%20%d8%a8%d9%8a%d8%a7%d9%86%20%d8%a7%d9%86%d8%ac%d9%84%d9%8a%d8%b2%d9%89%2014-2-2022.pdf\">press release (pdf)<\/a>. The company\u2019s loan portfolio grew 67% y-o-y in 2021 to reach EGP 437 mn, with a 98.5% collection rate by the end of the year, the release says.<\/li>\n<li><strong>Three companies land four bunkering services licenses:<\/strong> The Oil Ministry has awarded <a href=\"https:\/\/coralenergy.ch\/\">Coral Energy<\/a>, <a href=\"http:\/\/www.minervabunkering.com\/\">Minerva Bunkering<\/a>, and <a href=\"https:\/\/www.peninsula360.com\/\">Peninsula<\/a> four bunkering services licenses \u2014 two on the Red Sea and two on the Mediterranean \u2014 following a tender, <a href=\"https:\/\/www.reuters.com\/business\/energy\/three-companies-awarded-bunkering-services-licences-egypt-minister-2022-02-14\/\">Reuters<\/a> quotes Oil Minister Tarek El Molla as saying.<\/li>\n<li><strong>More moves to localize industry: <\/strong>The Trade Ministry <a href=\"https:\/\/bit.ly\/3uSE67V\">has prepared a list<\/a> of 131 products for which it aims to provide local alternatives. Imports of the products were worth a total USD 14 bn in 2019.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Pan-African financial services outfit Old Mutual is bidding for Actis\u2019 60% stake in Lekela Power through its African Infrastructure Investment Managers unit, Bloomberg reports, citing people familiar with the matter. The unit has tapped Goldman Sachs to advise on the offer, while Citigroup is advising Actis as it looks to exit the renewable energy firm [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[922,111,72,519,921,311,371,195],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543725","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-actis","tag-also-on-our-radar","tag-enterpriseam","tag-fawry","tag-lekela-power","tag-microfinance","tag-oil-ministry","tag-tarek-el-molla","wpautop","entry"],"acf":{"mongo_id":"8b4cd083-cba9-4ff6-8c4d-372796ef6feb","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[543707],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Old Mutual makes a bid for Lekela as Actis plots exit - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/old-mutual-makes-a-bid-for-lekela-as-actis-plots-exit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Old Mutual makes a bid for Lekela as Actis plots exit\" \/>\n<meta property=\"og:description\" content=\"Pan-African financial services outfit Old Mutual is bidding for Actis\u2019 60% stake in Lekela Power through its African Infrastructure Investment Managers unit, Bloomberg reports, citing people familiar with the matter. 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Actis, an emerging markets equity player, owns 60% of Lekela. El\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647414,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/10\/lekela-power-to-close-contracts-on-usd-350-mn-wind-farm-project-within-two-months\/","url_meta":{"origin":543725,"position":1},"title":"Lekela Power to close contracts on USD 350 mn wind farm project within two months","author":"enterpriseam admin","date":"10 May 2017","format":false,"excerpt":"INVESTMENT WATCH- Lekela Power, the pan-African renewable operator that is reportedly 60% owned by funds controlled by emerging markets private equity player Actis, will sign contracts for a USD 350 mn, 250 MW wind farm in the Gulf of Suez within two months, Actis Partner Sherif El Kholy says, according\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635644,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/10\/lekela-power-to-reach-financial-close-for-gulf-of-suez-wind-farm-in-2018\/","url_meta":{"origin":543725,"position":2},"title":"Lekela Power to reach financial close for Gulf of Suez wind farm in 2018","author":"enterpriseam admin","date":"10 December 2017","format":false,"excerpt":"Lekela Power for New and Renewable Energy is expecting to reach financial close for its USD 400 mn, 250 MW wind farm in the Gulf of Suez sometime next year, Actis Partner Sherif El Kholy tells Al Borsa. Actis, an emerging markets equity player, owns 60% of Lekela. The project\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601146,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/actis-backed-lekela-wants-to-build-two-wind-plants-in-three-years-at-a-cost-of-usd-500-mn\/","url_meta":{"origin":543725,"position":3},"title":"Actis-backed Lekela wants to build two wind plants in three years at a cost of USD 500 mn","author":"enterpriseam admin","date":"20 February 2019","format":false,"excerpt":"INVESTMENT WATCH- Actis-backed Lekela wants to build two wind plants in three years at a cost of USD 500 mn: Lekela Power is planning to invest USD 500 mn in two wind energy projects with a combined production capacity of 500 MW over the next three years, the company\u2019s Egypt\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546974,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/lekela-could-be-about-to-get-egyptian-emirati-owners\/","url_meta":{"origin":543725,"position":4},"title":"Lekela could be about to get Egyptian + Emirati owners","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Infinity + Masdar to take majority stake in Lekela? Renewable energy player Infinity and Emirati firm Masdar are close to acquiring Actis\u2019 majority stake in Lekela Power in a transaction that could be worth almost USD 1 bn, Reuters reports, citing three sources it says are familiar with the matter.\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/133.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547916,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/infinity-will-become-africas-largest-renewables-player-through-lekela-acquisition\/","url_meta":{"origin":543725,"position":5},"title":"Infinity will become Africa\u2019s largest renewables player through Lekela acquisition","author":"enterpriseam admin","date":"19 July 2022","format":false,"excerpt":"Infinity + AFC just sealed Africa\u2019s largest-ever renewables acquisition: Our friends at renewables player Infinity Group and Africa Finance Corporation (AFC) have signed an agreement to acquire 100% of Lekela Power in what is Africa\u2019s largest renewables acquisition, the companies involved said in separate statements (here, pdf and here). 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