June.16.2014
Orrick has advised Actis, one of the largest and most active funds in Africa, in its purchase of a majority interest in three power assets in Cameroon from Fortune 200 global power company AES Corporation. Actis paid $202 million for a 56 percent stake in Cameroon’s national integrated utility, Société Nationale d’Electricité (SONEL), and in two independent power plants, Kribi and Dibamba while the remaining 44 percent stake will remain with the Republic of Cameroon.
SONEL generates 933MW of electricity and supplies over 800,000 customers throughout Cameroon, while Kribi and Dibamba contribute a combined 302 MW towards Cameroon’s generation capacity.
Through the acquisition, Actis will own SONEL, and Globeleq, Actis' wholly-owned power company, will own and operate Kribi and Dibamba. The transaction, which has received government and lender approval, closed on June 12, 2014.
"We are delighted to have assisted Actis in the successful completion of this important transaction, which serves to highlight its commitment to Sub-Saharan Africa," said Yves Lepage, Actis' legal advisor on the transaction. "The planned substantial increase in investment in the distribution network by Actis will help Cameroon continue its strong economic development."
A cross-border and multi-disciplinary Orrick team led by Paris energy and infrastructure partner Yves Lepage and London corporate partner Jinal Shah advised on the transaction.