utility that led a US$1-billion buyout of a rival’s renewable energy assets in Africa last year, expects more deals to be seen in the industry across the continent.is looking to develop a pipeline of 7GW of projects, said Mohamed Hoosen, the company’s MD for Asia, Middle East and Africa. It may also invest in transmission projects in South Africa, once those are opened up for private participation, he said.
A unit of Old Mutual is in talks with companies including BlackRock to sell a stake in one of the continent’s biggest renewable energy businesses, Bloomberg reported in June. Africa Finance Corp and Egypt’s Infinity Group acquired Lekela Power in 2022 and Copenhagen Infrastructure Partners secured control of South Africa’s Mulilo Energy Holdings last year. Mainstream Renewable Power is looking for an investor in its African projects and Red Rocket may sell its business.
“We are actually in an advanced stage with a party that is looking to acquire our stake in those projects,” Hoosen said. “We have no intentions of pursuing options in other countries in Africa” aside from the three we have chosen, he added, citing the maturity of those markets, national policies geared toward reducing emissions and the protection of legal rights pertaining to contracts.Of the company’s pipeline of potential projects, 3GW are in North Africa while 4GW are in South Africa.