Aker Horizons — M&A Activity 2023

Mar 20, 2023

Mainstream Renewable Power and Actis complete sale of Lekela Power

Mainstream Renewable Power and Actis complete sale of Lekela Power

· Transaction generates net proceeds to Mainstream of approximately USD 90

million, subject to certain closing adjustments

· Lekela is the African continent's largest pure-play renewable energy

Independent Power Producer ('IPP') with over 1 GW of fully operational wind

assets

· The planned exit reflects the successful culmination of Mainstream and

Actis' partnership strategy for Lekela

Reference is made to the stock exchange announcement by Aker Horizons ASA dated

18 July 2022 regarding Mainstream Renewable Power ("Mainstream"), the global

wind and solar company majority-owned by Aker Horizons, and Actis', a leading

global investor in sustainable infrastructure, agreement to sell the Lekela

Power platform. Mainstream and Actis today announced the completion of the sale

of 100 percent of the Lekela platform to Infinity Power, a joint venture between

Egypt's Infinity and UAE's Masdar.

The transaction generates net proceeds to Mainstream of approximately USD 90

million, subject to certain closing adjustments, with the transaction valued at

an enterprise value of approximately USD 1.5 billion.

Lekela was established in 2015 in a joint venture between Actis (60 percent),

and a Mainstream-led consortium called Mainstream Renewable Power Africa

Holdings ('MRPAH') (40 percent), to deliver clean, reliable energy across

Africa. Lekela has since become Africa's largest pure-play renewable energy IPP,

with over 1 GW of fully-operational wind assets, including five operational wind

farms in South Africa (624 MW), one operational wind farm in Egypt (252 MW), one

operational wind farm in Senegal (159 MW) as well as development opportunities

in Ghana, Senegal and Egypt.

The exit reflects the successful culmination of Actis and Mainstream's

partnership strategy for Lekela, following a comprehensive value creation

approach. With the support of Actis and Mainstream's dedicated sustainability

professionals, Lekela has implemented the highest international standards in

health, safety and environmental protection.

Lekela has also developed a deep commitment to local development and continues

to operate a community investment programme that finances entrepreneurship,

educational and environmental protection initiatives. Throughout the

development, construction and operations journey, Actis and Mainstream have

delivered on their robust sustainable development standards, guided by close

engagement with local communities.

"We are immensely proud of the role we have played in building and nurturing

what is today Africa's largest pure-play renewable energy IPP and I am confident

that Lekela will continue to make a major contribution to a just, and therefore

sustainable, energy transition. Mainstream is deeply committed to our mission of

leading the global transition to renewable energy and our 150-strong proudly

South African team is focused on bringing our 11.5 GW pipeline of wind and solar

projects in South Africa to fruition this decade and beyond," said Mary Quaney,

Group Chief Executive of Mainstream Renewable Power.

Citi and Clifford Chance advised Mainstream and Actis on the Lekela transaction.

ENDS

For further information, please contact:

Emmet Curley, Communications, Mainstream Renewable Power

Tel: +353 86 2411 690

Emmet.curley@mainstreamrp.com

Elizabeth Adams, FTI Consulting

Tel: +44 7974 982331

Christian Yggeseth, Investor Relations, Aker Horizons

Tel: +47 915 10 000,

christian.yggeseth@akerhorizons.com

About Mainstream Renewable Power

Mainstream Renewable Power is a leading pure-play renewable energy company, with

wind and solar assets across global markets, including in Latin America, Africa,

and Asia-Pacific. Mainstream is one of the most successful developers of

gigawatt-scale renewables platforms, across onshore wind, offshore wind, and

solar power generation. It has successfully delivered 6.5 GW of wind and solar

generation assets to financial close-ready and has a global pipeline of over

21.7 GW, with 1.5 GW in operation and under construction.

www.mainstreamrp.com  (http://www.mainstreamrp.com )

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the

transition to Net Zero. The company is active in renewable energy, carbon

capture and hydrogen and develops industrial scale decarbonization projects. As

part of the Aker group, Aker Horizons applies industrial, technological and

capital markets expertise with a planet-positive purpose to drive

decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and

headquartered in Fornebu, Norway. Through its portfolio companies, Aker Horizons

employs over 1,200 people across 18 countries and five continents.

www.akerhorizons.com