Actis sells global energy group for $528m

Actis has partially sold energy company Globeleq while retaining the company’s sub-Saharan assets and its global pipeline of projects. Actis has managed Globeleq for emerging markets firm CDC.

Emerging markets firm Actis has sold part of Globeleq to Malaysian energy company Tanjong Energy Holdings and Saudi Arabian investment firm Aljomaih for $528 million (€356 million), according to a statement.

Tanjong and Aljomaih have bought Globeleq’s power businesses in North Africa and Asia.

Actis will be retaining Globeleq’s sub-Saharan infrastructure assets and a global pipeline of power projects.

Globeleq sold its latin American businesses in May 2007 to Indian construction group DS Constructions and Israeli investment firm Israel Corporation for $542 million.

Globeleq was founded in 2002 with the energy portfolio assets of emerging market fund of funds CDC, while Actis managed the company. Unlike many of the legacy assets of CDC managed by Actis, Globeleq was not a fund but a company 100 percent owned by CDC, Actis’ spokeswoman said.

The remaining assets Actis has kept under management include Ugandan electricity distribution company Umeme, Cote d’Ivoire natural gas provider Azito and Egyptian natural gas provider Sidi Krir. These will be used as a platform for Globeleq Generation to run power businesses in emerging markets.

Actis is marketing a global private equity fund, which has a target of at least $1.25 billion, according to investors familiar with the group’s plans. In addition, Actis is also looking for another $1.25 billion in commitments to four separate regional funds dedicated to China, south Asia, Africa and latin America.