May 19, 2020

AEP Energy Africa acquires Iberafrica for Sh6.22bn

Acquisition
Thermal power
AEP Energy Africa
Iberafrica
professo
2 min
AEP Energy Africa acquires Iberafrica for Sh6.22bn

The South African clean energy firm, AEP Energy Africa, has announced its acquisition of Iberafrica, the independent power producer based in Nairobi.

The firm has been responsible for supplying electricity to Kenya Power for transmission to the national grid since the 1990s.

The company operates 103.57MW of thermal plant capacity, all of which are powered by diesel.

“The board of directors of AEP is pleased to advise shareholders that AEP has entered into an agreement to acquire 100 per cent of the issued share capital of IberAfrica Power (East Africa) Limited, together with all shareholders’ claims against IberAfrica, for a maximum aggregate purchase consideration of US$61,569,066,” stated AEP Energy Africa.

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“AEP’s vision is to significantly increase access to, and use of, a variety of clean energy products by African countries, their industries and their citizens,” it continued.

The acquisition of the issued share capital includes all shareholder claims, AEP East Africa confirmed.

The Johannesburg Stock Exchange-listed firm advised investors that exercise of caution on the counter was no longer necessary.

The company was established in 2017 with the purpose of acquiring energy companies across the continent.

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