AES to Sell Cameroon Businesses to Actis for $220M

The AES Corporation

announced that it has signed agreements to sell its electric generation and distribution businesses in Cameroon to Actis, a global pan-emerging market investor, for $220 million of net equity proceeds. AES Société Nationale d'Electricité (AES-SONEL), an affiliate of AES, entered the Sub-Saharan country of Cameroon in 2001 and began investing in the country's electricity sector. AES has also signed agreements to sell its wind generation assets in India and its wind development pipeline in Poland. Total net equity proceeds from the three sales are expected to be $236 million. Subject to customary regulatory, lender and other local approvals, these transactions are expected to close by the first quarter of 2014.