AES completes sale 100% of its interest to Actis

The AES Corporation (NYSE:AES) announced that it closed the previously disclosed sale of its entire equity interest in all three businesses in Cameroon to pan-emerging market investor Actis (www.act.is).

AES has sold its interest in these three businesses for $202 million, net of closing price adjustments. The Company received $162 million at closing and consistent with the sale agreement, the remaining non-contingent $40 million will be received in June 2016.

AES entered Cameroon in 2001 through the privatization of AES SONEL, the country’s only integrated utility, which currently serves approximately 800,000 customers and provides 933 MW of generation.

Dibamba and Kribi represent the country’s first two IPPs – an 86 MW heavy fuel oil-fired plant and a 216 MW gas-fired plant – which AES developed and constructed along with the Republic of Cameroon and which became operational in 2009 and 2013, respectively.

In 2013 AES-SONEL received the Edison Electric Institute’s (EEI’s) prestigious International Edison Award in recognition of the achievements made under its investment program from 2001 to 2012, including a near doubling of the number of families with access to electricity.