AES Closes Sale Of Cameroon Assets To Actis - Quick Facts

(RTTNews) - AES Corp. (AES) said it has completed the sale of its entire stake in all three businesses in Cameroon to pan-emerging market investor Actis. AES has disposed off its interest in these three businesses for $202 million, net of closing price adjustments. The firm received $162 million upon completion and consistent with the sale agreement, the remaining non-contingent $40 million would be received in June 2016.

AES entered Cameroon in 2001 via. privatization of AES SONEL, the country's only integrated utility, which now serves nearly 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.