AEP Energy Africa, out of South Africa has acquired independent power producer (IPP) out of Kenya, IberAfrica.
IberAfrica has been supplying electricity to Kenya Power for transmission to the national grid since the 1990s. The company operates 103.57 MW 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% 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 $61,569,066,” stated AEP Energy Africa.
“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.