AES has signed agreements to sell its electric generation and distribution businesses in Cameroon to Actis, a global pan-emerging market investor, for US$220m of net equity proceeds. AES owns 56% of AES Sonel (44% is state-owned). AES Société Nationale d’Electricité (AES-Sonel), an affiliate of AES, entered Cameroon in 2001 and began investing in the country’s electricity sector. The company has invested to renew and expand Cameroon’s electricity infrastructure and built two power plants : Dibamba, which was Cameroon’s first IPP, an 86 MW heavy fuel oil-fired plant designed to provide peaking power; and Kribi, a 216 MW gas-fired plant that was put into service in May 2013.
AES has also signed agreements to sell its wind generation assets in India and its wind development pipeline in Poland. Subject to customary regulatory, lender and other local approvals, these transactions are expected to close by the first quarter of 2014.
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