Metier-backed Africa REN restructures solar plant ownership

Africa REN, a renewable energy company, has announced a change in the shareholding of the Senergy 2 solar power plant in Senegal. Originally held by Africa REN Invest (ARI), the company’s first investment vehicle, the plant has now been acquired by Africa REN Energy (ARE) and the Senegalese Caisse des dépôts et consignations (CDC).

ARE, a new investment vehicle set up by Africa REN in 2021 with support from Metier Sustainable Capital and the Dutch development bank FMO, has finalised the acquisition of 60% of the plant’s shares from the historical shareholders. Meanwhile, the CDC has acquired the remaining 40% in exchange for the shares it held in ARI.

The transaction enables Africa REN to fully divest from its first renewable energy financial vehicle, ARI. The Senergy 2 solar power plant, located in Bokhol, Senegal, and commissioned in 2016, will continue to be managed and operated by Africa REN Operations (ARO), the group’s service company.