British International Investment

Actis Energy 3C Sub-Feeder LP

CameroonIndiaSouth AfricaAfricaInfrastructure

The team has built the Actis Energy 3 (AE3) fund to invest in electricity generation and distribution businesses in Africa, Asia and Latin America.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In 2014, CDC backed the AE3 fund with a $70 million commitment.

Our commitment helped Actis raise a total of $1.15 billion for AE3 and the fund has made investments of between $50 million and $150 million in both established and growing energy businesses.

Our capital is exclusively used for investment in projects in Africa and South Asia.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Emerging markets such as Africa and Asia have seen a rapid rise in demand for electricity, but it remains a scarce commodity. Providing a reliable source of energy helps businesses to develop and grow, creates new and better jobs and improves the lives of millions of people.

Our investment in AE3 enabled the fund manager to make investments in Cameroon’s national grid and renewable energy projects across Africa and South Asia.

In 2014, the fund manager invested in Ostro, a renewable energy platform in India. Construction of the platform started the same year and by 2018 it was producing 800 megawatts (MW) of wind energy and 200MW of solar energy. In March 2018, Actis sold the company to ReNew Energy, creating India’s largest renewable energy company

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We worked closely with the fund manager to develop and implement an ESMS that has the capacity to manage the higher level of environmental and social risk associated with this sector.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    January 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D70
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    Africa
    Country

    The countries from which we derive the value of our investment. Where value is derived from multiple countries, this is indicated.

    :
    Cameroon, India, South Africa
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Infrastructure

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Fund
    Start date :
    September 2013
    Amount :
    $70m
    Currency of investment :
    USD
    Fund Manager:
    Actis LLP
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Scotland

Investments made by this fund into companies:

For further information about these companies, visit https://www.act.is/

Investment name Country Region Sector Start date Status
Eneo Cameroon Central Africa Infrastructure June 2014 Active
Lekela Power South Africa Southern Africa Infrastructure February 2015 Exited
Ostro India South Asia Infrastructure August 2014 Exited

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