Investment company Actis and Dublin-based Mainstream Renewable Power, have signed an agreement to sell renewable energy company Lekela Power.
The companies have agreed to sell the African renewable energy business to Egypt's Infinity Group and Africa Finance Corporation.
The transaction has an enterprise value of around $1.5 billion.
Mainstream is set to receive net proceeds of around $90m.
Actis originally held 60% of the joint venture while Mainstream held the balance, although it now owns 13.5% after it reduced its shareholding.
It is expected that the transaction will close later in the year.
"There has never been a more critical time to accelerate the global transition to renewable energy, for the health of both our planet and our communities," said Mary Quaney, Group Chief Executive, Mainstream Renewable Power.
"Much of Africa is acutely vulnerable to climate change and we are proud to have worked with Actis, as well as the communities, governments, project lenders, equipment suppliers and contractors across Africa, to deliver over 1 GW of operational wind power that will continue to have a positive impact for decades to come."
Lekela was set up in 2015 to deliver renewable projects across Africa.
It has since grown to become the African continent's largest pure-play renewable energy independent power producer with over 1GW of wind assets.
This includes five operational wind farms in South Africa, one in Egypt, one in Senegal as well as development opportunities in Ghana, Senegal and Egypt.
In June, Mainstream and Actis completed the sale of their Chilean joint venture, Aela Energía, to the Canadian-listed developer Innergex Renewable Energy.
Established by Irishman Eddie O'Connor, Mainstream Renewable Power was bought by Norway's Aker Horizons last year in a deal that valued that business at up to €1 billion.
