- Infinity Power has acquired the entire shareholding of Africa’s wind power platform Lekela Power.
- Lekela’s portfolio includes 1 gigawatt of operational wind power projects in South Africa, Egypt and Senegal and a 1.8-gigawatt pipeline of projects in various stages of development across the continent.
Infinity Power, a joint venture between Egypt’s Infinity and UAE’s clean energy company Masdar, has acquired the entire shareholding of Africa’s wind power platform Lekela Power. Masdar said in a statement on Monday that the transaction was initially announced in July, making Infinity Power the largest renewable energy company in Africa. The value of the deal was not disclosed.
Infinity’s key stakeholders include the Africa Finance Corporation and European Bank for Reconstruction and Development. Lekela’s portfolio includes 1 gigawatt of operational wind power projects in South Africa, Egypt and Senegal and a 1.8-gigawatt pipeline of projects in various stages of development across the continent.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Cop28 President-designate and chairman of Masdar, said: “This acquisition will give Infinity Power greater scale to deploy practical climate solutions that deliver measurable outcomes, in line with the COP28 objective of being inclusive, transparent, pragmatic and results-oriented.” He added that this is the decade to provide clean energy the world needs
“We can already see that the backing of Lekela’s new investors, Infinity Power, will make our next chapter exciting,” Lekela chief executive Chris Antonopoulos said. “We remain committed to delivering clean, reliable power for communities and countries across Africa.” According to the statement, the transaction was funded through equity investment from shareholders and debt from Absa Corporate and Investment Banking (Absa CIB) and Mauritian Commercial Bank (MCB). Also, Cantor Fitzgerald, Absa CIB, Norton Rose Fulbright, Al Kamel Law, Ernst & Young and AFRY advised Infinity Power on the transaction. Absa CIB and MCB acted as the Mandated Lead Arrangers on the acquisition financing facilities.