Infinity Group and Africa Finance Corporation (AFC) have concluded plans to buy Lekela Power in Africa’s biggest renewable energy deal.
The deal will see Egypt’s Infinity Group and AFC buying 100 per cent of Africa’s largest renewables-focused independent power producer.
The purchase will include a 2.8 GW portfolio of projects in operation and development across the continent, and the acquisition will make Infinity Group the largest African renewable energy company.
At the peak of operations, AFC with its partner, Infinity, plans to more than double the capacity of the operating assets in the next four years.
In a statement issued on Monday, the AFC said “Infinity, a leading renewable energy company, and AFC, Africa’s leading infrastructure solutions provider, are to acquire Lekela Power, in a deal that will make Infinity the largest renewable energy company on the continent.
“The proposed acquisition includes Lekela Power’s portfolio of operational wind power projects, which have a combined installed capacity of over 1 gigawatt (GW), mainly located in South Africa, Egypt and Senegal. It also includes Lekela’s 1.8 GW pipeline of greenfield projects, the majority of which are anticipated to reach financial close in the near future”.
Mohamed Mansour, Co-Founder and Chairman, of Infinity said, “Our acquisition of Africa’s largest independent power producer in the renewables sector is a major milestone in our strategy for growth across the African continent. We are proud to be playing a key role in contributing to a brighter future for Egypt, South Africa, Senegal and the African continent as a whole.”
President and CEO, AFC Samaila Zubairu said: “This acquisition marks an important milestone in our journey to build a 3GW renewable energy platform. We are focused on reducing Africa’s massive energy deficit by expanding the quantum of electricity using the various energy sources available throughout the continent.
“Consistent with AFC’s mandate to fast-track Africa’s economic development, we have since 2007 developed and financed energy generation and access assets throughout the continent. Working together with our partner, Infinity, we aim to more than double the capacity of our joint operating assets over the next 4 years, which stands at 1.4 GW after the Lekela acquisition.”
Nayer Fouad, Co-Founder and CEO of Infinity, said, “The acquisition of Lekela is a key milestone for us at Infinity as it not only becomes the largest such acquisition in the history of the continent but also signifies the continuous growth and expansion of Infinity’s efforts to create a sustainable supply of clean green energy. We will continue to build upon our endeavours to create a truly sustainable ecosystem for green energy in Africa.”
Infinity is the only dedicated renewable energy solutions provider in Egypt that develops clean energy solutions across several sectors and scales.
For nearly a decade, Infinity has been leading the shift to a sustainable future for Egypt and Africa, through meticulously developed, commercially viable energy solutions that provide efficient and sustainable access to energy resources for everyone. Infinity harnesses different resources for power generation – solar, wind and waste-to-energy while also providing Power Distribution services and operating the largest electric vehicle (EV) charging network in Egypt. Infinity is the largest Egyptian contributor to the Benban Solar Park, Africa’s largest photovoltaic power station with an estimated capacity of 1465 MWp.
AFC has been working for 15 years to combat the dearth of infrastructure on the African Continent, especially related to electricity generation.
The Corporation has financed over 2,000 megawatts of power generation and has beneficial ownership interests in 485MW, of which 135MW is sourced from renewable energy, and it is a leading advocate of policies to facilitate private sector investment in power generation, transmission, and distribution.
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Infinity Group, Africa Finance Corporation to acquire Lekela Power