Egyptian renewable energy company Infinity and Africa Finance Corporation (AFC), the continent’s infrastructure solutions provider, are to acquire Lekela Power. The deal 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 expected to reach financial close in the near future.
“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.” said Mohamed Ismail Mansour, co-founder and chairman of Infinity.
The acquisition marks “an important milestone” in AFC’s journey to build a 3GW renewable energy platform, said president and chief executive Samaila Zubairu.
“We are focused on reducing Africa’s massive energy deficit through expanding the quantum of electricity using the various energy sources available throughout the continent.” Zubairu added.
“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.”
The acquisition of Lekela is a key milestone for 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 the company’s efforts to create a sustainable supply of clean green energy, said co-founder and chief executive Nayer Fouad.
“We will continue to build upon our endeavours to create a truly sustainable ecosystem for green energy in Africa.” Fouad noted.
