Infinity Power Acquires the Entire Shareholding of Lekela Power

Infinity Power, a joint venture between Egypt’s Infinity and UAE’s Masdar, announced it has completed the acquisition of the entire shareholding of Lekela Power.

March 20, 2023. By News Bureau

Infinity Power, a joint venture between Egypt’s Infinity and UAE’s Masdar, announced it has completed the acquisition of the entire shareholding of Lekela Power.

The transaction makes Infinity Power the largest renewable energy company on the African continent. Infinity’s key stakeholders include Africa Finance Corporation (AFC) and European Bank for Reconstruction and Development (EBRD).

Lekela currently operates 1 gigawatt (GW) of wind power projects in South Africa, Egypt and Senegal, and has a 1.8 GW project pipeline, which are in various stages of development.

The transaction was funded through equity investment from shareholders and debt from Absa Corporate and Investment Banking (Absa CIB) and Mauritian Commercial Bank (MCB)

Nayer Fouad, CEO, Infinity Power, said, “We are very pleased to welcome Lekela Power into the Infinity Power family and look forward to building this next chapter together. The acquisition has the potential to bring much needed stability in power supply to African countries that are facing energy insecurity. This is a major step forward for Africa's future, and a significant move in enabling the shift towards sustainable energy, providing a more stable and secure source of power for its citizens. It is also a key milestone in our journey, and is the beginning of the next phase of our plan as we continue working towards creating a truly sustainable ecosystem for green energy across the continent.”

Mohamed Jameel Al Ramahi, CEO, Masdar, said, “This landmark acquisition of Lekela Power will position our Infinity Power joint venture as the market leader in Africa, and is also recognition of the continent’s tremendous renewable energy potential. Greater access to clean energy will enable African nations to develop their economies sustainably while meeting their climate objectives – in alignment with COP28’s goal of delivering inclusive climate progress.”

Chris Antonopoulos, CEO of Lekela, said, “We can already see that the backing of Lekela’s new investors, Infinity Power, will make our next chapter an exciting one. We remain committed to delivering clean, reliable power for communities and countries across Africa. To do this we are growing our pipeline, exploring new technologies and will continue to create positive impact for the communities where we operate. We would like to thank Actis and the Mainstream-led consortium for all their support and guidance over the last eight years. Together, we grew Lekela from zero to over 1GW of wind power in operation and proved renewable energy has the potential to contribute to Africa’s sustainable future. We now look forward to working with Infinity Power, as well as its shareholders and stakeholders to continue this work and further accelerate the growth of Lekela.”

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Africa Finance Corporation

Pipeline

Acquisition

wind power projects