The acquisition of Lekela Power has been announced. Infinity Power, a joint venture between Egypt’s Infinity and UAE’s Masdar, has completed the acquisition of all shares in Lekela Power. This acquisition makes Infinity Power the largest player in the renewable energy sector on the African continent. The latter gives it an installed capacity of 1 GW and a project portfolio of 1.8 GW. Shareholders and debt from Absa Corporate and Investment Banking (Absa CIB) and Mauritian Commercial Bank (MCB) financed the transaction.
The company’s goal is to install and operate 2 GW of greenfield projects by 2025. The joint venture will build on this acquisition to achieve its ambition of becoming the fastest growing renewable energy company in Africa.
Lekela Power acquisition opens up huge potential for sustainable development in Africa
Nayer Fouad, CEO of Infinity Power, welcomed the acquisition of Lekela Power, which will provide a more stable and secure source of energy to African citizens, and will also enable the transition to sustainable energy. This acquisition is a major step forward for the future of Africa and to enable the transition to sustainable energy. It is also a key milestone in the joint venture’s journey and the beginning of the next phase of its plan to create a truly sustainable ecosystem for green energy across the continent.
H.E. Dr. Sultan Al Jaber, President-Elect of COP28 and Chairman of Masdar, welcomed the transaction and said Masdar’s investment in Infinity Power would enable the company to expand its reach across Africa and support developing countries in their energy transition to cleaner solutions.
Lekela: exciting new chapter with the support of new investors
Lekela CEO Chris Antonopoulos announced that the support of Lekela’s new investors, Infinity Power, will make their next chapter exciting. Lekela is committed to providing clean and reliable energy to communities and countries in Africa. To achieve this goal, the company is expanding its pipeline, exploring new technologies and committing to making a positive impact on the communities in which it operates. Antonopoulos also thanked Actis and the Mainstream-led consortium for their support and guidance over the past eight years. Together, they have taken Lekela from zero to more than 1 GW of operating wind power and proven that renewable energy has the potential to contribute to Africa’s sustainable future.
AFC and EBRD: recent acquisition of Africa’s largest renewable energy asset
Investors AFC and EBRD in Infinity Group said the recent acquisition of Lekela Power is an important step in addressing Africa’s energy crisis in a sustainable and climate-responsible manner. Africa’s private and public sectors must work together with global strategic partners to achieve this goal. With this acquisition, they emphasize the importance of using stable, affordable energy from abundant natural sources to leapfrog the scale and diversity of energy solutions.
