Masdar JV Infinity Power acquires Africa’s Lekela Power in landmark renewable energy deal

Masdar JV Infinity Power acquires Africa’s Lekela Power in landmark renewable energy deal

Infinity Power, a joint venture between Egypt’s Infinity and UAE’s Masdar, 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 Power currently operates 1 gigawatt (GW) of wind power projects in South Africa, Egypt and Senegal, and has a 1.8GW 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) Mohamed Ismail Mansour, chairman, Infinity Power said, “Having successfully finalised the Lekela acquisition, we will build upon this milestone to reach our target of installing and operating 2GW of greenfield projects by 2025. With this transaction, we have delivered on the promise made during COP27 of being the fastest-growing renewable energy company in Africa. “We continue to drive efforts that reduce carbon emissions, increase renewable energy sources, and develop efficient energy solutions for the entire region, in order to achieve our vision of providing clean, reliable and affordable electricity access to people in underserved