Infinity Group, AFC To Acquire Lekela Power In Africa’s Renewable Energy Deal
Infinity Group, a renewable energy company and Africa Finance Corporation (AFC), 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.
Co-founder and chairman, Infinity, Mohamed
Mansour 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 through 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 four years, which stands at 1.4 GW after the Lekela acquisition.”
Co-founder and CEO, Infinity, Nayer Fouad, 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 endeavors to create a truly sustainable ecosystem for green energy in Africa.”