Infinity Power, a joint venture between Masdar and Egypt’s Infinity, has completed the acquisition of Lekela Power, an African wind generation platform.
As per the company’s announcement, this deal has made Infinity Power the biggest renewable energy firm in Africa.
Lekela Power currently manages wind power projects with a capacity of 1 GW in Egypt, Senegal, and South Africa and has a project pipeline of 1.8 GW in different stages of progress.
The transaction was funded through equity investment from shareholders and debt from Absa Corporate and Investment Banking and Mauritian Commercial Bank. The financial terms were not disclosed.
Mohamed Ismail Mansour, Chairman, Infinity Power, said the company will advance toward its target of installing and operating 2 GW of greenfield projects by 2025 following the Lekela acquisition.
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, added: “Through our investment in Infinity Power, Masdar is able to extend its reach across Africa and support developing nations on their clean energy transitions.”
He stated that the acquisition will give Infinity Power greater scale to deploy practical climate solutions that deliver measurable outcomes, in line with the COP28 objective of being inclusive, transparent, pragmatic, and results-oriented.
According to Masdar CEO Mohamed Jameel Al Ramahi, increased access to renewable energy will allow African countries to grow their economies sustainably and accomplish their climate goals in line with COP28’s aim of achieving equitable climate progress.
Formerly, a consortium led by the international wind and solar company Mainstream Renewable Power held 40% of Lekela, and Actis, a global investor in sustainable infrastructure, owned 60%.
Africa’s installed renewable energy capacity is expected to increase from 54 GW in 2020 to more than 530 GW by 2040, according to the International Renewable Energy Agency (IRENA).
