The organization is working hard to maintain its rate of development and growth in the renewable energy sector.
Leading renewable energy company Infinity Group, run by Egyptian billionaire Mohamed Mansour, and its longtime partner Africa Finance Corporation (AFC) are seeking to raise $2.5 billion to $4 billion from investors in the capital markets in order to expand operations and strengthen their presence in Africa.
The action, which is a component of the group’s strategic aim to maintain its recent expansion and growth trajectory in the renewable energy business, will not only complement its current assets and activities but also boost Africa’s currently 30% electrification rate.
The decision to raise up to $4 billion in funding from capital market participants comes nearly one week after Infinity Group partnered with AFC to acquire Lekela Power, making it Africa’s largest renewable energy company.
Infinity will take over Lekela Power’s portfolio of operational wind power projects with a combined installed capacity of more than one gigawatt, primarily in South Africa, Egypt, and Senegal, subject to regulatory approval. The $1.5-billion deal will be critical in increasing Infinity’s renewable energy resources, as well as driving energy access on the continent, as nearly half of Africa’s population still lacks access to electricity.
Infinity is Egypt’s sole provider of dedicated renewable energy solutions, co-founded in 2014 by Mansour and Nayer Fouad to develop clean energy solutions across multiple sectors and scales.
Infinity has been guiding Egypt and Africa toward a more sustainable future for nearly a decade by developing meticulously developed, commercially viable energy solutions that provide everyone with efficient and sustainable access to energy resources.
