Egypt’s Infinity, AFC to acquire Lekela Power in Africa’s biggest renewable energy deal

Infinity, an Egypt-based renewable energy company, and Africa Finance Corporation (AFC) will acquire Lekela Power, including its 1.8 GW pipeline of greenfield projects.

Under the transaction, Infinity will also hold Lekela’s portfolio of operational wind power projects, which have a combined installed capacity of over 1 gigawatt (GW) and is mainly located in South Africa, Egypt, and Senegal, according to a recent press release.

The acquisition will enable Infinity to become the largest renewable energy company in Africa.

Founded in 2015, Lekela Power is owned by Actis, an investor in sustainable infrastructure, with a 60% stake, while a consortium, led by Mainstream Renewable Power Africa Holdings (MRPAH), holds 40% of the company.

The Co-Founder and Chairman of Infinity, Mohamed Ismail 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.”

Meanwhile, the President and CEO of AFC, Samaila Zubairu, commented: “Working together with our partner, Infinity, we aim to more than double the capacity of our joint operating assets over the next 4 years, which stands at 1.4 GW after the Lekela acquisition.”