Infinity Power, a joint venture between Egypt’s Infinity and UAE’s Masdar, announced it 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 currently operates 1 gigawatt (GW) of wind power projects in South Africa, Egypt, and Senegal, and has a 1.8 GW 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).
Infinity Power was established in 2020 to develop utility-scale and distributed solar energy and wind power projects in Africa. By developing renewable projects in Africa, Infinity Power aims to improve energy access across the continent, while boosting economic development, and creating much-needed jobs, particularly in remote areas. Infinity Power’s total capacity of operational projects is 1.3 GW, which equates to a reduction of more than 3 million tons of CO2 emissions per year using conventional power generation. The company also has 13.8 GW of projects in the pipeline at different stages of development.
Infinity Power Holding B.V is a joint venture between Egypt’s Infinity and Masdar (Abu Dhabi Future Energy Company) to target power generation projects through renewable energy sources, namely solar and wind technologies on the utility-scale, as well as commercial and industrial scale in Africa.