Infinity Group Egypt and Africa Finance Corporation have finalised an agreement to purchase Lekela Power in what promises to be Africa’s largest renewable energy deal.
The agreement will witness AFC and Infinity Group purchasing 100 percent of Lekela Power – Africa’s largest independent renewables power producer.
The acquisition is poised to make Infinity Group the largest African renewable energy company, and includes a portfolio of projects worth 2.8 Gigawatts in operation and development across Africa.
AFC and its partner Infinity, plan to double the capacity of operating assets in the next four years, at the peak of operations.
AFC, in a statement, said that Infinity and AFC, Africa’s leading infrastructure solutions provider, will acquire Lekela Power – a deal that will make Infinity the largest renewables energy producer on the continent.
The statement also said that the acquisition will include Lekela Power’s entire portfolio of wind power projects, which have a total installed capacity of over 1 Gigawatt, and located in South Africa, Senegal and Egypt. The acquisition will also include Lekela’s 1.8 Gigawatt pipeline of greenfield projects.
Acquisition by Infinity to pave the way for strategic growth
Co-founder and Chairman of Infinity, Mohamed Mansour, said that the acquisition of Africa’s largest independent renewables power producer was a major milestone in the company’s strategy for growth in the African continent. He also stated that the company was proud to play a key role in contributing to a brighter future for South Africa, Egypt and Senegal.
President and CEO of AFC, Samaila Zubairu, said that the acquisition marked an important milestone in the company’s mission to build a 3 Gigawatt renewable energy platform. He said that the company is focused on reducing Africa’s energy deficit by expanding the quantum of electricity through various energy sources available on the continent.
Mr. Zubairu further added that AFC has developed and managed energy generation and access assets throughout the continent, in alignment with the company’s mandate to boost the economic development of Africa. He mentioned that the company, in tandem with its new partner, aims to double the capacity of joint operating assets over the next four years.
Co-Founder and CEO of Infinity, Nayer Fouad, said that the Lekela acquisition was a key milestone for Infinity, as the largest acquisition in African history, and was also resonant of the company’s efforts to create a sustainable supply of clean energy. He further added that the company would continue to build on its endeavors to create a sustainable ecosystem for green energy in Africa.
Infinity is the sole renewable energy solutions provider in Egypt that develops green energy solutions spanning sectors and scales. The company has been leading the transition to a sustainable future for Egypt for over a decade, with carefully developed, commercially viable energy solutions that provide sustainable energy access to all. Infinity harnesses various resources for power generation, including solar, wind, and waste-to-energy. The company also provides power distribution services and operates the largest EV charging networ in Egypt. Infinity is also the largest Egyptian contributor to the Benban Solar Park, which is Africa’s largest photovoltaic power station with a capacity of 1465 MWp.
AFC has been working for over fifteen years to resolve the lack of power generation infrastructure on the African continent.
