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Infinity, a leading renewable energy company, and Africa Finance Corporation (AFC), Africa’s leading infrastructure solutions provider, are to acquire Lekela Power, in a deal that will make Infinity the largest renewable energy company on the continent.
Lekela Power’s portfolio includes operational wind power projects that have a combined installed capability of more than 1 gigawatt (GW). These are mainly located in South Africa and Egypt. The proposed acquisition also includes Lekela Power’s 1.8-GW pipeline of greenfield project, which is expected to reach financial close in a near future.
Mohamed Ismail Mansour is the Co-Founder and Chairman of Infinity. He stated, “Our acquisition Africa’s largest independent producer in the renewables industry is a significant milestone in our strategy to grow across Africa.” We are proud to play a major role in ensuring a brighter future for Egypt and South Africa as well as Senegal, Senegal, and Africa overall.
AFC has been fighting the lack of infrastructure in Africa for 15 years. This includes electricity generation. Over 2,000 megawatts have been financed by the Corporation. 485MW of this is owned by beneficial interests. 135MW of these are sourced from renewable energy. The Corporation is a leader in advocating policies that encourage private sector investment in power generation and transmission. AFC’s focus is on financing and developing projects that make use of Africa’s vast solar, wind and thermal energy resources while also meeting the immediate needs of the African population.
Actis, a global investor and in sustainable infrastructure, currently owns 60 percent of Lekela Power. A consortium led by Mainstream Renewable Power Africa Holdings, also known as Mainstream Renewable Power Africa Holdings, has 40 percent.