Infinity Power, an Egyptian-Emirati energy company, has acquired a 100 per cent share in Lekela Power in Africa, adding 1 GW of renewable capacity to its portfolio. Lekela, which has its headquarters in the Netherlands, has a project pipeline of 1.8 GW and currently manages 1 GW of wind energy projects in South Africa, Egypt, and Senegal.
Infinity Power was established in 2020 as a joint venture between Masdar, based in the UAE, and the Egyptian company Infinity. was funded through equity investment from shareholders and debt from Absa Corporate and Investment Banking (Absa CIB) and Mauritian Commercial Bank (MCB). No financial details of the deals have been disclosed.
In November 2022, Masdar, Infinity Power and Hassan Allam Utilities signed a memorandum of understanding (MOU) with Egypt’s Ministry of Electricity and Renewable Energy to construct a 10 GW onshore wind project in Egypt. The project would be able to generate 47,790 GWh of clean energy annually as part of the country’s Green Corridor strategy, displacing 23.8 million tonnes of carbon emissions.
REGlobal’s Views: Africa is fast becoming an investment hotspot with its significant untapped solar and wind power resources. Thus, like the rest of the developed renewable energy markets, large renewable energy platforms in Africa are also fetching good value in the market as investors and developers focus on quickly expanding their renewable energy capacities.
