Infinity Power, the joint venture between the Abu Dhabi Future Energy Company “Masdar” and the Egyptian “Infinity”, today announced that it has completed the acquisition of all shares of Lekela Power, a deal that makes Infinity Power the largest renewable energy company in the African continent.

The main shareholders of the Egyptian company Infinity are the African Finance Corporation (AFC) and the European Bank for Reconstruction and Development (EBRD).

Lekela Power currently operates wind energy projects with a total capacity of 1 GW in South Africa, Egypt and Senegal, and has projects under development with a total capacity of 1.8 GW in various stages of development.

The transaction was funded by an investment by the shareholders and through loans from Absa Bank and Mauritius Commercial Bank (MCB).

Promoting sustainable development and spreading renewable energy solutions

His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, President-designate of the COP28 Conference, Chairman of the Board of Directors of Masdar, said: “We are pleased to complete this acquisition, which contributes to Masdar’s efforts to implement the leadership’s vision by promoting sustainable development, spreading renewable energy solutions and supporting climate action. globally. This step is of great importance to Masdar, as this investment allows it to expand the spread of its projects throughout the continent of Africa, and to support developing countries in achieving the desired transformation in the clean energy sector. This acquisition will enable Infinity Power to intensify its efforts in publishing practical solutions that have a clear impact that contribute to addressing climate challenges, in line with the objectives of COP28 to be a comprehensive and fair conference that focuses on practical results.”

Reducing carbon emissions and increasing energy production from renewable sources

For his part, Mohamed Ismail Mansour, Chairman of the Board of Directors of Infinity Power, said: “After our success in completing the acquisition of Lekela Power, thanks to this pivotal step, Infinity Power will be able to achieve its ambitious goal of establishing and operating new renewable energy projects with a total capacity of up to 2 GW by In 2025. On the other hand, the completion of this transaction confirms that we have fulfilled our promise during the United Nations Climate Change Conference (COP27) to become the fastest growing renewable energy company in Africa. At the same time, Infinity Power continues its efforts to reduce carbon emissions, increase energy production from renewable sources, and develop efficient energy solutions in the entire region in order to achieve our vision of providing citizens in the most electricity-demanding communities in Africa with clean, reliable and affordable energy.” .

Building a sustainable green energy system in Africa

For his part, Eng. Nair Fouad, CEO of Infinity Power, said: “We welcome Lekela Power to the Infinity Power family, and we are all looking forward to the start of a new phase of achievements. The completion of this deal opens up unprecedented prospects for us to expand and support our presence in Africa, as this deal contributed to the creation of the largest renewable energy entity of its kind in Africa as a whole. Therefore, we will work together to increase the supply of renewable and sustainable energy for the benefit of the citizens and countries of the continent that have been suffering for decades from a continuous energy deficit, which impedes its economic development plans, by completing our ambitious plans to build a sustainable green energy system in Africa.

The spread of clean energy technologies in African countries

For his part, Mohammed Jamil Al-Ramahi, CEO of Masdar, stressed the importance of this acquisition, which represents an important strategic investment for Infinity Power, the joint venture between Masdar and Infinity, and will contribute to the consolidation of Infinity Power’s position as a leading company in Africa, in addition to benefiting from the abundant renewable energy resources that the continent is blessed with.
Al-Ramahi said: “The spread of clean energy technologies in African countries will contribute effectively to developing their economies in a sustainable manner while meeting their climate goals, in line with the goal of the COP28 conference to achieve comprehensive climate progress.”

The shift of the African energy sector towards more sustainability

For her part, Lucy Heintz, Partner and Head of Energy Infrastructure Sector at Actis, said: “At Actis, we are delighted to have completed the Lekela Power transaction. When establishing Lekela Power, we aspired to become an unprecedented model for sustainable companies in Africa. Now, with the completion of the acquisition, Lekela Power has a well-established position in the African energy market, in addition to its pioneering contributions to sustainability in the entire region, due to its large portfolio of energy projects active and projects in progress with a total capacity of up to 2.8 GW. On the other hand, we are confident that Lekela Power will continue to play its leading role in the transformation of the African energy sector towards more sustainability, with the support of its new shareholders.

Discover new technological solutions
For his part, Chris Antonopoulos, CEO of Lekela Power, said: “I am looking forward to the next stage, which I expect will be full of achievements, depending on the support that Infinity Power will provide us with its capabilities and capabilities. At the same time, Lekela Power renews its commitment to providing African communities and countries with clean and sustainable energy. In order to do this, we seek to expand our projects under development, discover new technological solutions and positively impact the communities in which we operate.”
For his part, Samila Zubario, Chairman and CEO of the African Finance Corporation, said: “In order for us to deal with the African energy crisis in a sustainable manner, and contribute to addressing the problems of climate change, the public and private sectors in Africa must cooperate with strategic global partners. The acquisition deal is a very important milestone in achieving this goal, and the recent deal also stresses the importance of relying on stable energy supplies that enjoy economical prices, and are generated from natural resources characterized by their abundance in the African continent, in order to achieve a fundamental change in diversifying energy solutions and sources and increasing capabilities Generation and expansion of renewable energy.