Infinity Power has completed the acquisition of the entire shareholding of Lekela Power, adding the group’s 1GW of African wind projects.
The assets are located across South Africa, Egypt and Senegal. In addition, Lekela has a 1.8GW project pipeline 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)
Chairman of Infinity Power Mohamed Ismail Mansour said: “Having successfully finalised the Lekela acquisition, we will build upon this milestone to reach our target of installing and operating 2GW of greenfield projects by 2025.
“With this transaction, we have delivered on the promise made during COP27 of being the fastest-growing renewable energy company in Africa. We continue to drive efforts that reduce carbon emissions, increase renewable energy sources, and develop efficient energy solutions for the entire region, in order to achieve our vision of providing clean, reliable and affordable electricity access to people in underserved communities across Africa.”
Chris Antonopoulos, CEO of Lekela, added: “We can already see that the backing of Lekela’s new investors, Infinity Power, will make our next chapter an exciting one. We remain committed to delivering clean, reliable power for communities and countries across Africa.
“To do this we are growing our pipeline, exploring new technologies and will continue to create positive impact for the communities where we operate.”