Infinity Group, Egyptian renewable energy provider, and infrastructure investor Africa Finance Corporation, acquired Lekela Power, making it Africa’s largest renewable energy deal.
Lekela Power, African renewable energy independent power platform operating on 1GW, includes two operational wind farms in Egypt and Senegal respectively as well as five operational wind farms in South Africa.
AFC’s President and CEO Samaila Zubairu, explained that this acquisition is one of the many milestones in their journey of building a 3GW renewable energy platform.
“The acquisition of Lekela is a key milestone for us at Infinity as it not only becomes the largest such acquisition in the history of the continent but also signifies the continuous growth and expansion of Infinity’s efforts to create a sustainable supply of clean green energy,” said Nayer Fouad, Co-founder and CEO of Infinity Group.
The deal, which made Infinity Group the largest African renewable energy company, will include a 2.8 GW portfolio of operation and development projects across Africa, with the acquirers planning to more than double the capacity of the operating assets within 4 years.
It is also worth mentioning that the current renewable capacity in Africa is expected to grow from 54 GW in 2020 to more than 530 GW by 2040, according to the International Renewable Energy Agency (IRENA).
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