Egypt's leading renewable energy company, Infinity Group, is on course to become the largest in Africa, when it acquires Africa-based Lekela Power along with Africa Finance Corporation. The sale is said to be the continent's biggest renewable energy deal. Although the transaction value has not yet been disclosed, the deal values the company at around $1.5 billion.
Private equity firm Actis and wind and solar developer Mainstream Renewable Power yesterday announced the sale of Lekela Power, which is Africa's largest independent power producer. The two investors held a 60 per cent and 40 per cent stake, respectively.
Established in 2015, Lekela Power operated 1 gigawatt (GW) worth of fully operational wind assets, including five in South Africa and one each in Egypt and Senegal, supplying around three million African households with renewable energy.
The proposed takeover deal includes Lekela Power's portfolio of operational wind power projects, and their 1.8 GW pipeline of greenfield projects across Africa.
Mohamed Ismail Mansour, co-founder and chairman of the Egyptian firm Infinity, said: "Our acquisition of Africa's largest independent power producer in the renewables sector is a major milestone in our strategy for growth across the African continent."
"We are proud to be playing a key role in contributing to a brighter future for Egypt, South Africa, Senegal and the African continent as a whole."
While Co-Founder and CEO Nayer Fouad said: "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. We will continue to build upon our endeavours to create a truly sustainable ecosystem for green energy in Africa."