Arab Finance:The renewable energy provider Infinity Power has completed the acquisition of the pan-African renewables company Lekela Power, according to an emailed release on March 20th.
The deal makes Infinity Power Africa's largest power producer in the renewables sector.
The acquisition includes Lekela Power's 1 gigawatt (GW) operational wind power projects in Egypt, South Africa, Senegal, and Ghana, along with its 1.8-GW pipeline of greenfield projects.
The deal was funded via equity investment from shareholders and debt from Absa Corporate, Investment Banking (Absa CIB), and Mauritian Commercial Bank (MCB).
"Having successfully finalized the Lekela acquisition, we will build upon this milestone to reach our target of installing and operating 2 GW of greenfield projects by 2025," said Infinity Power's Chairman Mohamed Mansour.
It is worth noting that Infinity Power is a joint venture between Egypt's renewables company Infinity Group and UAE's Masdar.
Established in 2015, Lekela Power was a joint venture between Actis and the Mainstream-led consortium Mainstream Renewable Power Africa Holdings, holding 60% and 40%, respectively.