Infinity Power Acquires Lekela Power in Africa’s Biggest Renewable Energy Deal
The acquisition of the whole stake in Africa’s wind power platform Lekela Power has been finalized by Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s renewable energy giant Masdar.
Infinity Power is now Africa’s largest provider of renewable energy thanks to the deal, which Masdar revealed in a statement.
In addition to 1.8 gigawatts of projects in various stages of development across the continent, Lekela’s portfolio includes 1 gigawatt of operational wind power projects in South Africa, Egypt, and Senegal.
According to the International Renewable Energy Agency, Africa’s installed renewable energy capacity is expected to increase from about 54 gigawatts in 2020 to more than 530 gigawatts by 2040.
The biggest independent power generator in Africa is Lekela, which was formed in 2015. It was previously owned 60 per cent by British private equity company Actis and 40 per cent by global wind and solar company Mainstream Renewable Power.