UAE-Egypt firm Infinity Power Strikes Africa’s Biggest Renewable Energy Deal

 

Infinity Power, a joint venture between Egypt’s Infinity and the United Arab Emirates' renewable energy company Masdar, has completed a full acquisition of African wind power platform Lekela Power, in what it’s calling Africa’s biggest renewable energy deal. The deal was not disclosed, but Infinity Power said in a press release that the transaction was funded through equity investment from shareholders and debt from Absa Corporate and Investment Banking (Absa CIP) and Mauritius Commercial Bank (MCB). The acquisition will enable the company to install and operate 2 gigawatts (GW) of greenfield projects by 2025, powering projects in South Africa, Egypt and Senegal.


Africa has immense potential for renewable energy, with vast resources of wind, solar and hydro power. However, the continent faces a significant energy deficit, with around 600 million people lacking access to electricity. This presents a significant opportunity for renewable energy companies to invest in the continent's energy infrastructure, creating jobs, reducing carbon emissions and helping to provide power to millions of people.

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Infinity Power's acquisition of Lekela Power represents a significant milestone in the development of renewable energy in Africa. Lekela Power is already a major player in the African renewable energy sector, with 1.3 GW of wind and solar projects either in operation or under construction across Egypt, Senegal, South Africa and Ghana. By acquiring Lekela Power, Infinity Power will be able to leverage the company's existing expertise and infrastructure to rapidly expand its renewable energy portfolio across the continent.



The acquisition is also a testament to the growing importance of renewable energy in the Middle East and North Africa (MENA) region. The UAE and Egypt have been among the most active countries in the region in developing their renewable energy industries, with both countries setting ambitious targets for increasing the share of renewable energy in their respective energy mixes.

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