Egyptian developer Infinity Power has completed its acquisition of Lekela Power from Irish firm Mainstream Renewable Power and investors Actis.
Lekela operates 1GW of wind capacity in South Africa, Egypt and Senegal and has a 1.8GW project pipeline.
The transaction was first announced in July 2022, and was funded through equity investment and debt from Absa Corporate and Investment Banking (Absa CIB) and Mauritius Commercial Bank (MCB).
Infinity Power chairman Mohamed Ismail Mansour said the deal will help the Egyptian developer towards its goal of operating 2GW of greenfield renewable energy projects by 2025.
CEO Nayer Fouad added: “The acquisition has the potential to bring much needed stability in power supply to African countries that are facing energy insecurity.”
The developer cited a forecast from the International Renewable Energy Agency, which sees the continent’s installed renewables growing from 54GW in 2020 to more than 530GW by 2040, with wind accounting for 90GW of this total.
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