Infinity Power, a joint venture between Egypt’s Infinity and the United Arab Emirates' renewable energy company Masdar, said on Monday it has completed a full acquisition of African wind power platform Lekela Power, in what it’s calling Africa’s biggest renewable energy deal.
The value of 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).
However, in July of last year, Africa Finance Corporation (AFC) and Infinity Group said they planned to raise $4 billion to double the size of a recently acquired business that’s already Africa’s biggest renewable power company, according to Bloomberg.
Infinity’s main stakeholders include AFC and the European Bank for Reconstruction and Development (EBRD).
Mohamed Ismail Mansour, chairman of Infinity Power, said that with this deal the company will target installing and operating 2 gigawatts (GW) of greenfield projects by 2025. The company currently has an operational capacity of 1.3 GW, with projects in South Africa, Egypt, Senegal and Ghana.
More: UAE-Egypt firm Infinity Power strikes Africa's 'biggest renewable energy deal'