UAE-Egypt firm Infinity Power strikes Africa's 'biggest renewable energy deal'
Infinity Power says it plans to install and operate 2 gigawatts (GW) of greenfield projects by 2025 with this deal, powering projects in South Africa, Egypt and Senegal.
DUBAI — 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).
