Infinity Power JV acquires Lekela power
UAE, Abu Dhabi: Masdar and Infinity joint venture acquires all shares of Africa-focused renewable power developer Lekela, finalizing a buyout started last summer.
Image source: Energy & Utilities
UAE, Abu Dhabi: Masdar and Infinity joint venture acquires all shares of Africa-focused renewable power developer Lekela, finalizing a buyout started last summer.
Established in 2015, Lekela Power was previously owned by a consortium of Actis and Mainstream Renewable Power Africa Holdings, each having 60 % and 40 % shares, respectively.
Lekela Power currently operates wind projects with a total capacity of 1 GW in South Africa, Egypt and Senegal, with projects under development of a total capacity of 1.8 GW in various stages of development, according to the press release.
The main shareholders of the Egyptian company Infinity are the African Finance Corporation (AFC) and the European Bank for Reconstruction and Development (EBRD).
“Through our investment in Infinity Power, Masdar is able to extend its reach across Africa and support developing nations on their clean energy transitions,” said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar.
Masdar, Infinity, and Hassan Allam Utilities signed an agreement in November 2022 to build a 10 GW onshore wind farm in Egypt worth $11 B, with its completion planned by 2030.
Source: Energy & Utilities
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