Infinity Power, a joint venture between Egypt’s Infinity and UAE’s Masdar, has announced it has completed the acquisition of the entire shareholding of Lekela Power.
Infinity’s key stakeholders include Africa Finance Corporation (AFC) and European Bank for Reconstruction and Development (EBRD). Lekela currently operates 1GW of wind power projects in South Africa, Egypt and Senegal, and has a 1.8GW project pipeline, which are in various stages of development. The transaction was funded through equity investment from shareholders and debt from Absa Corporate and Investment Banking (Absa CIB) and Mauritian Commercial Bank (MCB).