Infinity Power Adds 1 GW to Portfolio with Acquisition of African Wind Projects

Infinity Power Adds 1 GW to Portfolio with Acquision of African Wind Projects

A joint venture between Egypt’s Infinity and UAE’s Masdar, Infinity Power has shared that it has acquired the complete shareholding of Lekela Power. With this acquisition, the firm has added 1 GW of African wind projects to its portfolio.

The acquisition also makes Infinity Power the largest renewable energy firm in Africa.

Lekela Power’s assets span across South Africa, Egypt and Senegal. That apart, the firm boasts of a 1.8 GW project pipeline. These are currently in various development stages.

The Chairman of Infinity Power, Mohamed Ismail Mansour, said, “Having successfully finalized the Lekela acquisition, we will build upon this milestone to reach our target of installing and operating 2 GW of greenfield projects by 2025. With this transaction, we have delivered on the promise made during COP27 of being the fastest-growing renewable energy company in Africa. We continue to drive efforts that reduce carbon emissions, increase renewable energy sources, and develop efficient energy solutions for the entire region, in order to achieve our vision of providing clean, reliable and affordable electricity access to people in underserved communities across Africa.”

The CEO of Lekela, Chris Antonopoulos, shared, “We can already see that the backing of Lekela’s new investors, Infinity Power, will make our next chapter an exciting one. We remain committed to delivering clean, reliable power for communities and countries across Africa. To do this we are growing our pipeline, exploring new technologies and will continue to create positive impact for the communities where we operate.”

Nayer Fouad, CEO, Infinity Power, added, “We are very pleased to welcome Lekela Power into the Infinity Power family and look forward to building this next chapter together. The acquisition has the potential to bring much needed stability in power supply to African countries that are facing energy insecurity. This is a major step forward for Africa’s future, and a significant move in enabling the shift towards sustainable energy, providing a more stable and secure source of power for its citizens.”

Currently, Infinity Power’s projects in operation stand at a total of 1.3 GW. The firm has in its pipeline13.8 GW of projects.