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Infinity Power Acquires African Solar, Renewable Energy Company Lekela Power

March 22, 2023 by Joe Panettieri

Infinity Power, a joint venture between Egypt’s Infinity and UAE’s Masdar, has acquired Lekela Power. The sellers were sustainability investor Actis (60%) and a consortium (40%) that included global wind and solar company Mainstream Renewable Power. Financial terms of the deal were not disclosed.

Related: See all M&A deals involving ESG and sustainability consulting, technology & software firms here.

Infinity Power, armed with Lekela, becomes the largest renewable energy company on the African continent, the buyer said. Infinity’s key stakeholders include Africa Finance Corporation (AFC) and European Bank for Reconstruction and Development (EBRD). 

Infinity Power, launched in 2020, develops utility-scale and distributed solar energy and wind power projects in Africa. The company's total capacity of operational projects is 1.3 GW, which equates to a reduction of more than 3 million tons of CO2 emissions per year using conventional power generation, Infinity Power said. The company also has 13.8 GW of projects in the pipeline at different stages of development, the firm added.

Lekela currently operates 1 gigawatt (GW) of wind power projects in South Africa, Egypt and Senegal, and has a 1.8 GW project pipeline, the seller said. Target customers include governments, utilities and large-scale industrial projects, according to the company's LinkedIn profile.

Lekela Power, based in Amsterdam, Netherlands, focuses on delivering "clean, reliable energy across Africa.:" The company, founded in 2015, had 65 employees listed on LinkedIn as of March 2023. Lekela's revenues and overall financial performance were not disclosed in the M&A announcement.

Sustainable Energy M&A: Executive Perspectives

In a prepared statement about the deal, Infinity Power Chairman Mohamed Ismail Mansour, Chairman 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.”

Added Infinity Power CEO Nayer Fouad: “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. It is also a key milestone in our journey, and is the beginning of the next phase of our plan as we continue working towards creating a truly sustainable ecosystem for green energy across the continent.”

Chris Antonopoulos, CEO, Lekela Power

Concluded Lekela CEO Chris Antonopoulos: “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. We would like to thank Actis and the Mainstream-led consortium for all their support and guidance over the last eight years. Together, we grew Lekela from zero to over 1GW of wind power in operation and proved renewable energy has the potential to contribute to Africa’s sustainable future.  We now look forward to working with Infinity Power, as well as its shareholders and stakeholders to continue this work and further accelerate the growth of Lekela.”

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