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Infinity Group, a leading renewable energy company led by Egyptian billionaire Mohamed Mansour, has partnered with the Africa Finance Corporation (AFC) to acquire Lekela Power in a deal that will make Infinity the largest renewable energy company on the continent.
Infinity is Egypt’s only dedicated renewable energy solutions provider, co-founded by Mansour and Nayer Fouad in 2014 to develop clean energy solutions across several sectors and scales.
For nearly a decade, Infinity has been guiding Egypt and Africa toward a more sustainable future through meticulously developed, commercially viable energy solutions that provide everyone with efficient and sustainable access to energy resources.
According to a press release seen by Billionaires.Africa, the proposed acquisition, which is still subject to regulatory approval, will see Infinity take over Lekela Power’s portfolio of operational wind power projects with a combined installed capacity of more than one gigawatt, primarily in South Africa, Egypt, and Senegal.
Lekela’s 1.8-GW pipeline of greenfield projects, the majority of which are expected to reach financial closer in the near future, is also included in the planned acquisition.
“Our acquisition of Africa’s largest independent power producer in the renewables sector is a major milestone in our strategy for growth across the African continent,” Mansour, Infinity co-founder and chairman, said.
“We are proud to be playing a key role in contributing to a brighter future for Egypt, South Africa, Senegal, and the African continent as a whole,” he added.
According to the management, the transaction will play a critical role in increasing Infinity’s renewable energy resources, as well as driving energy access on the continent, with nearly half of Africa’s population still without access to electricity.
According to the International Renewable Energy Agency, Africa’s installed renewable capacity is expected to increase from 54 GW in 2020 to more than 530 GW by 2040, with solar PV reaching 340 GW and wind reaching 90 GW. Given the recent interest shown by African billionaires toward the sector, the 530-GW renewable capacity projection is likely to soon become a reality.
