Infinity Group, a leading renewable energy company led by Egyptian billionaire Mohamed Mansour, and its long-term partner Africa Finance Corporation (AFC), are looking to raise $2.5 billion to $4 billion from capital market participants to scale operations and deepen their footprint in Africa.
The move, which is part of the group’s strategic effort to sustain its recent expansion and growth trajectory in the renewable energy industry, will not only complement its existing assets and operations but also strengthen access to electricity in Africa, which is presently at 30 percent.
While commenting on the capital raise, AFC CEO and President Samaila Zubairu said the group’s expansion, which is aimed at taking ownership of the continent’s renewable energy capacity, is one of the best ways for Africa to benefit from opportunities in the renewable energy industry.
He also stated that AFC and Infinity Group’s involvement in Africa’s renewable energy industry will reduce the continent’s reliance on charcoal and firewood as cooking fuel, thereby reducing deforestation and air pollution.
The decision to raise up to $4 billion in funding from capital market participants comes nearly one week after Infinity Group partnered with AFC to acquire Lekela Power, making it Africa’s largest renewable energy company.
Infinity will 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, subject to regulatory approval.
The $1.5-billion deal will be critical in increasing Infinity’s renewable energy resources, as well as driving energy access on the continent, as nearly half of Africa’s population still lacks access to electricity.
Infinity is Egypt’s sole provider of dedicated renewable energy solutions, co-founded in 2014 by Mansour and Nayer Fouad to develop clean energy solutions across multiple sectors and scales.
Infinity has been guiding Egypt and Africa toward a more sustainable future for nearly a decade by developing meticulously developed, commercially viable energy solutions that provide everyone with efficient and sustainable access to energy resources.
