Egypt-UAE Infinity Power acquires Lekela Power
Infinity Power Holding, the joint venture between Egypt’s Infinity and UAE’s Masdar, has completed its acquisition of the entire shareholding Lekela Power on Monday, CNN reported on Tuesday.
The acquisition makes Infinity Power the biggest renewable energy company in Africa, which was funded by contributors’ investments and loans from Absa Bank and Mauritius Commercial Bank.
Infinity Power’s total completed renewable energy projects portfolio reached 1.3 gigawatts, along with the currently under-development projects portfolio, which reached 13.8 gigawatts.
“Completing the acquisition allows Infinity Power to intensify its efforts to find practical solutions that have a significant impact facing environmental challenges,” said Sultan Al Jaber, UAE Minister of Industry.
Al Jaber, the designated president of COP28 further added that these challenges “aligns with COP28’s objectives to be a comprehensive conference.”
Lekela currently operates one gigawatt of wind power projects in South Africa, Egypt, and Senegal, and has a 1.8 gigawatt project pipeline, which is in various stages of development.
Infinity Power has been specialised in generating and infrastructure distribution of solar and wind energy in Egypt and Africa since 2020, with the capacity of its projects reaching 1.3 gigawatts, reducing carbon emissions by three million tons annually.
This comes in line with the strategic initiative to achieve carbon neutrality by 2050, which was announced by the UAE to reduce carbon emissions and become carbon neutral by 2050.
