{"id":547916,"date":"2022-07-19T03:54:30","date_gmt":"2022-07-19T03:54:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/infinity-will-become-africas-largest-renewables-player-through-lekela-acquisition\/"},"modified":"2022-07-19T03:54:30","modified_gmt":"2022-07-19T03:54:30","slug":"infinity-will-become-africas-largest-renewables-player-through-lekela-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/infinity-will-become-africas-largest-renewables-player-through-lekela-acquisition\/","title":{"rendered":"Infinity will become Africa\u2019s largest renewables player through Lekela acquisition"},"content":{"rendered":"

<\/a> Infinity + AFC just sealed Africa\u2019s largest-ever renewables acquisition: <\/strong>Our friends at renewables player Infinity Group and Africa Finance Corporation (AFC) have signed an agreement to acquire 100% of Lekela Power in what is Africa\u2019s largest renewables acquisition, the companies involved said in separate statements (here<\/a>, pdf<\/a> and here<\/a>). The acquisition will give Infinity and AFC a 2.8 GW portfolio of wind projects across Africa, making Infinity the largest renewables company on the continent<\/strong>. Representatives from Infinity declined to disclose the value of the transaction when we approached them yesterday, though Dow Jones<\/a> suggests that it values Lekela at USD 1.5 bn.<\/p>\n

The sellers:<\/strong> Private equity firm Actis<\/a> is selling its 60% stake in Lekela alongside Irish wind \/ solar developer Mainstream Renewable Power<\/a>, which owns the remaining 40% of the company. The two firms founded Lekela in 2015.<\/p>\n

What they\u2019re buying:<\/strong> Lekela is Africa\u2019s largest independent power producer (IPP) and has >1 GW of installed capacity at projects located in Egypt, South Africa and Senegal. It has another 1.8 GW of projects in the pipeline that are expected to close \u201cin the near future,\u201d Infinity and AFC said. The company brought online<\/a> its 250-MW wind farm in West Bakr last November.<\/p>\n

Watch this space:<\/strong> The acquisition is expected to close in 4Q, subject to regulatory approvals and customary closing conditions, Infinity co-founder and chairman Mohamed Ismail Mansour told Enterprise.<\/p>\n

What they said: <\/strong>\u201cOur acquisition of Africa\u2019s largest independent power producer in the renewables sector is a major milestone in our strategy for growth across the African continent,\u201d Mansour said in the statement. Actis said the exit \u201creflects the successful culmination of Actis and Mainstream\u2019s partnership strategy for Lekela.\u201d<\/p>\n

In the pipeline:<\/strong> Infinity and AFC plan to more than double the capacity of the company\u2019s operating assets over the next four years.<\/p>\n

What\u2019s happening with management and operations?<\/strong> Nothing has been decided yet, but Infinity is keen on integrating Lekela into the company, Mansour told us. \u201cWe will assess with Lekela\u2019s management how we structure this new integrated company to achieve our aggressive plans for future growth,\u201d he said.<\/p>\n

Lekela had plenty of suitors:<\/strong> Actis was reported earlier this year to be in negotiations to exit the firm. Pan-African financial services outfit Old Mutual<\/a> to Chinese state fund CNIC<\/a> were reported to be among the final bidders, while Mainstream had apparently also considered buying Actis out of the firm.<\/p>\n

Masdar<\/strong> was originally in AFC\u2019s shoes:<\/strong> Reports last month<\/a> suggested that Emirati renewables player Masdar was in talks alongside Infinity to acquire Actis\u2019 stake in Lekela.<\/p>\n

It\u2019s not only Lekela that Actis wants to exit:<\/strong> Actis is looking to sell its South African business BTE Renewables for around USD 1 bn and has hired Citigroup as advisors, Bloomberg<\/a>reported last week, citing people familiar with the matter.<\/p>\n

ADVISORS-<\/strong> Cantor Fitzgerald, ABSA and Norton Rose Fulbright advised Infinity and AFC on the acquisition, while Citi and Clifford Chance advised Actis and Mainstream.<\/p>\n","protected":false},"excerpt":{"rendered":"

Infinity + AFC just sealed Africa\u2019s largest-ever renewables acquisition: Our friends at renewables player Infinity Group and Africa Finance Corporation (AFC) have signed an agreement to acquire 100% of Lekela Power in what is Africa\u2019s largest renewables acquisition, the companies involved said in separate statements (here, pdf and here). The acquisition will give Infinity and […]<\/p>\n","protected":false},"author":1,"featured_media":547917,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[922,798,93,72,334,921,7128,151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-actis","tag-africa-finance-corporation","tag-energy","tag-enterpriseam","tag-infinity","tag-lekela-power","tag-ma-watch","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"c636f569-fcd3-4997-87a2-f5c20bc5691a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/188.jpg","photo_position":"above","related_issue":[547912],"teaser":"","voice_url":""},"yoast_head":"\nInfinity will become Africa\u2019s largest renewables player through Lekela acquisition - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/infinity-will-become-africas-largest-renewables-player-through-lekela-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Infinity will become Africa\u2019s largest renewables player through Lekela acquisition\" \/>\n<meta property=\"og:description\" content=\"Infinity + AFC just sealed Africa\u2019s largest-ever renewables acquisition: Our friends at renewables player Infinity Group and Africa Finance Corporation (AFC) have signed an agreement to acquire 100% of Lekela Power in what is Africa\u2019s largest renewables acquisition, the companies involved said in separate statements (here, pdf and here). 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Renewable energy player Infinity and Emirati firm Masdar are close to acquiring Actis\u2019 majority stake in Lekela Power in a transaction that could be worth almost USD 1 bn, Reuters reports, citing three sources it says are familiar with the matter.\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/133.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582403,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/afc-lines-up-usd-1-bn-investment-after-egypt-becomes-paid-up-member\/","url_meta":{"origin":547916,"position":4},"title":"AFC lines up USD 1 bn+ investment after Egypt becomes paid-up member","author":"enterpriseam admin","date":"8 March 2023","format":false,"excerpt":"Renewables, gas, heavy industry, tech and finance could receive funding.","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Talaat-Harb-Square-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577305,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/infinity-hassan-allam-utilities-masdar-ink-2-gw-green-hydrogen-agreement-ebrd-invests-more-in-infinity\/","url_meta":{"origin":547916,"position":5},"title":"Infinity, Hassan Allam Utilities, Masdar ink 2 GW green hydrogen agreement + EBRD invests more in Infinity","author":"enterpriseam admin","date":"17 November 2022","format":false,"excerpt":"Our friends at Infinity and Hassan Allam Utilities alongside UAE clean-energy giant Masdar have inked a framework agreement for a 2 GW green hydrogen plant they will build in the Suez Canal Economic Zone. The SCZone plant will be operational by 2026, they said in a statement (pdf). The investment\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547916"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547916\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547917"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547916"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547916"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}