{"id":583848,"date":"2023-03-21T00:00:00","date_gmt":"2023-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/infinity-power-acquires-100-of-lekela-plus-ekh-ups-stake-in-petchem-subsidiary\/"},"modified":"2023-03-21T00:00:00","modified_gmt":"2023-03-21T00:00:00","slug":"infinity-power-acquires-100-of-lekela-plus-ekh-ups-stake-in-petchem-subsidiary","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/infinity-power-acquires-100-of-lekela-plus-ekh-ups-stake-in-petchem-subsidiary\/","title":{"rendered":"Infinity Power acquires 100% of Lekela. PLUS: EKH ups stake in petchem subsidiary"},"content":{"rendered":"

<\/span>Infinity Power<\/span> is now Africa\u2019s largest renewables player:<\/span>Infinity Power<\/a><\/span> \u2014 a joint venture <\/span>between our friends at Infinity and UAE renewables player Masdar \u2014 has closed its<\/span> acquisition of Africa-focused wind power platform Lekela Power, according to a <\/span>press release (<\/a><\/span>pdf<\/a><\/span>)<\/a><\/span>. <\/span>The transaction gave Lekela an enterprise value of USD 1.5 bn, th<\/span>e parent company of one of the selling shareholders<\/span> said in <\/span>a statement<\/a><\/span> yesterd<\/span>ay. <\/span><\/p>\n

What it bought:<\/span> Infinity Power now has a combined operational portfolio of 1.3 GW with a <\/span>pipeline of 13.8 GW, making it the largest renewable energy company in Africa<\/span>.<\/span> Lekela currently has 1 GW of wind projects in Egypt, Senegal and South Africa in its portfolio and has another 1.8 GW in the pipeline.<\/span><\/p>\n

Eight months in the making:<\/span> Infinity <\/span>signed an agreement<\/a><\/span> last July to acquire 100% of the <\/span>company from its two shareholders, private-equity firm Actis and Irish renewables developer Mainstream Renewable Power. <\/span><\/p>\n

Where the money came from:<\/span> The transaction was financed through equity investment from <\/span>Infinity Power\u2019s shareholders and debt from Absa Corporate and Investment Banking (Absa CIB) and the Mauritanian Commercial Bank, according to the press release. The Africa Finance Corporation and European Bank for Reconstruction and Development (EBRD) are key shareholders in Infinity, the latter of which <\/span>has invested<\/a><\/span>more than USD 100 mn<\/span> since 2020.<\/span><\/p>\n

Le<\/span>kela wants to quadruple its energy production capacity: <\/span>The company <\/span>plans<\/a><\/span>to inv<\/a><\/span>est<\/a><\/span>USD 6 bn<\/a><\/span> to increase its capacity to 4 GW<\/span> over the next four years<\/span>. <\/span>A third of this will go to Egyptian projects, a third to South Africa and the remainder to other African markets. <\/span><\/p>\n

Infinity Power has been active on green energy: <\/span>Only this month, Infinity Power and<\/span> Germany\u2019s Conjuncta inked a MoU with Mauritania to build a massive <\/span>green hydrogen plant<\/a><\/span> in the West African country. The company is also part of a consortium of companies that includes Hassan Allam Utilities and the UAE\u2019s Masdar building a <\/span>10 GW onshore wind farm<\/a><\/span> in Egypt that will begin construction in 2024. The wind farm \u2014 which will cost at least USD 10-12 bn to build \u2014 will be one of the largest in the world with the capacity to produce nearly 48k GWh of clean energy a year.<\/span><\/p>\n

Advisors: <\/span>Cantor Fitzgerald, Absa CIB, Norton Rose Fulbright, <\/span>Al Kamel Law Firm<\/span>, Ernst<\/span> &<\/span> Young and AFRY <\/span>advised Infinity Power <\/span>on the transaction. Absa CIB and MCB were the mandated lead arrangers on the acquisition financing facilities. <\/span>Citi and Clifford Ch<\/span>ance <\/span>provided advice to Actis and Mainstream.<\/span><\/p>\n

The story got attention overseas:<\/span>Dow Jones<\/a><\/span> | <\/span>The National<\/a><\/span><\/p>\n

EGYPT KUWAIT HOLDING UPS STAKE IN PETCHEM SUBSIDIA<\/span>RY-<\/span><\/p>\n

EKH now owns almost 90% of BKH:<\/span> Investment company Egypt Kuwait Holding <\/span>(EKH) has raised it<\/span>s stake in petrochemicals and fertilizer firm<\/span>Bawabet Al Kuwait Holding Company<\/a><\/span> (BKH), it said in an <\/span>EGX disclosure (pdf)<\/a><\/span> yesterday. The firm acquired an additional 13.12% stake for USD 66.4 mn in an over-the-counter transaction on the Kuwaiti stock exchange, taking its ownership of BKH to 84.8%.<\/span><\/p>\n

This gives EKH more control over AlexFert:<\/span> The transaction increases EKH\u2019s ownership of <\/span>Alexandria Fertilizers Company<\/a><\/span> (AlexFert) \u2014 which a majority stake is owned by BKH \u2014 to 69.4%, it said in the disclosure. This follows a previous <\/span>purchase<\/a><\/span> in February that had brought EKH\u2019s share in the company to 61.6%.<\/span><\/p>\n

BACKGROUND- EKH is on an investment drive: <\/span>EKH, which is du<\/span>al-l<\/span>isted in Egypt and Kuwait<\/span>, said in February that it <\/span>plans to spend<\/a><\/span> some USD 79 mn to up its stake in subsidiaries, as well as to invest USD 91 in existing projects. In 2021, the company announced plans to invest <\/span>USD 100 mn<\/a><\/span> each year for five years starting in 2022 across at least six Egyptian verticals.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction gave Lekela an enterprise value of USD 1.5 bn<\/p>\n","protected":false},"author":1,"featured_media":583849,"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":[922,6798,6799,1668,93,72,4952,921,7128,6800,151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-actis","tag-alexandria-fertilizers","tag-bawabet-al-kuwait-holding","tag-egypt-kuwait-holding","tag-energy","tag-enterpriseam","tag-infinity-power","tag-lekela-power","tag-ma-watch","tag-mainstream-renewable-power","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"d9df9648-599a-4fa1-a95b-588d22b7ab85","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Egypt-wind-westbakr-1600.jpg","photo_position":"below","homepage_title":"Infinity Power acquires African renewable energy player Lekela","full_issue_title":"Infinity Power acquires African renewable energy player Lekela. 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The\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\/7\/188.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548133,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/infinity-afc-eye-usd-4-bn-to-double-lekelas-capacity\/","url_meta":{"origin":583848,"position":1},"title":"Infinity, AFC eye USD 4 bn to double Lekela\u2019s capacity","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"Infinity + AFC plan USD 4 bn investment to double Lekela\u2019s capacity: Our friends at renewables player Infinity Group and Africa Finance Corporation (AFC) want to raise USD 2.5-4 bn over the next four years to double the capacity of the newly-acquired Lekela Power, AFC CEO Samaila Zubairu told Bloomberg\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\/2022\/7\/282.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546974,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/lekela-could-be-about-to-get-egyptian-emirati-owners\/","url_meta":{"origin":583848,"position":2},"title":"Lekela could be about to get Egyptian + Emirati owners","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Infinity + Masdar to take majority stake in Lekela? 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