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Lekela will then be owned by Infinity Group and Africa Finance Corporation (AFC)
2023-01-30
The European Bank for Reconstruction and Development (EBRD) has recently announced an investment of USD 41.5 million (EUR 39.8m) to increase its stake in Infinity Energy, a renewable energy developer based in Egypt. The financial support is set to assist the company with their partial acquisition of African peer Lekela Power.
Information regarding the EBRD's shareholding in Infinity was not disclosed by the press statement released on Wednesday. This latest investment builds upon the initial investment of USD 60 million by EBRD into Infinity's share issue. At present, Cairo-based Infinity possesses a portfolio of 184 MW operational solar parks across Egypt as well as a pipeline project estimated at 2 GW for the region.
Through the assistance of EBRD, Infinity will be able to expand their business at home and abroad, furthering development and acquisition projects. A portion of this investment will cover the purchase of shares in renewable energy independent power producer (IPP) Lekela with an existing portfolio of 1.1 GW.
The deal is going to be led by Infinity Power Holding, a joint venture formed between Infinity Group and the UAE's Masdar. Following its completion, Lekela will then be owned by Infinity Group and Africa Finance Corporation (AFC).
The European Bank for Reconstruction and Development (EBRD) has recently announced an investment of USD 41.5 million (EUR 39.8m) to increase its stake in Infinity Energy, a renewable energy developer based in Egypt. The financial support is set to assist the company with their partial acquisition of African peer Lekela Power.
Information regarding the EBRD's shareholding in Infinity was not disclosed by the press statement released on Wednesday. This latest investment builds upon the initial investment of USD 60 million by EBRD into Infinity's share issue. At present, Cairo-based Infinity possesses a portfolio of 184 MW operational solar parks across Egypt as well as a pipeline project estimated at 2 GW for the region.
Through the assistance of EBRD, Infinity will be able to expand their business at home and abroad, furthering development and acquisition projects. A portion of this investment will cover the purchase of shares in renewable energy independent power producer (IPP) Lekela with an existing portfolio of 1.1 GW.
The deal is going to be led by Infinity Power Holding, a joint venture formed between Infinity Group and the UAE's Masdar. Following its completion, Lekela will then be owned by Infinity Group and Africa Finance Corporation (AFC).