Afcacia

Egyptian firm Infinity Power  has become the biggest renewable energy firm in Africa following the acquisition of  Lekela Power, the region’s largest renewable energy platform.

The transaction, backed by Mauritius Commercial Bank Limited (MCB), takes Infinity Power’s installed capacity to more than 1GW.

Lekela Power is a joint venture between Actis and Mainstream Renewable Power Africa Holdings.

MCB’s “senior loan facility”  to Infinity Power is a customised solution, accommodating complexities and challenges associated with a cross-jurisdictional portfolio financing, structural subordination, and intricacies of each project.

The financing aligns with MCB’s strategy to expand its renewable energy loan portfolio and to participate in financing African energy projects.

Head of Specialised Finance at MCB, Zaahir Sulliman said the transaction is “…testimony to the financial ingenuity of MCB and its partners in bringing adapted solutions to its clients and to promote increased access to clean, affordable and reliable energy in its core markets.”

“We continue to drive efforts that reduce carbon emissions, increase renewable energy sources, and develop efficient energy solutions for the entire region, in order to achieve our vision of providing clean, reliable, and affordable electricity access to people in underserved communities across Africa,” Chairman of Infinity Power, Mohamed Ismail Mansour said.