DEALS Expertise that powers the continent Leading the energy transformation in Africa Absa | Corporate and Investment Banking > Insights and Events > Expertise that powers the continent SHARE We are proud to have provided advisory services and financing for Infinity Power’s acquisition of Lekela Power, Africa’s largest renewables-focused, independent power producer. Infinity Power is a joint venture between Egypt’s Infinity Group and Masdar (Abu Dhabi Future Energy Company) to target renewable energy, solar and wind power generation projects, on utility as well as commercial and industrial scale, in Egypt and Africa. Infinity Group’s key stakeholders also include Africa Finance Corporation (AFC) and European Bank for Reconstruction and Development (EBRD). In this deal, Infinity Power acquired Actis and Mainstream Renewable Power’s combined 100% stake in Lekela Power. This acquisition comprises a 2.8GW portfolio of projects in operation and development across South Africa, Senegal, Egypt and Ghana, making Infinity Power the largest renewable energy company in Africa. Absa acted as Debt and Joint M&A Advisor on the transaction as well as Mandated Lead Arranger on Acquisition Financing Facilities. This deal was recognised by industry participants as being market-defining and was the Winner of the “Catalyst Private Equity Deal of the Year 2022” at the Ansarada DealMakers Annual Gala Awards in February 2023. Consistent with Absa’s commitment to driving Africa’s energy transformation, we are privileged to assist Infinity Power on delivering on its COP 27 promise of being the fastest growing renewable energy company in Africa. Infinity Power’s total capacity of operational projects after this acquisition will increase to 1.3GW, equating to a reduction of more than 3 million tons of CO2 emissions per year relative to using conventional power generation. We were proud to have worked with our client to deliver a bespoke and comprehensive solution for them by combining our deep industry insight into African renewable energy, our multi-product offering across all the pillars of our investment banking business, our experience in executing large and complex deals and our expertise in advising international businesses in making investments in Africa. Contact us https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Innovative Benchmark Solutions Advancing Oil Supply Growth We structured a unique ZARONIA-linked debt facility, to foster supply chain resilience and drive innovation in the South African FMCG sector. Read more DEALS Advancing Scalable, Purpose-Built Student Accommodation Absa Corporate and Investment Banking facilitates a R785 million deal to expand South Africa’s student accommodation infrastructure. Read more DEALS Capital for sustainable impact Absa leads a landmark R4.9 billion deal with South Africa’s largest domestic infrastructure equity fund to support African Infrastructure Investment Managers’ (AIIM) strategy at directing capital towards Africa’s priority development sectors. Read more