Infinity Power concludes full acquisition of African renewable energy platform

Infinity Power is a joint venture between Egypt’s Infinity and the UAE’s renewable energy company Masdar.This is regarded as Africa’s biggest renewable energy deal after the acquisition of a wind power platform Lekela Power.

Issuing a statement, Infinity Power informed that the transaction was possible through equity investment from shareholders and debt from two financial institutions.

According to Mohamed Ismail Mansour, chairman of Infinity Power, the company plans to install and operate 2 GW of greenfield projects by 2025.

Currently, the company  has an operational capacity of 1.3 GW. Its projects area spread across South Africa, Egypt, Senegal and Ghana. 

“With this transaction, we have delivered on the promise made during the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) of being the fastest-growing renewable energy company in Africa,” he was quoted in a statement. 

To be noted, this is the second phase of Infinity Power’s plan to increase renewable energy sources in the African region.

Masdar CEO Mohamed Jameel Al Ramahi, commented, “Greater access to clean energy will enable African nations to develop their economies sustainably while meeting their climate objectives – in alignment with COP28’s goal of delivering inclusive climate progress.”