Infinity Power strikes Africa’s ‘biggest renewable energy deal’
In potentially Africa’s biggest renewable energy deal, Infinity Power – a joint venture between the UAE’s renewable energy powerhouse Masdar and Egypt’s Infinity – revealed on Monday the conclusion of a full acquisition of African wind power platform Lekela Power, although the value of the deal was not disclosed.
With the deal, the company plans to install and operate 2 gigawatts (GW) of greenfield projects by 2025, chairman of Infinity Power Mohamed Ismail Mansour said. The company currently has an operational capacity of 1.3 GW, with projects in Ghana, Egypt, Senegal, and South Africa.
With the latest transaction, Infinity Power has delivered on the promise made during last year’s COP27 climate summit in Egypt of being the fastest-growing renewable energy company in Africa, he mentioned.
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Masdar CEO Mohamed Jameel Al Ramahi hailed the development while highlighting Africa’s tremendous renewable energy potential. He underscored the importance of greater access to clean energy for the sustainable development of economies in Africa, in addition to greater climate progress.
The upcoming climate talks will be hosted by the UAE in November this year. Abu Dhabi National Oil Company CEO and COP28 president-designate Sultan Al Jaber called the upcoming conference “a COP for All, and a COP of Action”. He appreciated the recent acquisition, saying the development would give Infinity Power greater scale to deploy practical climate solutions.
The Emirates was the first among all Middle East and North African countries to set net zero greenhouse gas emissions by 2050, in line with the landmark 2015 Paris Agreement. At the World Government Summit in early February, Jaber said the world needs a major course correction, adding global emissions must drop 43% by the end of the decade.
