Africa Finance Corp and Egypt’s Infinity Group plan to raise as much as $4bn to double the size of a recently acquired business that’s already Africa’s biggest renewable power company.
The duo are looking to take advantage of a drive by governments to increase access to electricity in Africa, the world’s poorest continent, through the provision of renewable energy from abundant solar and wind resources. Infrastructure-investment specialist AFC, based in Nigeria, and Infinity are buying Lekela from a group led by Actis in a transaction valued at $1.5bn.
Lekela has installed capacity of 1GW, while AFC and Infinity own about 400MW of generation assets. The combined group will have a pipeline of more than 3GW and the aim is to convert between half and two-thirds of that into operating assets within four years.
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