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.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Digital Finance Africa - IT News Africa | EventsDigital Finance Africa 2022, hosted by IT News Africa is the most sought-after event in the digital ecosystem. This is due to its well-researched,
Source: ITNewsAfrica - 🏆 27. / 59 Read more »