Following a preliminary announcement last month, Africa’s largest private capital investment firm Actis and global wind and solar company Mainstream Renewable Power have signed an agreement to sell the Lekela platform to Infinity Group and the African Finance Corporation (AFC), subject to regulatory approvals and customary closing conditions.
“This exit highlights the hands-on approach we take at Actis as builders and operators of leading energy platforms of scale, delivering positive impact,” said Actis Partner and Head of Energy Infrastructure Lucy Heintz.
Heintz added that “We’re proud to leave Lekela strongly positioned for its next phase of growth as an acknowledged sustainability leader supplying much-needed clean energy to communities across Africa, building on our Net Zero commitment.”
Founded in 2015, Lekela Power’s portfolio includes 624MW of South African wind farms, a 252MW facility in Egypt and Senegal’s largest wind farm at 159MW along with smaller plants in Ghana. Actis has a 60% stake in Lekela Power, with Mainstream holding the remaining 40%.
“There has never been a more critical time to accelerate the global transition to renewable energy, for the health of both our planet and our communities. Much of Africa is acutely vulnerable to climate change and we are proud to have worked with Actis, as well as the communities, governments, project lenders, equipment suppliers and contractors across Africa, to deliver over 1GW of operational wind power that will continue to have a positive impact for decades to come,” noted Mainstream Group Chief Executive Mary Quaney.
Infinity Co-Founder and CEO Nayer Fouad noted that the acquisition of Lekela Power was the largest such acquisition in the history of the continent and a key milestone for Infinity.
“We will continue to build upon our endeavors to create a truly sustainable ecosystem for green energy in Africa,” he said.
Meanwhile, AFC President and CEO Samaila Zubairu, President and CEO stated that the acquisition marks an important milestone in the AFC’s journey to building a 3GW renewable energy platform.
“We are focused on reducing Africa’s massive energy deficit through expanding the quantum of electricity using the various energy sources available throughout the continent,” he noted.
