Renewable energy company Infinity and infrastructure solutions provider Africa Finance Corporation (AFC) announced today plans to acquire Africa’s largest renewables-focused independent power producer, Lekela Power.

The transaction would make Infinity the biggest renewable energy company on the continent.

Nayer Fouad, Co-Founder, and CEO, Infinity, said:

“The acquisition of Lekela is a key milestone for us at Infinity as it not only becomes the largest such acquisition in the history of the continent but also signifies the continuous growth and expansion of Infinity’s efforts to create a sustainable supply of clean green energy.”

According to AFC, the acquisition comes amidst expectations for dramatic growth in renewable energy capacity in Africa, with the continent’s installed renewable capacity expected to increase nearly ten-fold by 2040 to over 530 GW, including solar PV reaching 340 GW and wind rising to 90 GW. Increasing renewable energy resources are also projected to drive energy access, with almost half of Africa’s population still lacking access to electricity.

Samaila Zubairu, President and CEO, AFC said:

 “This acquisition marks an important milestone in our journey to build 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.”

Founded in 2015, Lekela delivers utility-scale projects across Africa. The proposed acquisition includes its portfolio of wind power projects, which have a combined installed capacity of over 1 GW in Egypt, Senegal, and South Africa, as well as a 1.8 GW pipeline of greenfield projects. Lekela is currently 60% owned by sustainable infrastructure investor Actis, and 40% by a consortium led by wind and solar company Mainstream Renewable Power.

Mohamed Mansour, Co-Founder, and Chairman, Infinity said:

“Our acquisition of Africa’s largest independent power producer in the renewables sector is a major milestone in our strategy for growth across the African continent. We are proud to be playing a key role in contributing to a brighter future for Egypt, South Africa, Senegal and the African continent as a whole.”