UAE/Egypt consortium to buy African renewables firm Lekela Power
A consortium of UAE-based Masdar and Egypt’s Infinity Energy is set to buy a majority stake in Lekela Power from private equity vehicle Actis
A consortium of UAE-based Masdar and Egypt’s Infinity Energy is set to buy a majority stake in Lekela Power from private equity vehicle Actis, according to a report in Reuters.
According to the report, the value of the sale could be worth close to $1bn.
The deal would provide Masdar with its first assets in Southern Africa.
Lekela Power has a portfolio of more than 1GW of wind assets across South Africa, Egypt and Senegal in addition to a 225MW wind project in Ghana.
Energy & Utilities reported in November 2021 that Lekela Power had begun commercial operations of its 250MW West Bakr wind project in Egypt.
Construction work on the wind farm began in February 2020. The wind farm consists of 96 turbines, which were installed by Siemens Gamesa.
The West Bakr wind farm will produce more than 1,000GWh of renewable electricity every year, which will save more than 530,000 tonnes of carbon dioxide annually.
Lekela has developed the project under a build, own, operate (BOO) model. The developer received financing from the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the US’ Development Finance Corporation.
Completion of the project has increased Egypt’s installed wind capacity by 18 per cent.
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