Egypt Sets Ground Before Hosting CoP27 By Investing In Massive Green Energy Projects
Egypt–As Infinity and Africa Finance Corporation plan to acquire Lekela Power in deal that includes 2.8-gigawatt portfolio of wind power and greenfield projects, Infinity has become Africa’s largest renewable energy company in the continent.
The Egyptian company is going to close the mega deal at the end of this year in an undisclosed buyout amount. According to firm sources, the acquisition deal brings along with it Lekela’s 1-gigawatt portfolio of operational wind power projects in Egypt, Senegal and South Africa, and a 1.8-gigawatt pipeline of projects in development across the continent. It is subject to regulatory approvals and customary closing conditions.
According to Egyptian Infinity’s co-founder and chief executive Nayer Fouad, “The acquisition of Lekela is a 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.”
This is a great move for Egypt, the middle eastern African country that is gradually being seen as the epicenter of massive green energy investments. It has also become instrumental in providing Europe with natural gas in the midst of sanctions and control over Russia that has been supplying energy fuel to huge parts of Europe.
Egypt is to host the UN climate change conference Cop27 in Sharm El Sheikh in November this year. This is a great background in which it has committed to sourcing 42 per cent of its total electricity from renewable energy by 2035. Its installed renewable energy capacity was at 31 per cent last year, surpassing its 20 per cent target.
Infinity’s projects include six power plants in Aswan’s Benban Solar Park with a capacity of 235-Megawatt peak, a complex that covers 37 square kilometres.
Infinity EV is building the largest electric vehicle charging network in Egypt, with more than 300 points installed to date. In 2020, Infinity and Abu Dhabi’s clean energy company Masdar established the joint venture Infinity Power to develop utility-scale solar and wind power projects in Egypt and Africa.