Infinity Group and Africa Finance Corporation acquire Lekela Power
Infinity, a renewable energy company based in Egypt, and Africa Finance Corporation (“AFC,”), infrastructure solutions provider, are to acquire Lekela Power from Actis and Mainstream Renewable Power, in a deal that will make Infinity the largest renewable energy company on the continent.
Established in 2015 to deliver clean, reliable energy across Africa, Lekela has become one of the African continent’s largest pure play renewable energy Independent Power Producer (“IPP”). The platform consists of over 1 GW of fully operational wind assets, including five operational wind farms in South Africa, one operational wind farm in Egypt, one operational wind farm in Senegal as well as development opportunities in Ghana, Senegal and Egypt.
Lekela was established as part of a joint venture between Actis (60%), and Mainstream-led consortium called Mainstream Renewable Power Africa Holdings (‘MRPAH’) (40%). The planned exit reflects the successful culmination of their partnership strategy for Lekela, following a comprehensive value creation approach.
The advisors
Lekela legal team is led by general counsel Christopher Jackson.
Jones Day acted as legal counsel to Lekela in this transaction, with a team lead by partner Julian Runnicles supported by associate Rob Harris and trainee solicitor J.E. Woo.
The buyers
Infinity legal team is led by chief legal officer Galal-Eldin El-Hamamsy
Africa Finance Corporation is led by director and general counsel Nana Eshun
Infinity and AFC was advised by Norton Rose Fulbright, Cantor Fitzgerald and ABSA on the acquisition.
The sellers
Actis legal team is led by general counsel Paul Owers
Citi and Clifford Chance advised Actis and MRPAH on this matter.
Clifford Chance M&A team advising on this transaction was led by partner Nicholas Hughes, with support from director Daniel Mutisya and associates Samuel Monk and Claudia Carr in London. Specialist renewable energy sector advice was provided by partner James Pay, supported by senior associate Prakruthi Gowda and associate Lucy Roberts.
