UAE-Egypt firm Infinity Power strikes Africa's 'biggest renewable energy deal'

Infinity Power, a joint venture between Egypt’s Infinity and the United Arab Emirates' renewable energy company Masdar, said on Monday it has completed a full acquisition of African wind power platform Lekela Power, in what it’s calling Africa’s biggest renewable energy deal. 

The value of the deal was not disclosed, but Infinity Power said in a press release that the transaction was funded through equity investment from shareholders and debt from Absa Corporate and Investment Banking (Absa CIP) and Mauritian Commercial Bank (MCB). 

However, in July of last year, Africa Finance Corporation (AFC) and Infinity Group said they planned to raise $4 billion to double the size of a recently acquired business that’s already Africa’s biggest renewable power company, according to Bloomberg.