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Electricity grid. Getty Images Image used for illustrative purpose.
Arab Finance: A consortium comprised UAE-based Masdar and Egypt’s Infinity Energy will acquire a majority stake in Lekela Power, Reuters reported, citing informed sources.
The two companies will purchase the stake from the private equity company Actis in a deal that could be sealed at a value of $1 billion, the sources highlighted.
The deal is almost closed, but is pending regulatory approvals, they added.
It is worth noting that Lekela has a portfolio of over 1,000 megawatts (MW) of wind assets across Egypt, Senegal, and South Africa, along with a wind development with a capacity of 225 MW in Ghana.
In March, CEO of Lekela Power Chris Antonopoulos told Al Borsa News that Lekela Power plans to boost its investment in Egypt to reach $1 billion within the coming four years.
