Mauritius Commercial Bank Limited (MCB) announced that it has supported Infinity Renewable Energy BV in financing the acquisition of Lekela Power.
MCB acted as “joint mandated lead arranger” in a loan facility supporting Infinity Power in the acquisition of Lekela Power. This would make Infinity Power the largest renewable energy company on the African continent.
Infinity Power is a joint venture between Infinity of Egypt and Masdar of the United Arab Emirates, both of which are renewable energy companies. Infinity’s major shareholders include Africa Finance Corporation (AFC) and the European Bank for Reconstruction and Development (EBRD). Established in 2015 in the Netherlands as a joint venture of Actis (60%) and Mainstream Renewable Power Africa Holdings (40%), Lekela Power is, according to the MCB statement, “Africa’s largest renewable energy company with a total installed capacity of over 1 gigawatt (GW), including world-class wind power projects located in South Africa, Egypt and Senegal.” Lekela Power is headquartered in the Netherlands and has three offices in England, Egypt and Senegal.
“This transaction is in line with MCB’s overall strategy to expand its renewable energy lending portfolio and participate in the financing of African energy projects that will contribute to the transition to a cleaner energy source, as well as to the improvement of the electrification rate on the continent,” MCB said in its press release.