Among Infinity's projects are six solar plants in the Benban Solar Park in Aswan, Egypt. Reuters
Among Infinity's projects are six solar plants in the Benban Solar Park in Aswan, Egypt. Reuters
Among Infinity's projects are six solar plants in the Benban Solar Park in Aswan, Egypt. Reuters
Among Infinity's projects are six solar plants in the Benban Solar Park in Aswan, Egypt. Reuters

Egypt’s Infinity to become Africa’s largest renewable energy company


Nada El Sawy
  • English
  • Arabic

Egypt’s Infinity Group will become Africa’s largest renewable energy company when it, along with Africa Finance Corporation, acquires Lekela Power in an undisclosed deal that is expected to close this year, the parties said on Monday.

British private equity firm Actis and Mainstream Renewable Power agreed to sell their stakes of 60 per cent and 40 per cent respectively in Lekela.

Lekela, founded in 2015, is Africa’s largest independent power producer.

The proposed acquisition includes 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.

“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,” said Infinity co-founder and chief executive Nayer Fouad.

Africa’s installed renewable energy capacity is set to grow from more than 54 gigawatts in 2020 to more than 530 gigawatts by 2040, according to the International Renewable Energy Agency. Solar photovoltaic technology will rise to 340 gigawatts and wind to 90 gigawatts.

In addition to combating climate change, increasing renewable energy resources will help to drive energy access in the continent, as almost half of Africa’s population does not have access to electricity.

Egypt, which is to host the UN climate change conference Cop27 in Sharm El Sheikh in November, 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, founded in 2014, provides solar, wind and waste-to-energy power solutions for homes, companies and cities across Egypt.

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.

AFC was established in 2007 as a catalyst for private sector-led infrastructure investment across Africa.

The company is developing and funding projects that take advantage of Africa’s abundant solar, wind, hydro and thermal energy resources, while managing the population’s urgent needs. It has financed more than 2,000MW of power generation and has beneficial ownership interests in 485MW, of which 135MW is sourced from renewable energy.

“We are focused on reducing Africa’s massive energy deficit through expanding the quantum of electricity using the various energy sources available throughout the continent,” said AFC president and chief executive, Samaila Zubairu.

“Working together with our partner, Infinity, we aim to more than double the capacity of our joint operating assets over the next four years, which stands at 1.4 gigawatts after the Lekela acquisition,” he said.

The Lekela platform includes five operational wind farms in South Africa with a capacity of 624MW, a 252MW wind farm in Egypt and a 159MW wind farm in Senegal, as well as development opportunities in Egypt, Ghana and Senegal.

Actis and Mainstream said the planned exit “reflects the successful culmination of their partnership strategy for Lekela, following a comprehensive value creation approach”.

Mainstream specialises in the development of onshore and offshore wind and solar projects.

The Actis Energy Infrastructure team has invested in more than 70 renewable energy projects to date, generating approximately 11 gigawatts of renewable energy globally.

“We’re proud to leave Lekela strongly positioned for its next phase of growth as an acknowledged sustainability leader supplying much-needed clean energy to communities across Africa,” said Lucy Heintz, partner and head of energy infrastructure at Actis.

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

ABU DHABI TRIATHLON

For more information, and to enter the race, please visit www.abudhabi.triathlon.org.

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

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The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

INFO

What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.

Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5

$1,000 award for 1,000 days on madrasa portal

Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.

School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.

“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.  

“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”

Last-16

France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')

Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')

LIVING IN...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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Get Out

Director: Jordan Peele

Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford

Four stars

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

UAE currency: the story behind the money in your pockets
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Updated: May 18, 2023, 11:54 AM