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.

Tickets

Tickets for the 2019 Asian Cup are available online, via www.asiancup2019.com

Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

The biog

Nickname: Mama Nadia to children, staff and parents

Education: Bachelors degree in English Literature with Social work from UAE University

As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families

Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

ABU DHABI ORDER OF PLAY

Starting at 10am:

Daria Kasatkina v Qiang Wang

Veronika Kudermetova v Annet Kontaveit (10)

Maria Sakkari (9) v Anastasia Potapova

Anastasia Pavlyuchenkova v Ons Jabeur (15)

Donna Vekic (16) v Bernarda Pera 

Ekaterina Alexandrova v Zarina Diyas

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Russia's Muslim Heartlands

Dominic Rubin, Oxford

On Instagram: @WithHopeUAE

Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Huroob Ezterari

Director: Ahmed Moussa

Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed

Three stars

Results:

First Test: New Zealand 30 British & Irish Lions 15

Second Test: New Zealand 21 British & Irish Lions 24

Third Test: New Zealand 15 British & Irish Lions 15

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UAE currency: the story behind the money in your pockets
MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Updated: May 18, 2023, 11:54 AM