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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ESSENTIALS

The flights 
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
 

The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.

Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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 four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

UAE currency: the story behind the money in your pockets
The specs: 2019 BMW i8 Roadster

Price, base: Dh708,750

Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery

Transmission: Six-speed automatic

Power: 374hp (total)

Torque: 570Nm (total)

Fuel economy, combined: 2.0L / 100km

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

Updated: May 18, 2023, 11:54 AM`