Independent Power Producer (IPP) Lekela Power is about to change ownership. The Amsterdam, Netherlands-based company is at the centre of a deal involving UAE-based Masdar (Abu Dhabi Future Energy Company), Egypt’s Infinity Energy and its current shareholders, UK investment company Actis and Mainstream Renewable Power, a Dublin, Ireland-based renewable energy producer.
For the time being, very little information is available about the transaction. However, according to corroborating sources, it is estimated to be worth between $900 million and $1 billion. In any case, if this transaction is confirmed, it would be a great deal for Masdar and Infinity. For, Lekela Power has seen net growth since its launch in 2015. The company has a portfolio of eight projects, including a 150 MW project under development in Ayitepa, Ghana.
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In West Africa, the company led by Chris Antonopoulos has been operating the 158.7 MW Taiba N’Diaye wind farm in Senegal since 2021. In Egypt, the company has been operating the West Bakr wind farm (252 MW) in the Gulf of Suez since 2021. But it is in South Africa that IPP has the most assets. Lekela operates the Noupoort (82.1 MW), Loeriesfontein 2 (143.1 MW), Khobab (143.1 MW), Perdekraal East (112.6 MW) and Kangnas (143.1 MW) wind farms.
Lekela is therefore one of the largest wind power producers in Africa, which is why Masdar and Infinity are interested. And with this deal, the two companies are eyeing the very dynamic renewable energy market in South Africa. The two companies have been working together since 2020 to develop renewable energy in Africa. As part of this long-term partnership, Masdar and Infinity also intend to invest in renewable energy projects.
Jean Marie Takouleu