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AFRY acted as technical advisor to Infinity group for Africa’s largest renewable energy transaction

Thu, 09/08/2022 - 08:00

AFRY has supported Infinity group and Africa Finance Corporation (AFC) in securing the acquisition of Lekela Power.

In July this year Infinity group and AFC signed an agreement to buy Lekela Power from Actis, a global investor in sustainable infrastructure, and a consortium lead by Mainstream Renewable Power. The deal will be finalised after regulatory approvals and fulfilment of customary closing conditions.

Established in 2015, Lekela Power today represents the largest Independent Power Producer focused on renewables in Africa. Lekela’s portfolio comprises several operational wind assets amounting to more than 1 GW, spread across seven projects in South Africa, Egypt and Senegal. It also includes a 1.8 GW pipeline of greenfield projects in the African region. These additional sets of projects under development will further contribute to fostering the sustainable energy transition in the continent for years to come and reaching Africa’s goal of growing the installed renewable capacity tenfold by 2040.

AFRY was appointed by Infinity group to conduct a thorough technical due diligence of the operational wind farms.

The activity was spread over three months and included the review of the status of the assets through site visits, SCADA data and operational report analysis, as well as review of the construction contracts, operation and maintenance agreements, local permitting and grid compliance. The in-house team of engineers relied on the support of local experts from AFRY’s worldwide network for environmental compliance and monitoring.

In addition, AFRY supported the client in reviewing the financial model inputs and underlying assumptions, as well as drafting a detailed risk matrix to aid the decision-making in the acquisition.

“AFRY is proud to have advised Infinity in this key transaction, which marks a major milestone, making them the largest renewable energy operator in Africa. We look forward to continuing to support Infinity and AFC in their clean energy transition journey for the region”, says Alessio Giuffra, Managing Director at AFRY Italy.

For further reading

AFRY has more than 25 years of combined experience in the wind sector developing services such as site screening, Energy Yield Assessments, Technical and Commercial Due Diligence, Owner’s Engineer services, and Technical Advisory for O&M in wind farms totaling over 30,000 MW. Read more about AFRY’s wind power offering

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For further information, please contact:

Alessio Giuffra
Managing Director, AFRY Italy
+39 349 5392 966

Daniel John Zaina
Project Manager, Senior Wind Expert
+39 346 4203 825