EXCLUSIVE UAE-Egypt consortium set to buy African renewables firm Lekela - sources | Reuters
A consortium of Abu Dhabi's Masdar and Egypt's Infinity Energy is set to buy a majority stake in Lekela Power from private equity house Actis, three sources directly linked to the sale said, in a deal that could be worth close to $1 billion.
The sale, which would be one of southern Africa's biggest renewable energy deals, has attracted interest from across the world, including from Chinese state fund CNIC; Africa-focused power firm Globeleq, which is 70%-owned by UK development finance institution CDC Group; Chinese petroleum giant Sinopec; and South African coal firm Exxaro, among others. read more
The deal would give Masdar, owned by United Arab Emirates' sovereign investment company Mubadala, its first foothold in southern Africa, expected by analysts and bankers to be the next major hub of renewables development after Asia considering the many hours of sunlight, even during winter.
Masdar has so far largely been present in the Middle East, but had been looking more broadly for greenfield and brownfield acquisition opportunities, the first source said.
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