Africa Finance Corp. and Egypt’s Infinity Group plan to raise as much as $4 billion to double the size of a recently acquired business that’s already Africa’s biggest renewable power company.
The two firms agreed to buy Lekela Power last week and are seeking between $2.5 billion and $4 billion from capital markets over the next four years, Samaila Zubairu, AFC’s chief executive officer and president, said in an interview.
The duo are looking to take advantage of a drive by governments to increase access to electricity in Africa, the world’s poorest continent, through the provision of renewable energy from abundant solar and wind resources. Infrastructure-investment specialist AFC, based in Nigeria, and Infinity are buying Lekela from a group led by Actis LLP in a transaction valued at $1.5 billion.
Read more: BNN Bloomberg
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