AFC’s Lekela Power wins Equity Deal of the Year at the African Banker Awards

Sharm El-Sheikh, 5 June 2023: Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has received the Deal of the Year – Equity award at the just concluded African Banker Awards 2023 ceremony in Sharm El Sheikh, Egypt. Now in its 17th edition, the African Banker Awards celebrate the achievements of individuals and institutions that have contributed significantly to the growth and development of Africa's banking sector over the past year.

The award was presented to AFC for its innovative financial structuring leading to two acquisitions. The first is the acquisition of AFC’s stake in Infinity Energy Africa and second, Infinity’s acquisition of Lekela Power B.V.(Lekela), Africa’s largest renewable energy company. AFC’s financing package included a suite of financial products and covered an important portion of the financing envelope. AFC’s partners in Infinity Energy are Infinity WorldWide, the sponsors of the project, Masdar, the renewables energy company of the Government of the UAE and the European Bank for Reconstruction and Development (EBRD).

The deal made AFC and its partners the largest renewable energy provider in Africa, currently operating 1.3 GW of solar and wind power projects in South Africa, Egypt, and Senegal, and an impressive 1.8 GW project pipeline at various stages of development. Infinity powers over 1 million homes across Africa and offsets 2.7 million tons of CO2 per annum, with plans to more than double the capacity of operating assets over the next 4 years.

Commenting on the award, Samaila Zubairu, President & CEO of Africa Finance Corporation, said, "On behalf of everyone at AFC and all our partners, we are very grateful for this important award that recognises our commitment to address Africa's energy crisis in a sustainable and climate responsible manner. The investment in Infinity and acquisition of Lekela Power is one of our many transformational projects that accelerates Africa's instrumental role in reaching global net zero, and builds the foundations upon which value addition, industrialization and economic growth on the continent will emerge."

AFC has been working for 16 years to close Africa’s crippling energy deficit responsibly and efficiently, with development aspirations and resources top of mind. The Corporation has financed over 2,000MW of power generation and has beneficial ownership interests in 485MW, of which 135MW is sourced from renewable energy, including the 44MW Singrobo-Ahouaty Hydroelectric Power project in Côte d'Ivoire and the 60MW Red Sea Power Wind Power Project in Djibouti.

About AFC

AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Sixteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 40 member countries and has invested US$11.5 billion across Africa since inception.

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