Africa Finance Corporation (AFC), Africa’s leading infrastructure solutions provider, has been named Deal of the Year – Equity at the African Banker Awards 2023 ceremony in Sharm El Sheikh, Egypt. The African Banker Awards, now in their 17th year, honor individuals and institutions who have made significant contributions to the growth and development of Africa’s banking sector over the preceding 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.