The Mauritius Commercial Bank Limited supported Infinity Renewable Energy BV
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Les archives de Maurice Info
The Mauritius Commercial Bank Limited has announced that it has acted as joint Mandated Lead Arranger (MLA) in relation to an initial senior loan facility to support Infinity Power on its acquisition of Lekela Power.
Infinity Power is a joint venture between Egypt’s Infinity and UAE’s Masdar. The transaction makes Infinity Power the largest renewable energy company on the African continent. Infinity’s key stakeholders include Africa Finance Corporation (AFC) and the European Bank for Reconstruction and Development (EBRD).
Lekela Power is Africa’s largest renewable energy company with an aggregate installed capacity in excess of 1 gigawatt (GW), comprising world-class utility-scale wind energy projects located in South Africa, Egypt and Senegal. Established in 2015, Lekela Power was a joint venture between Actis (60%) and Mainstream Renewable Power Africa Holdings (40%).
The senior loan facility was a highly bespoke and innovative financing solution for the borrower, accommodating the complexities and challenges associated with a cross jurisdictional portfolio financing, the structural subordination with respect to the existing international project financing of the underlying assets, and the intricacies of each project.
This transaction adds to the momentum of MCB’s broad strategy to expand its renewable energy loan portfolio and to participate in the financing of African energy projects that will contribute in the transition towards cleaner energy source, as well as the improvement of the electrification rate on the continent.
Mr. Zaahir Sulliman, Head of Specialised Finance, MCB said:
Mohamed Ismail Mansour, Chairman, Infinity Power said,