Lekela Power’s CEO, Chris Antonopoulos, announced that the company plans to double its electricity production from renewable energy four times by investing $6 billion by 2026 dedicating $2 billion to invest in Egypt.
In an interview with Bloomberg Al-Sharq, he said that these investments will increase the company’s production from 1.1 gigawatts to more than 4 gigawatts.
According to Bloomberg Al-Sharq, Lekela Power is the largest independent producer of renewable energy in Africa and it is expected to be acquired by Infinity Power Holding which is a joint venture generated from a consortium involving Egypt’s Infinity company, UAE’s Masdar company, African Finance Corporation (AFC) and European Bank for Reconstruction and Development (EBRD).
Antonopoulos added that this transaction will boost the company’s focus on the Middle East region generally and Egypt specifically, noting that the company is looking forward to entering new businesses like green water desalination and green hydrogen production.
Lekela Power Targets to Invest $2 billion in Egypt
Sarah Samir 3750 Posts
Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.
