Lekela Power Acquisition, Valuation, Funding & Investors

Lekela Power was acquired by Infinity Power Holding for $1.5B in March 2023.

Lekela Power acquisition price

$1.5B

Acquired by Infinity Power Holding · Mar 2023

Cumulative funding Lekela Power raised

$118M

across 1 funding round

Key investors in Lekela Power

  • International Finance Corporation
  • Actis
  • Sanlam
  • Ascension Investment Management

Lekela Power Overview

About Lekela Power

Lekela Power is a Cairo-headquartered renewable energy developer operating utility-scale wind farms in Egypt's Gulf of Suez with 580 MW capacity and solar projects in South Africa. It supplies power under 25-year PPAs to Egyptian Electricity Holding Company and Eskom. The firm advances 1 GW pipeline in Morocco and Nigeria since 2015.


Founded

2015

HQ

United KingdomLondon

Website

lekela.com

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.5B (acquired Mar 2023)

Lekela Power Acquisition

Lekela Power was acquired by Infinity Power Holding for $1.5B on 20 March 2023.

Before the acquisition Lekela Power had raised $118M across 1 funding round.

Infinity Power, a joint venture between Egypt's Infinity and UAE's Masdar, completed the acquisition of 100% of Lekela Power on March 20, 2023, from Mainstream Renewable Power and Actis. Lekela Power is Africa's largest pure-play renewable energy independent power producer, operating over 1 GW of wind assets across South Africa (624 MW), Egypt (252 MW), and Senegal (159 MW), with a 1.8 GW development pipeline in Egypt, Ghana, and Senegal. The transaction, valued at an enterprise value of approximately US$1.5 billion and generating net proceeds of US$90 million to Mainstream, combines with Infinity's assets to create a 1.3 GW operational portfolio and 13.8 GW pipeline, positioning Infinity Power as Africa's largest renewable energy company. The deal was funded through equity from shareholders including Africa Finance Corporation (AFC) and European Bank for Reconstruction and Development (EBRD), plus debt from Absa Corporate and Investment Banking and Mauritian Commercial Bank. It fulfills Infinity Power's COP27 commitment to rapid growth in African renewables, targeting 2 GW of new greenfield projects by 2025. Sellers Actis and Mainstream highlighted Lekela's sustainability leadership, rated top globally by Sustainalytics in 2021 for ESG among utilities, and its role in avoiding 3.4 million tons of CO2 emissions annually while powering 1.2 million homes.

Lekela Power acquisition details
AcquirerDateTypePrice
  • Infinity Power Holding
20 Mar 2023Strategic M&A$1.5B

Lekela Power Funding History

Lekela Power has raised a total of $118M across 1 funding round.

Lekela Power funding rounds

Lekela Power funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2016Undisclosed stageInternational Finance Corporation (lead); Ascension Investment Management; Actis; Sanlam$118MLekela Power is a pan-African renewable energy generation platform launched in February 2015 by Mainstream Renewable Power and Actis to develop 700-900 megawatts of wind and solar power across Africa by 2018. It incorporated South Africa's 360 MW wind farms in the Northern Cape, awarded under the Renewable Energy Procurement Programme and expected to reach commercial operation in 2016, plus a pipeline including Ghana's 225 MW Ayitepa wind project. Lekela acquired development rights to Senegal's Taiba N'Diaye wind farm in June 2016 and engaged consultants for land resettlement planning. Chris Antonopoulos served as CEO at launch. The platform later developed projects like Egypt's 250 MW West Bakr Wind Farm, Senegal's 158 MW Taiba N’Diaye, and several South African wind farms including 140 MW Loeriesfontein 2 (2015), 80 MW Noupoort (2016), 110 MW Perdekraal East, 140 MW Kangnas, and Khobab.

Who has invested in Lekela Power?

4 investors have backed Lekela Power across its funding rounds, including International Finance Corporation, Actis, Sanlam and Ascension Investment Management.

Lead investors include International Finance Corporation.


Lekela Power Investors

Investors in Lekela Power by funding rounds participated
InvestorHQRoundsRoleFirst check
Ascension Investment ManagementUnited StatesSaint Louis, MO1ParticipantJun 2016
ActisUnited KingdomLondon1ParticipantJun 2016

This data is available for Pro users. Sign up to see all 4 Lekela Power investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Lekela Power Competitors

Lekela Power competitors include listed companies like Econergy, Birlesim Grup Enerji, CropEnergies and CleanMax, and private ones like Fervo Energy and EGPE Solar.

Public and private companies comparable to Lekela Power
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EconergyUnited KingdomUnited KingdomPublicly listed$11M($64M)$1.5B-
Birlesim Grup EnerjiTurkeyTurkeyPublicly listed$31M$15M$1.5B-
CropEnergiesGermanyGermanyPublicly listed$5M($41M)$1.4B1.1x
CleanMaxIndiaIndiaPublicly listed$199M$125M$1.6B10.8x
Fervo EnergyUnited StatesHouston, TXPrivate--$1.4B-
EGPE SolarSpainSpainPrivate--$2B-

Lekela Power Public Comps

Lekela Power is no longer listed, but its public comps include Econergy, Romande Energie, Birlesim Grup Enerji, Premier Energy, B.Grimm Power, Dorchester Minerals, Natural Resources, CS Wind, CropEnergies and Infortar.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Econergy$11M($64M)205.8x-(34.8x)-
Romande Energie$960M$231M1.9x1.9x7.9x9.4x
Birlesim Grup Enerji$31M$15M50.6x-103.3x-
Premier Energy$2B$193M0.9x0.9x9.2x9.2x
B.Grimm Power$1.7B$399M3.4x3.2x14.3x13.3x
Dorchester Minerals$153M$124M9.1x-11.2x-
Natural Resources$202M$159M7.1x-9.1x-
CS Wind$2.1B$205M1.0x1.1x10.6x6.7x

This data is available for Pro users. Sign up to see all Lekela Power competitors and their valuation data.

Start Free Trial

Common questions about Lekela Power

When was Lekela Power founded?Lekela Power was founded in 2015.
Where is Lekela Power headquartered?Lekela Power is headquartered in London, United Kingdom.
Is Lekela Power publicly listed?No, Lekela Power was acquired by Infinity Power Holding in March 2023.
Who acquired Lekela Power?Lekela Power was acquired by Infinity Power Holding in March 2023.
How much was Lekela Power acquired for?Lekela Power was acquired for $1.5B in March 2023.
How much funding has Lekela Power raised?Lekela Power has raised $118M across 1 funding round.
What was Lekela Power's last funding round?Lekela Power's last funding round was a $118M undisclosed-stage round in June 2016, led by International Finance Corporation.
Who are Lekela Power's investors?Lekela Power's investors include Ascension Investment Management, Actis, International Finance Corporation and Sanlam.
Which companies are comparable to Lekela Power?Companies comparable to Lekela Power include Econergy, Birlesim Grup Enerji, CropEnergies, CleanMax, Fervo Energy and EGPE Solar.

See companies similar to Lekela Power

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial