PORT LOUIS, Mauritius, March 23, 2023/ -- The Mauritius Commercial Bank Limited ("MCB") (www.MCB.mu) is pleased to announce 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: "MCB would like to thank Infinity Power and its consortium of investors for their trust in MCB's structuring and execution capabilities as joint MLA. We are delighted to have supported Infinity Power on one of the largest African M&A transactions in the renewable energy sector, and we look forward to continue assisting them in their growth strategy in Africa. This transaction also bears testimony to the financial ingenuity of MCB and its partners in bringing adapted solutions to its clients and to promote increased access to clean, affordable and reliable energy in its core markets."

Mohamed Ismail Mansour, Chairman, Infinity Power said, "Having successfully finalized the Lekela acquisition, we will build upon this milestone to reach our target of installing and operating 2 GW of greenfield projects by 2025. With this transaction, we have delivered on the promise made during COP27 of being the fastest-growing renewable energy company in Africa. We continue to drive efforts that reduce carbon emissions, increase renewable energy sources, and develop efficient energy solutions for the entire region, in order to achieve our vision of providing clean, reliable and affordable electricity access to people in underserved communities across Africa."

Bracewell (UK) LLP acted as the lenders' counsel on this transaction.