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African developer Lekela appoints new CFO

AFRICA: Renewable power generation company Lekela has appointed the former finance director of independent power producer Globeleq as its new chief financial officer.

Michael Parsons is the new CFO at Lekela, a a joint venture between a consortium led by investment firm Actis (60%) and developer Mainstream Renewable Power (40%)
Michael Parsons is the new CFO at Lekela, a a joint venture between a consortium led by investment firm Actis (60%) and developer Mainstream Renewable Power (40%)

Michael Parsons will be responsible for all of Lekela’s financial matters, sit on the company’s executive committee and serve as a director on its operating subsidiary boards.

While at Globeleq, he was responsible for managing the company’s finance function, establishing new businesses and strategic projects and overseeing existing operations across Africa, Lekela said. 

Lekela, a joint venture between investment firm Actis (60%) and a Mainstream Renewable Power-led consortium (40%), is currently developing several wind farms across Africa.

"The opportunities for the continent’s renewable sector are huge and I am please to joint the team at an exciting time as several projects move towards financial close," Parsons said.

Parsons previously held accounting and finance roles at Actis, African investors CDC Group, merchant banking group Close Brothers Group, and UK bank Natwest.

Chris Antonopoulos, CEO at Lekela, said: "His variety of senior financial roles combined with his expertise in the African energy sector makes him a great addition to Lekela.

"Michael’s strong track record of project management teamed with business development will be particularly valuable for Lekela, as our pipeline of projects in South Africa, Ghana, Senegal and Egypt progresses."

Lekela's pipeline includes the 250MW Gulf of Suez project in Egypt, the 225MW Ayitepa wind farm in Ghana, and the 158MW Taiba N’Diaye site in Senegal — which is the country’s first utility scale wind farm and is nearing financial close.

The company has a 610MW portfolio of wind projects in South Africa, according to the developer.

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