The European Bank for Reconstruction and Development (EBRD) has announced an additional equity investment of US$40mn in Infinity, Egypt’s leading developer of renewable energyIt brings the bank’s total equity commitment to US$141.5mn, up from US$101.5mn.The new capital will support Infinity Power, Infinity’s subsidiary, in delivering approximately 3 gigawatts (GW) of renewable energy capacity across key African markets.An EBRD client for many years, Infinity is Egypt’s leading renewable energy developer, operating across Africa through its subsidiary Infinity Power.Infinity Power — a joint venture between Egypt’s Infinity and Abu Dhabi’s Masdar — has a portfolio of more than 1.3 GW of operational solar and wind projects across Egypt, South Africa and Senegal, and a near-term development pipeline of around 3 GW.The company targets solar, wind, as well as green hydrogen, battery storage and transmission grid projects across the continent, aiming for 10 GW of operational capacity by 2030.“This continued support from the EBRD underlines our shared vision of a sustainable, fast-growth future for Egypt and Africa,” said Mohamed Ismail Mansour, Infinity’s chairman.“Together, we are helping to unlock immense renewable energy potential – delivering projects that create jobs, strengthen energy security and enable long-term economic growth.”The follow-on investment reflects the EBRD’s continued support for private sector-led renewable energy development in Africa and aligns with its strategic priorities of promoting green transition and sustainable infrastructure.“We are very pleased to strengthen our partnership with Infinity and support its efforts to deliver large-scale renewable energy projects that will contribute to energy security, decarbonisation and economic development across the continent,” said Harry Boyd-Carpenter, managing director of the EBRD’s Sustainable Infrastructure Group.“Beyond Egypt, this new investment marks an exciting step in expanding Infinity’s footprint across Africa, where we see tremendous potential to scale up solar and wind generation. Together, we aim to bring clean, reliable and affordable energy to fast-growing economies and to drive the continent’s green transformation.”Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the bank has invested more than €13.5bn in 207 projects.Read more:
Infinity Power lands EBRD cash for Africa expansion
Infinity is scaling up its African clean energy portfolio
