The European Bank for Reconstruction and Development (EBRD) is increasing its stake in Egypt’s leading renewable energy developer, Infinity, with an additional $41.5 million commitment.
In 2020, the EBRD had already invested US$60 million in Infinity. The current US$41.5 million and the remainder of the EBRD’s original amount will support Infinity’s expansion plans within Egypt and beyond.
One of Infinity’s current business plans is to acquire Africa’s renewable energy platform, Lekela Power, through its subsidiary, Infinity Power Holding, the joint venture formed with Masdar. This acquisition will add 1.1 GW of working capital and transform Infinity Power into Africa’s largest renewable energy platform.
This EBRD investment will contribute to Egypt’s transition to renewable energy.
We are pleased to support Egypt’s transition to a green economy by encouraging strong private sector participation in its energy market through our involvement with Infinity Energy, which will make the company one of the largest renewable energy providers in the Middle East and Africa, especially after the acquisition of Lekela.
—said Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group.
Infinity has a significant pipeline of renewable energy projects in Egypt that will help the Egyptian government achieve its goal By 2035, 42% of the energy mix will come from renewable sources.
To date, Infinity has a portfolio of 184 MW of operational solar PV power plants in Egypt and a pipeline of approximately 1.95 GW in the region.
Egypt is a founding member of the EBRD. Since operating there in 2012, the EBRD has invested more than US$10 billion in 154 projects. As the host country of COP27, Egypt has announced the delivery of a package of milestone solar projects to show official determination and support to mitigate climate change. “Egypt is an energy superpower with significant solar and wind resources that has the potential to become a regional leader in renewable energy generation,” added Parshad.