The European Bank for Reconstruction and Development (EBRD) is increasing its equity stake in Egypt's leading renewable energy developer, Infinity, through an additional US $41.5 million commitment.
In 2020, the EBRD had already invested US $60 million in Infinity. The current US $41.5 million and the EBRD's remaining original amount will support Infinity's plans to expand 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 established with Masdar. This acquisition will add 1.1 GW of operational assets and transform Infinity Power into Africa's largest renewable energy platform.
This EBRD investment will contribute to Egypt's transition to renewable energy.
—said Nandita Parshad, Managing Director for 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 of realizing 42% of its energy mix comes from renewable sources by 2035.
To date, Infinity has a portfolio of 184 MW operating 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 its operations 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 demonstrate official determination and support to mitigate climate change. "Egypt is an energy super power with substantial solar and wind resources that has the potential to become a regional leader in renewable energy generation," added Parshad.