The European Bank for Reconstruction and Development (EBRD) has pledged an additional equity investment of USD 40 million (EUR 34.5m) to Egypt’s Infinity to support its subsidiary Infinity Power in delivering around 3 GW of solar and wind projects across key African markets.
The move brings the European lender’s total equity commitment to Infinity to USD 141.5 million and will help its subsidiary expand its footprint beyond Egypt.
Infinity Power is a joint venture between Infinity and Emirati renewables developer Masdar. It 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.
“This continued support from the EBRD underlines our shared vision of a sustainable, fast-growth future for Egypt and Africa. Together, we are helping to unlock immense renewable energy potential – delivering projects that create jobs, strengthen energy security, and enable long-term economic growth,” said Mohamed Ismail Mansour, Chairman of Infinity Power.
At the end of October, Infinity Power secured USD 153 million to achieve financial close on its first greenfield wind farm in Egypt, the 200-MW Ras Ghareb project. The financing was provided by the EBRD, Paris-based Proparco, and the Japan International Cooperation Agency (JICA).