EBRD increased its equity stake in Infinity, Egypt’s renewable energy developer, through an additional $41.5 million investment. EBRD previously invested $60 million in Infinity in 2020.
The $41.5 million will support Infinity’s plans to expand within Egypt and beyond, targeting the company’s pipeline of development and acquisition projects.
A portion of the Bank’s proceeds will go towards acquiring the African renewable energy platform, Lekela Power, through its subsidiary, Infinity Power Holding, the joint venture established with Masdar. The Lekela acquisition will add 1.1 GW of operational assets and transform Infinity Power into the largest African renewable energy platform.
Non-generation assets such as new electric vehicle (EV) charging points and the electricity distribution network will also benefit from development.
This latest EBRD investment will contribute to Egypt’s ongoing shift to renewable energy and help Infinity in achieving Egypt’s of having 42% of its energy mix come from renewables by 2035.
“We are thrilled to support Egypt’s green economy transition by promoting strong private sector participation in its energy market through our commitment to Infinity Energy, which will see it become one of the largest renewable energy providers in the Middle East and Africa, especially following the Lekela acquisition. Egypt is an energy superpower with substantial solar and wind resources that has the potential to become a regional leader in renewable energy generation,” Nandita Parshad, Managing Director for the EBRD’s Sustainable Infrastructure Group, said.
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