EBRD Raises Stake in Infinity- Egypt's Largest RE Provider

Nov 17, 2022 01:27 PM ET
  • EBRD accepts US$ 41.5 million commitment in Egypt's Infinity
  • Financial investment to finance the growth of renewable resource projects in the area

The European Bank for Reconstruction as well as Advancement (EBRD) has announced that it is raising its equity stake in Infinity, Egypt's biggest renewable energy developer, via an added $ 41.5 million commitment. The EBRD is currently an investor in the business, having actually spent US$ 60 million in 2020.

EBRD stated that $41.5 million will support Infinity's strategies to expand within Egypt and beyond, targeting the firm's pipeline of growth and purchase projects.

A portion of the Bank's proceeds will go towards getting African renewable energy platform, Lekela Power, through its subsidiary, Infinity Power Holding, the joint venture established with Masdar.

EBRD held that the Lekela purchase will add 1.1 GW of operational assets and also change Infinity Power right into the biggest African renewable resource platform. Non-generation assets such as new electric vehicle billing points and the electrical power distribution network will additionally gain from advancement.

This most current EBRD investment will add to Egypt's ongoing shift to renewable energy. Infinity has a considerable pipeline of renewable resource projects in Egypt that will assist the Egyptian federal government attain its objective that by 2035, 42% of its energy mix will certainly originate from renewables.

Nandita Parshad, Handling Director, Sustainable Infrastructure Group, EBRD, said, "We are thrilled to sustain Egypt's green economy shift by advertising strong private sector involvement in its power market through our commitment in Infinity Power, which will see it become one of the biggest renewable resource providers in the center East and also Africa, particularly following the Lekela acquisiton."

Mohamed Ismail Mansour, CEO, Infinity, said, "We value the support that the EBRD has always given us and value this partnership wholeheartedly. It is important for us to companion with the appropriate organisations that absolutely add benefit to our efforts in delivering sustainable power solutions for all. We expect constructing a sustainable and green future, not just for Egypt but also all of Africa, and we intend to achieve this with the valuable support of all our critical partners."

Infinity is a long-standing EBRD client and Egypt's leading renewable resource developer with a profile of 184 MW operating solar PV nuclear power plant in Egypt, as well as a pipe of about 1.95 GW in the area.

Egypt is an establishing member of the EBRD. Considering that the begin of its procedures there in 2012, the EBRD has actually invested more than EUR10 billion in 154 projects.

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