EBRD reinforces renewable drive via stake in Egypt’s Infinity Energy
Egypt: The European Bank for Reconstruction and Development is investing $60 M to become a shareholder in an Egyptian private energy company, Infinity Energy, through the issuance of new shares.
The funds will go towards developing the company’s pipeline of renewable energy and electricity distribution projects as well as electric vehicles charging stations.
This investment comes in parallel to the signature of a joint venture agreement between Infinity Energy and Abu Dhabi Future Energy Company (Masdar) under which Masdar will invest in Infinity Energy’s portfolio of renewable assets, and partner with Infinity in upcoming renewable energy projects in Egypt and Africa.
UAE’s Masdar and Egypt’s renewable energy provider Infinity Energy established a joint venture company, Infinity Power, to develop utility-scale solar energy and wind power projects in Egypt and Africa.
The investment will contribute to Egypt’s ongoing energy transition by supporting the growth of renewable energy.
The Egyptian government has pursued energy diversification and liberalisation by facilitating a market for private renewable energy development in recent years. However, access to equity financing remains key to the development of renewable energy in the country.
Source: ESI Africa