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EBRD press release
EBRD increases stake in Egypt’s Infinity
Additional US$ 41.5 million to finance new renewable energy projects
FOR IMMEDIATE RELEASE
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Date: 16/11/2022
Contact: Nibal Zgheib
Twitter:[@NibalZgheib](https://twitter.com/ebrdtony)
– EBRD approves US$ 41.5 million commitment in Egypt’s Infinity
– Investment to finance the development of renewable energy projects in the region
– Project supports the diversification of Egypt’s energy generation
The EBRD is increasing its equity stake in Infinity, [Egypt](https://www.ebrd.com/where-we-are/egypt/overview.html)’s leading renewable energy developer, through an additional US$ 41.5 million commitment. The EBRD is a current shareholder in the company, having invested US$ 60 million in 2020.
Alongside the remaining original amount, the US$ 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 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.?Infinity has a significant pipeline of renewable energy projects in Egypt that will help the Egyptian government achieve its goal that by 2035, 42 per cent of its energy mix will come from renewables.
Nandita Parshad, Managing Director for the EBRD’s Sustainable Infrastructure Group, said: “We are thrilled to support Egypt’s green economy transition by promoting strong private sector participation in its energy market through our commitment in Infinity Energy, which will see it become one of the largest renewable energy providers in the Middle East and Africa, especially following the Lekela acquisiton. 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.”