The EBRD is increasing its equity stake in Infinity, Egypt’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.