The European Bank for Reconstruction and Development (EBRD) revealed on Wednesday that it has increased its stake in Egyptian leading renewable energy developer Infinity for an additional commitment of $41.5 million.
EBRD is one of the current shareholders in the company, having invested about $60 million in it in 2020.
The additional financial commitment will support Infinity’s plans to expand inside and outside Egypt and target the company’s pipeline of development and acquisition projects, according to EBRD’s statement.
EBRD indicated that part of the bank’s proceeds will go towards acquiring African renewable energy platform, Lekela Power through Infinity Power Holding, the joint venture between Infinity and the UAE’s Masdar.
The Lekela acquisition will add 1.1 gigawatts (GW) of operational assets and transform Infinity Power into the largest African renewable energy platform, the statement added.
“This step will become one of the largest renewable energy providers in the Middle East and Africa, especially following the Lekela acquisiton,” said, managing director for EBRD’s Sustainable Infrastructure Group Nandita Parshad.
Infinity’s CEO appreciated the support that the EBRD has always given to the company and value this partnership wholeheartedly.
Infiniti has a large portfolio of 184MW operating solar PV power plants in Egypt that will help the government achieve its goal of having 42 percent of its energy mix by 2035 come from renewable energy sources.
