Infinity revealed that a portion of the funds will be directed towards acquiring African renewable energy platform, Lekela Power, through its subsidiary, Infinity Power Holding
The European Bank for Reconstruction and Development (EBRD) has increased its investment in Egypt’s leading renewable energy developer, Infinity, with an additional $41.5 million on top of its $60 million investment from 2020.
The EBRD’s investment aims to support Infinity’s plan to expand within Egypt and beyond, targeting the company’s pipeline of development and acquisition projects, according to the bank’s statement.
Infinity revealed that a portion of the funds will be directed towards acquiring African renewable energy platform, Lekela Power, through its subsidiary, Infinity Power Holding.
“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 acquisition,” Nandita Parshad, Managing Director for the EBRD’s Sustainable Infrastructure Group, said.
“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,” the company statement added.
Infinity is looking forward to building a sustainable and green future, not only for Egypt but also all of Africa, said co-founder and CEO of Infinity, Mohamed Ismail Mansour.
Infinity is a long-standing EBRD client and Egypt’s leading renewable energy developer with a portfolio of 184 MW operating solar PV power plants in Egypt, and a pipeline of approximately 1.95 GW in the region.
