US$40mln to speed up renewable energy growth across Africa
The European Bank for Reconstruction and Development (EBRD) invests in Infinity, an Egyptian renewable energy developer.
This brings the Bank’s total equity commitment to US$141.5mln, up from US$101.5mln.
The new capital will support Infinity Power, Infinity’s subsidiary, in delivering approximately 3GW of renewable energy capacity across African markets.
Infinity Power is a joint venture between Egypt’s Infinity and Abu Dhabi’s Masdar and has a portfolio of more than 1.3GW of operational solar and wind projects across Egypt, South Africa and Senegal, and a near-term development pipeline of around 3GW.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the EBRD has invested more than €13.5bln in 207 projects in Egypt.
