The European Bank for Reconstruction and the Development (EBRD) announced on Monday an additional investment of 40% million dollars in equity in Infinity, the main developer of renewable energies from Egypt, bringing the Bank's total commitment by equity at $141.5 million.

This follow-up investment is a testament to the continued support of the EBRD to the development of renewable energies led by the private sector in Africa and is part of its strategic priorities of promoting ecological transition and sustainable infrastructures.

EBRD customer for many years, Infinity is the main renewable energy developer in Egypt, operating in all Africa through its subsidiary Infinity Power.

Infinity Power, a joint venture between Egyptian firm Infinity and Abu Dhabi Masdar, has a portfolio of more than 1.3 GW of solar and wind projects operational in Egypt, South Africa and the Senegal, and a short-term development pipeline of around 3 GW. Thanks to its expanding network, Infinity Power continues to provide clean energy, reliable and affordable that stimulates growth, improves access to energy and advances the ecological transition of the African continent.

Mohamed Ismail Mansour, president of Infinity Power, has said: “This continued support from the EBRD underlines our shared vision of a a sustainable and high-growth future for Egypt and Africa. Together, we contribute to unlocking immense energy potential renewable, by carrying out projects that create jobs, strengthen the energy security and enable long-term economic growth.”

Harry Boyd-Carpenter, managing director of EBRD Sustainable Infrastructure Group, said: “We are delighted to strengthen our partnership with Infinity and support its efforts for the implementation of large-scale renewable energy projects, which will contribute to energy security, decarbonization and development economy of the continent. Beyond Egypt, this new investment marks an important step in Infinity's development in Africa, where we see considerable potential for the expansion of solar energy production and wind turbine. Together, we aim to provide clean energy, reliable and affordable to fast-growing economies and to boost the ecological transition of the continent.”