Abu Dhabi’s clean energy company Masdar and Egypt’s Infinity Energy have established a joint venture to develop solar and wind projects. These projects will be set up in Egypt and Africa, the media reports said.
The European Bank for Reconstruction and Development (EBRD) agreed to invest up to $60 million in Infinity Energy. The funds will be used to finance renewable energy projects and other ventures including electricity distribution and electric vehicle charging stations in Egypt as well as Southern and Eastern Mediterrenean countries.
The new joint venture will be called Infinity Power. Infinity Power will work on renewable energy projects to further boost sector development in Egypt and Africa. The projects will be set up in energy starved areas in Africa.
Masdar Chief Executive Mohamed Al Ramah told the media that, “The establishment of Infinity Power will bolster the progress Egypt has made in renewable energy and catalyse further development in the region. We look forward to working with Infinity Energy to unlock opportunities to further Egypt’s renewable energy goals and extend energy access to those areas of Africa that are under-powered.”
Egypt government plans to source 20 percent of its electricity from renewable energy by 2020 and 42 percent by 2025. The country has a potential to supply 53 percent of electricity from renewable energy by 2020, according to International Renewable Energy Agency (IRENA).
Infinity Energy has already established itself as a large developer of renewables in Egypt.
The company completed Egypt’s first large-scale solar power plant in 2018. Currently, it operates six solar plants with a total capacity of 235 megawatts, the media reports said.