November 17, 2022

EBRD increases equity stake in Infinity with $41.5M additional investment


Arab Finance: The European Bank for Reconstruction and Development (EBRD) is raising its equity stake in Infinity, Egypt's largest renewable energy provider, through an additional investment of $41.5 million, the international bank revealed on its website on November 16th.

Through this investment, EBRD will back the Egyptian company’s plans to expand within Egypt and beyond through a number of development and acquisition projects.

This commitment will build on Egypt’s ongoing transition to renewable energy.

“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.

“We look forward to building a sustainable and green future, not only for Egypt but also all of Africa, and we aim to achieve this through the valuable support of all our strategic partners,” Mohamed Ismail Mansour, co-founder and CEO of Infinity, said.

A part of the bank’s proceeds will be directed to the acquisition of the African renewable energy platform Lekela Power through its subsidiary Infinity Power Holding, the joint venture (JV) with Masdar.

In 2020, EBRD has made investments worth $60 million in Infinity as a shareholder in the company.

Infinity has a solid pipeline of renewable energy projects in Egypt that will aid the Egyptian government to bring the contribution of renewable energy to the energy mix to 42% by 2035.

arabfinance


Categories : banking

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