The European Bank for Reconstruction and Development (EBRD) has increased its equity stake in Egypt’s renewable energy developer Infinity by US$40 million.
The investment brings EBRD’s total investment in the company to US$141.5 million. According to the company, the funds will help Infinity Power, a subsidiary of Infinity, add around 3GW of renewable capacity across key African markets, the firm said.
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Harry Boyd-Carpenter, managing director of the EBRD’s Sustainable Infrastructure Group, said the investment strengthens the Bank’s partnership with Infinity and supports its goal of advancing large-scale renewable projects that boost energy security and economic growth across Africa. He added that the move marks a key step in expanding Infinity’s presence beyond Egypt and accelerating the continent’s green transition.
Infinity Power, a Cairo-based joint venture between Egypt’s Infinity and Masdar (Abu Dhabi Future Energy Company), is targeting 10GW of operational renewable capacity by 2030. The company currently operates 1.3GW of solar and wind projects across Egypt, South Africa, and Senegal, with a 16GW project pipeline under development, including 1.2GW of solar and 720MWh of storage in Egypt.
Recently, Infinity Power and Hassan Allam Utilities Energy Platform signed power purchase agreements (PPAs) with Egypt’s Ministry of Electricity and Renewable Energy and the Egyptian Electricity Transmission Company (EETC) to develop two renewable energy projects totalling 1.2GW of solar capacity and 720MWh of battery storage. The European Bank for Reconstruction and Development is also a co-owner of the Hassan Allam Utilities Energy Platform, alongside Egypt’s Hassan Allam Utilities and theFrench investment group Meridiam.
The partners signed PPAs earlier this month with the Egyptian ministry and transmission operator for a 200MW solar plant in Benban with 120MWh of storage, targeting operation in Q3 2026, and a 1GW solar project in Minya with 600MWh of storage, set to come online in Q3 2027.
