Masdar and Egypt’s Infinity Energy to form renewables joint venture

The new company to develop solar and wind projects in Egypt and Africa

ABU DHABI, UNITED ARAB EMIRATES. 16 JANUARY 2019. The Abu Dhabi Sustainable Finance Forum at WFES as part of the Abu Dhabi Sustainability Week. Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar Obaid Al Zaabi, CEO, Securities and Commodities Authority, UAE. (Photo: Antonie Robertson/The National) Journalist: Sarmad Khan. Section: Business.
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Abu Dhabi’s clean energy company Masdar and Egypt’s Infinity Energy agreed to establish a joint venture to develop renewable energy projects in Egypt and Africa.

The new firm named Infinity Power will develop utility-scale solar and wind power projects for clean energy generation in wider African continent.

“The establishment of Infinity Power will bolster the progress Egypt has made in renewable energy and catalyse further development in the region,” Masdar chief executive Mohamed Al Ramahi said on Thursday. “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.”

Infinity Energy completed the development and construction of the country’s first large-scale solar power plant in February 2018, followed by another three plants in Benban Solar Park, considered as the largest solar park in the world to date. Infinity Energy currently operates six solar plants with a total capacity of 235 Megawatt peak (MWp).

The European Bank for Reconstruction and Development recently committed an investment of up to $60 million (Dh220.3m) in Infinity Energy to finance the development, construction and operation of renewable energy projects and other associated businesses including electricity distribution and electric vehicle charging stations in Egypt and across Southern and Eastern Mediterranean countries.

In 2018, Infinity Energy established Infinity-e to provide charging solutions for electric vehicles. Infinity-e aims to have more than 100 charging stations operational by the end of 2020, of which 15 stations are already operational and cover all main highways and roads in Egypt.

“As Egypt is now envisaged to be a major energy hub in the region, Infinity Power stands at the forefront of developers to bring this vision into reality. Infinity Power will also extend its commitment to our home continent, Africa,” said Infinity Energy managing director and co-founder Mohamed Elamin Ismail Mansour.

Egypt, the most populous country in the Arab world and third most populous in Africa, is targeting 20 per cent of the electricity mix coming from renewables by 2022 and 42 per cent by 2035.

The country, which has North Africa's largest economy, has the potential to supply 53 per cent of its electricity mix from renewables by 2030, according to an analysis by the International Renewable Energy Agency (IRENA).