By Sam Bridge
Masdar and Infinity Energy, Egypt's renewable energy developer, have agreed to establish a joint venture company
Abu Dhabi-based Masdar and Infinity Energy, Egypt’s renewable energy developer, have agreed to establish a joint venture company.
Infinity Power will develop utility-scale and distributed solar energy and wind power projects in Egypt and Africa.
The agreement was signed at Abu Dhabi Sustainability Week by Masdar CEO Mohamed Jameel Al Ramahi, Infinity Energy managing director and co-founder, Mohamed Elamin Ismail Mansour, and Infinity Energy CEO Nayer Fouad.
“Egypt has demonstrated its commitment to clean energy with the recent inauguration of the world’s largest solar park at Benban and we are proud to support its government to continue to advance the country’s renewable energy programme,” said Al Ramahi.
“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’s 2035 Integrated Sustainable Energy Strategy targets 20 percent of the electricity mix coming from renewables by 2022 and 42 percent by 2035.
Infinity Energy completed the development and construction of Egypt’s first large-scale solar power plant in February 2018, followed by another three plants in Benban Solar Park, which is considered the largest solar park in the world to date.
Infinity Energy now operates its six solar plants with a total capacity of 235MW.
“We are pleased to bring together the experience and resources of Infinity Energy and Masdar to continue our fruitful efforts in the renewable energy sectors in Egypt and Africa, said Mansour.
Africa could meet almost a quarter of its energy needs from indigenous and clean renewable energy by 2030, according to IRENA. Almost half the continent’s population currently has no access to power.
The European Bank for Reconstruction and Development (EBRD) recently committed an investment in Infinity Energy of up to S$60 million in the form of capital increase in the company to finance the development, construction and operation of renewable energy projects and associated ancillary business including electricity distribution and electric vehicle charging stations in Egypt and across Southern and Eastern Mediterranean countries.oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.