The European Bank for Reconstruction and Development (EBRD) has announced that it intends to put a $60m equity investment in Egypt’s Infinity Energy SAE to its board on 27 November. The investment will finance the development, construction and operation of a pipeline of solar PV and onshore wind power projects in Egypt and across the southern and eastern Mediterranean, as well as related businesses, worth a combined $203m.
The EBRD is looking in particular to support the liberalisation of the electricity sector in Egypt by backing projects supplying private industry and businesses.
Infinity already has a portfolio of six solar projects operating in Egypt. It had a 1MW project in 6 October City approved in the first round of the country’s feed-in tariff programme, alongside a 50MW project at the giant Benban solar complex. Two 50MW, one 30MW, and one 3MW projects were approved in the second round, all of which are located at Benban and have been operating since Q2 this year.
The EBRD has confirmed that Infinity’s existing projects are compliant with national legislation and the bank’s performance requirements, although work is being done on environmental, social, health and safety management systems.
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