Masdar, Infinity Energy form JV for renewable projects in Egypt and Africa
JV will develop utility-scale and distributed solar energy and wind power projects in Egypt and Africa
UAE’s Masdar and Egypt’s renewable energy provider, Infinity Energy have announced their decision to establish a joint venture company, Infinity Power, to develop utility-scale solar energy and wind power projects in Egypt and Africa.
Egypt’s 2035 Integrated Sustainable Energy Strategy targets 20 per cent of the electricity mix coming from renewables by 2022 and 42 per cent by 2035. According to an analysis by the International Renewable Energy Agency (IRENA), the country has the potential to supply 53 per cent of its electricity mix from renewables by 2030.
Masdar’s CEO, Mohamed Jameel Al Ramahi, said that Egypt has demonstrated its commitment to clean energy with the recent inauguration of the world’s largest solar park at Benban and that they are proud to support its government in continuing to advance the country’s renewable energy programme.
“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,” he added.
Infinity Energy is currently operating six solar plants with a total capacity of 235 MWp, and is the leading renewable energy developer in Egypt. It has completed the development and construction of Egypt’s first large-scale solar power plant in Q1 2018, followed by another three plants at the Benban Solar Park.
Meanwhile, Mohamed Elamin Ismail Mansour, managing director and co-founder at Infinity Energy, said: “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. 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.”
He continued: “Infinity Power will also extend its commitment to our home continent- Africa. We believe in Africa’s large growth potential in the power sector and we look forward to implementing renewable energy generation projects where they are needed, and to seeing the positive impacts of these projects on the local communities where they are located.”
IRENA also stated that Africa could meet almost a quarter of its energy needs from indigenous and clean energy by 2030, and that the development of renewable energy projects under the JV aims to improve energy access while boosting economic development, creating jobs and improving healthcare.
Additionally, the European Bank for Reconstruction and Development has recently committed to an investment of up to $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. These included electricity distribution and electric vehicle charging stations in Egypt and across Southern and Eastern Mediterranean countries.
