Masdar, Infinity Energy create JV to drive renewable energy projects in Egypt
Egypt country has the potential to supply 53% of its electricity mix from renewables by 2030, according to analysis by the International Renewable Energy Agency (IRENA).
Masdar, the Abu Dhabi-owned energy company, and Infinity Energy, Egypt’s leading renewable energy developer, have agreed to establish a joint venture (JV) company, Infinity Power, to 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 Masdar CEO Mohamed Jameel 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,” said Al Ramahi.
Egypt’s 2035 Integrated Sustainable Energy Strategy targets 20% of the electricity mix coming from renewables by 2022 and 42% by 2035.
The country has the potential to supply 53% of its electricity mix from renewables by 2030, according to analysis by the International Renewable Energy Agency (IRENA).
Infinity Energy is the leading renewable energy developer in Egypt, having 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 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,” said Infinity Energy managing director and co-founder Mohamed Elamin Ismail Mansour.
Africa could meet almost a quarter of its energy needs from indigenous and clean renewable energy by 2030, according to IRENA.
The development of renewable energy projects under the JV aims to improve energy access, while boosting economic development, creating jobs and improving healthcare services, particularly in the most remote areas. 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 $60million 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 (SEMED) countries.
Infinity Energy also established Infinity-e in 2018 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.