Infinity, Masdar to invest $750 million in clean energy in Egypt and Africa
Infinity Energy and the UAE’s Masdar are planning to invest USD 750 million in clean and renewable energy in Egypt and other African markets through their new joint venture, Infinity Power, Al Mal reports, citing sources in the know. Infinity Power, which was set up as an equal partnership in January, aims to acquire assets generating 1 GW of clean energy by establishing new wind farms, bidding in new tenders, and acquiring existing projects, the sources said, without providing further details.
Background: The European Bank for Reconstruction and Development became a shareholder in Infinity Energy in January after investing USD 60 million in the company. The new investment is earmarked for developing renewable energy and electricity distribution projects as well as electric vehicles charging stations.