Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) has invested a total of $60 million in the Egyptian private energy firm, Infinity Energy.
The funding will be used to develop the company’s planned renewable energy and electricity distribution projects, along with electric vehicle charging stations, according to a statement on Wednesday.
The investment has made EBRD a shareholder in the Egyptian energy company through the issuance of new shares.
It is noteworthy that Infinity Energy and Abu Dhabi Future Energy Company (Masdar) have recently signed an agreement to establish a new joint venture (JV).
Under the deal, the UAE's company will join forces with Infinity to set up renewable energy projects in Egypt and Africa.
The Egyptian government announced that it aims to generate 20% of its electricity from renewable resources by 2022 and 42% by 2035.
Since the commencement of its operations in Egypt in 2012, EBRD has invested more than EUR 5.8 billion in 105 projects.
