Infinity gets USD 153m for its 1st greenfield wind project in Egypt

Africa-focused renewable energy company Infinity Power has obtained USD 153 million (EUR 131.5m) in senior debt to achieve financial close on its first greenfield wind farm in Egypt, the 200-MW Ras Ghareb project, which entered into construction in September.

The financing was provided by the European Bank for Reconstruction and Development (EBRD), Paris-based Proparco, and the Japan International Cooperation Agency (JICA).

Ras Ghareb is located in the Gulf of Suez. Once operational, it will produce about 810,000 MWh of clean power annually, enough to meet the needs of more than 300,000 homes and cut around 390,000 tonnes of CO2 annually.

Power Construction Corporation of China (POWERCHINA) is the engineering, procurement, and construction (EPC) contractor for the project, which is expected to go live in 2027.

Infinity, a portfolio company of Africa Finance Corporation (AFC), has 14 operational wind and solar assets totalling 1.3 GW. The company, which has advanced developments underway in South Africa, Cote d’Ivoire, Egypt, and Senegal, targets 10 GW by 2030.

“Since 2022, AFC has been successfully backing Infinity Worldwide in partnership with Masdar and EBRD to create Africa’s largest renewable energy platform,” said Sameh Shenouda, Executive Board Member and CIO at AFC.