{"id":74851,"date":"2022-11-17T02:12:15","date_gmt":"2022-11-17T02:12:15","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/ebrd-increase-stake-in-egypts-infinity-with-usd-41-5-mn-investment\/"},"modified":"2022-11-17T02:12:15","modified_gmt":"2022-11-17T02:12:15","slug":"ebrd-increase-stake-in-egypts-infinity-with-usd-41-5-mn-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/ebrd-increase-stake-in-egypts-infinity-with-usd-41-5-mn-investment\/","title":{"rendered":"EBRD increase stake in Egypt\u2019s Infinity with USD 41.5 mn investment"},"content":{"rendered":"

<\/a> EBRD ups stake in Egypt\u2019s Infinity:<\/strong> The European Bank for Reconstruction and Development (EBRD) is increasing its stake in Egyptian-headquartered renewable energy player Infinity<\/a> through a USD 41.5 mn investment, the bank said in a statement<\/a> yesterday. The EBRD did not disclose the size of its stake in Infinity following the investment. The bank had previously become a shareholder after investing USD 60 mn<\/a> in the company in 2020. Our friends at Infinity declined to comment on the transaction when we spoke yesterday.<\/p>\n

Where will the funding go? <\/strong>Primarily toward Infinity\u2019s expansion plans in Egypt and other countries, as well as potential acquisitions, the statement said. An undisclosed portion of the funding will be used for Infinity\u2019s acquisition of African renewables player Lekela Power<\/a>, which is expected to close in 1Q 2023.<\/p>\n

EBRD is a longtime investor in the regional renewables sector \u2014 and has stepped up its <\/strong>already-significant commitment to Egypt:<\/strong> The news comes days after the lender committed<\/a> USD 1.3 bn including \u201cUSD 1 bn of private renewable finance, USD 300 mn in sovereign finance and grants of USD 3 mn from its shareholder special fund,\u201d to help Egypt decarbonize its power infrastructure and install new renewable energy capacity. The lender is heading up the energy pillar in Egypt\u2019s newly-launched Nexus on Water, Food and Energy (NWFE).<\/p>\n

2 GREEN HYDROGEN FACILITIES<\/strong><\/p>\n

Infinity subsidiary Infinity Power, is building two<\/strong> green hydrogen production plants<\/strong>, one in Egypt\u2019s Suez Canal Economic Zone and the other on the Mediterranean, as part of a consortium including Egypt\u2019s Hassan Allam Utilities and UAE\u2019s Masdar, the company said in a statement (pdf)<\/a> yesterday. The plants will produce up to 480k tons of green hydrogen a year, with the SCZone facility set to be the first to come online in 2026.<\/p>\n

The two facilities together have an electrolyzer capacity of 2 GW<\/strong>, with a target to extend it to up to 4 GW by 2030 to produce green ammonia for export, the statement said, adding that it could also supply green hydrogen to local industries.<\/p>\n","protected":false},"excerpt":{"rendered":"

EBRD ups stake in Egypt\u2019s Infinity: The European Bank for Reconstruction and Development (EBRD) is increasing its stake in Egyptian-headquartered renewable energy player Infinity through a USD 41.5 mn investment, the bank said in a statement yesterday. The EBRD did not disclose the size of its stake in Infinity following the investment. The bank had […]<\/p>\n","protected":false},"author":1,"featured_media":74852,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[390,249,11,360,516,1282,660,79,88],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-ebrd","tag-energy","tag-enterpriseclimate","tag-infinity","tag-investment","tag-lekela-power","tag-ma","tag-ma-watch","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"b951914f-8f47-4484-8ab2-5bf744e03c0d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/ebrd-1600px.jpg","photo_position":"above","related_issue":[74847],"teaser":"","voice_url":""},"yoast_head":"\nEBRD increase stake in Egypt\u2019s Infinity with USD 41.5 mn investment - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/17\/ebrd-increase-stake-in-egypts-infinity-with-usd-41-5-mn-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EBRD increase stake in Egypt\u2019s Infinity with USD 41.5 mn investment\" \/>\n<meta property=\"og:description\" content=\"EBRD ups stake in Egypt\u2019s Infinity: The European Bank for Reconstruction and Development (EBRD) is increasing its stake in Egyptian-headquartered renewable energy player Infinity through a USD 41.5 mn investment, the bank said in a statement yesterday. 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