Dubai: Masdar and Egypt’s Infinity Energy announced a deal on Thursday to establish a joint venture company that will develop solar energy and wind power projects.
The joint venture will be called Infinity Power and will work on energy projects in Egypt and Africa. The agreement was signed at Abu Dhabi Sustainability Week.
Mohammed Jameel Al Ramahi, chief executive officer of Masdar, said the new company will bolster Egypt’s progress in renewable energy and boost development in the region. He said that Infinity Power will extend energy to areas in Africa that are under-powered.
Egypt’s government is aiming to get 20 per cent of its electricity mix from renewable energy by 2020 and 42 per cent from renewables by 2035.
Infinity Energy is already a large developer of renewables in Egypt, having completed the development and construction of Egypt’s first large-scale solar power plant in February 2018. Currently, Infinity Energy operates six solar plants with a total capacity of 235 megawatts peak.
Infinity said in a statement that it sees large growth potential in Africa’s power sector. According to research from the International Renewable Energy Agency (Irena), Africa could meet almost a quarter of its energy needs from indigenous and clean renewable energy by 2030.
The European Bank for Reconstruction and Development recently committed an investment in Infinity Energy of up to $60 million in the form of capital increase in the company to finance the development of renewable energy projects.