January 16 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) has agreed to invest EUR 60 million (USD 53.8m) in Egyptian energy company Infinity Energy SAE.
The bank will become a shareholder by taking part in a share issuance, it announced on Wednesday.
Thanks to the EBRD funds, Infinity Energy will be able to develop new renewable energy and electricity distribution projects as well as electric vehicle (EV) charging stations.
The deal follows the signature of a joint venture (JV) agreement between Infinity Energy and Abu Dhabi Future Energy Company PJSC, also known as Masdar. That agreement calls for the latter to invest in Infinity Energy’s renewables portfolio in Egypt and the rest of Africa.
The government of Egypt has set a goal to source 20% of its power from renewables by 2022 and 42% by 2035.
(USD 1 = EUR 0.896)