The European Bank for Reconstruction and Development has agreed to provide $74.1 million in financing for Infinity Power’s first greenfield wind farm in Egypt, marking a major step in the country’s renewable energy transition.
The 200-megawatt onshore facility will be built in Ras Ghareb and is jointly owned by Infinity Power and Masdar. Construction is expected to begin within weeks.
Once operational, the project will help Egypt meet its target of 10 gigawatts of renewable capacity by 2028 under its flagship Nexus on Water, Food and Energy program.
Financing Structure and Partners
The package includes a senior EBRD loan of up to $60.7 million, a $3.38 million concessional loan from the Green Climate Fund, and an investment grant of up to $10 million.
The EBRD, Egypt’s principal partner under the NWFE program, has brought in co-financing from GCF, France’s Proparco and the Japan International Cooperation Agency.
Together, the lenders aim to accelerate Egypt’s decarbonization push and support broader regional clean energy growth.
Harry Boyd-Carpenter, managing director of the EBRD’s Sustainable Infrastructure Group, said the project showed the strength of global cooperation. “Our collaboration with JICA and Proparco, with crucial support from the GCF, underlines the power of international partnerships in building a more sustainable and inclusive future,” he said.
Boost to Employment and Skills
Besides cutting emissions, the wind farm will provide training opportunities for young engineers through a certified internship program. The scheme will focus on women, aiming to widen their role in Egypt’s growing energy industry.
The project is expected to cut carbon dioxide emissions by 390,000 tonnes each year, furthering Egypt’s climate goals and energy security.
Infinity Power chairman Mohamed Ismail Mansour thanked the financing partners and stressed the importance of public-private collaboration. “Strong partnerships of this kind are vital not only to delivering Egypt’s clean energy ambitions but also to accelerating the wider transition across Africa,” he said.
Infinity Power’s Growth Ambitions
Infinity Power, a joint venture between Egypt’s Infinity and Abu Dhabi-based Masdar, is Africa’s largest renewable energy provider. It currently operates 1.3 gigawatts of wind farms and solar projects across Egypt, Senegal and South Africa, with a pipeline of 16 gigawatts in development.
The company plans to scale up to 10 gigawatts of operational clean power capacity across the continent by 2030, including ventures in solar, wind, hydrogen and grid infrastructure.
EBRD’s Role in Egypt
Egypt, a founding member of the EBRD, has received more than €13.5 billion ($15.88 million) in investments since 2012 across 206 projects. The bank has focused on financial services, agribusiness, manufacturing and sustainable infrastructure, including power, transport and water services.
