|16 January, 2020

UAE's Masdar, Egypt's Infinity Energy set up JV

Egypt has the potential to supply 53% of its electricity mix from renewables by 2030 according to IRENA

Image used for illustrative purpose. Wind turbines are pictured at Swisswinds farm, Europe's highest wind farm at 2500m, before the topping out ceremony near the Nufenen Path in Gries, Switzerland, September 30, 2016.

Image used for illustrative purpose. Wind turbines are pictured at Swisswinds farm, Europe's highest wind farm at 2500m, before the topping out ceremony near the Nufenen Path in Gries, Switzerland, September 30, 2016.

REUTERS/Denis Balibouse

Abu Dhabi Future Energy Company (Masdar) and Infinity Energy will establish a joint venture company, Infinity Power, to develop utility-scale and distributed solar energy and wind power projects in Egypt and Africa.

The agreement was signed at the Abu Dhabi Sustainability Week by Masdar’s CEO Mohamed Jameel Al Ramahi, Infinity Energy’s Managing Director and Co-founder Mohamed Elamin Ismail Mansour, and Infinity Energy’s CEO Nayer Fouad.

“Egypt has demonstrated its commitment to clean energy with the recent inauguration of the world’s largest solar park at Benban and we are proud to support its government to continue to advance the country’s renewable energy programme,” said Al Ramahi.

Infinity Energy completed the development and construction of Egypt’s first large-scale solar power plant in February 2018, followed by another three plants in Benban Solar Park, which is considered the largest solar park in the world to date.

Egypt’s 2035 Integrated Sustainable Energy Strategy targets 20 per cent of the electricity mix coming from renewables by 2022 and 42 per cent by 2035.

According to the International Renewable Energy Agency (IRENA), the country has the potential to supply 53 percent of its electricity mix from renewables by 2030.

“As Egypt is now envisaged to be a major energy hub in the region, Infinity Power stands at the forefront of developers to bring this vision into reality. Infinity Power will also extend its commitment to our home continent; Africa,” said Mansour of Infinity Energy.

“We believe in Africa’s large growth potential in the power sector and we look forward to implementing renewable energy generation projects where they are needed, and to seeing the positive impacts of these projects on the local communities where they are located,” Mansour added.

(Reporting by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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© ZAWYA 2020

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