The European Bank for Reconstruction and Development (EBRD) announced in a statement published on the bank’s website on October 14, 2019, its intention to invest $60 million in the Egypt-based firm, Infinity Energy.
EBRD added that the equity investment in Infinity is to finance the development, construction, and operation of renewable energy projects.
Moreover, the bank plans to invest in electricity distribution and electric vehicle (EV) charging stations in Egypt and across the Southern and Eastern Mediterranean region (SEMED).
EBRD pointed out that the project came in line with the efforts undertaken by the bank to scale up renewable energy penetration in Egypt’s energy mix, noting that it will promote the liberalization of the electricity sector by supporting the private-to-private (merchant) renewable energy segment.
EBRD clarified that the status of the project’s financing has passed the structure review and is pending final review, highlighting that the target board date will be November 27, 2019.