Masdar, Infinity Energy to form JV for renewable projects in Egypt
The JV company aims to develop utility-scale and distributed solar energy and wind power projects in Egypt and Africa
UAE-based renewable energy company Abu Dhabi Future Energy Company (Masdar) and Egypt’s renewable energy developer Infinity Energy have agreed to establish a joint venture (JV) company to develop utility-scale and distributed solar energy and wind power projects in Egypt and Africa.
The deal was inked by the chief executive officer of Masdar, Mohamed Jameel Al Ramahi; the managing director and co-founder of Infinity Energy, Mohamed Elamin Ismail Mansour; and the CEO of Infinity Energy, Nayer Fouad, at the Abu Dhabi Sustainability Week (ADSW), which is being held from 11-18 January, at the Abu Dhabi National Exhibition Centre (ADNEC)
Infinity Energy, which currently operates six solar PV assets with a cumulative capacity of 235 MWp in Egypt, completed the development and construction of Egypt’s first large-scale solar power plant in February 2018, followed by another three plants in the Benban Solar Park, which is touted as the largest solar park in the world.
Egypt’s 2035 Integrated Sustainable Energy Strategy calls for the production of 20% of the nation’s electricity mix from renewables by 2022, and 42% by 2035.
According to the International Renewable Energy Agency (IRENA), Egypt has the potential to supply 53% of its electricity mix from renewables by 2030.
Commenting on the deal, Al Ramahi said: “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.”
Al Ramahi added: “The establishment of Infinity Power will bolster the progress Egypt has made in renewable energy and catalyse further development in the region. We look forward to working with Infinity Energy to unlock opportunities to further Egypt’s renewable energy goals and extend energy access to those areas of Africa that are under-powered.”
Meanwhile, Africa could meet approximately 25% of its energy needs from indigenous and clean renewable energy by 2030, according to IRENA.
The development of renewable energy projects under the JV aims to improve energy access, while boosting economic development, creating jobs, and improving healthcare services, particularly in remote areas of Africa.