Infinity Power, the Egypt-headquartered Africa-focused renewable energy company, is set to close on a new 1,200 megawatt (MW) solar power project with battery storage in Egypt following the financial close on its 200 MW Ras Ghareb wind farm co-owned with the UAE’s Masdar.
“The new solar plus battery storage project is estimated to require an investment of $1 billion,” Hisham Elgamal, General Manager of Infinity Power told Zawya Projects. “Of the total capacity, 200 MW will be developed in Benban in Aswan governorate, while 1,000 MW will be established in Minya Governorate.
Infinity Power is joint venture (JV) between Infinity Energy and Masdar.
In November 2024, a consortium of Masdar, Infinity Power and Hassan Allam Utilities had signed two Power Purchase Agreements (PPAs) with Egyptian Electricity Transmission Company (EETC) for the construction of solar projects with combined capacity of 1.2GW and 720 MWh (megawatt hours) Battery Energy Storage Systems (BESS).
Infinity Power already operates solar energy projects in Egypt with a combined capacity of more than 250 MW, which includes four stations within the world’s fourth largest solar energy complex in Benban.
“We are proud to be at the forefront of Egypt’s renewable energy transformation,” said Elgamal. “Our new projects represent a significant step toward achieving the country’s green energy targets and positioning Egypt as a regional hub for clean energy.”
Elgamal said the company is planning to further expand its wind energy portfolio in Egypt with a 300 MW project in Hurghada and 1,000 MW project in Ras Shukeir.
In June 2025, Scatec had signed a 25-year PPA for the 900MW Shadwan wind project in Ras Shukeir.
EV infrastructure
Infinity EV, a subsidiary of Infinity Energy and Egypt’s largest operator of Electric Vehicle (EV) charging infrastructure, is also expanding its network with over 240 stations built and a target of 300 stations by year-end.
“Our charging network spans highways, fuel stations, and residential communities, ensuring EV drivers have seamless access to reliable charging,” Elgamal said, adding that the initiative has helped boost EV numbers in Egypt by nearly 80 percent in recent years.
“Our integrated approach, spanning renewable generation and EV infrastructure, demonstrates our commitment to a sustainable, low-carbon,” he concluded.
Ras Ghareb Wind Farm
The total financing raised for the project is $164 million, according to DLA Piper, which advised Infinity Power on the transaction.
The EBRD provided a financing package of $74.1 million comprising a senior loan of up to $60.7 million, a concessional loan of up to $ 3.38 million from the Green Climate Fund (GCF), and an investment grant of up to $10 million.
Participating lenders include Japan International Cooperation Agency (JICA) and Société de Promotion et de Participation Pour la Coopération Economique (Proparco).
The total project cost, according to EBRD, is $216.74 million.
The PPA for the Ras Ghareb wind farm was signed on August 2024. Masdar IPH Wind S.A.E, a special purpose vehicle incorporated in Egypt for the purpose of developing and operating the project, is ultimately owned by Masdar (51 percent) and Infinity Energy (49 percent).
The EPC contractor for the project, scheduled for completion in 2027, is PowerChina.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon) (anoop.menon@lseg.com)
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