Infinity Power, a joint venture between Egypt’s Infinity and UAE’s Masdar, has emerged as the world’s fastest-growing renewable energy company, Invest-Gate reports.
Its ambitious goal is to achieve 10GW of operational renewable energy by 2030, which will require a significant investment of $5 bn. This remarkable feat follows the successful acquisition and integration of Lekela Power and substantial additions to its project pipeline.
Infinity Power is Africa’s largest pure-play renewable energy company, boasting an operational capacity exceeding 1.3 GW. This capacity includes solar photovoltaic (PV) and wind farms spread across Egypt, South Africa, and Senegal.
Compared to conventional power generation, these renewable installations contribute to an annual reduction of almost 3 million tons of carbon dioxide emissions.
Moreover, once Infinity Power achieves its target of 10GW operational capacity, it will be capable of providing electricity to approximately 12 million homes throughout the African continent by the end of this decade. Moreover, this milestone would contribute to an additional reduction of approximately 15 to 20 million tons of carbon dioxide emissions per year.
Infinity Power has set its sights on operating across all corners of Africa in the coming decade. The company has several transformative projects in the pipeline, including developing one of the world’s largest onshore wind farms in Egypt in partnership with consortium partners Hassan Allam Utilities and Masdar (Abu Dhabi Future Energy Company).
Additionally, Infinity Power is collaborating with German developer Conjuncta to facilitate green hydrogen development in Mauritania, and it has plans for solar PV projects in Egypt and South Africa.
For his part, Mohamed Ismail Mansour, Chairman of Infinity Power, expressed his enthusiasm, stating, “Infinity Power is rapidly evolving as the leader in pure-play renewables in Africa, supporting our mission to deliver sustainable energy solutions that power economic growth, social development, and environmental protection.”
Furthermore, Nayer Fouad, CEO of Infinity Power, highlighted Africa’s potential to become a global leader in renewable energy. He emphasized the importance of providing electricity access to every person across the continent.
The acquisition of Lekela Power has proven immensely advantageous for Infinity Power. It has allowed the company to leverage Lekela Power’s renewable assets and project pipeline, integrating their technologies and systems.
Notably, this integration has created synergies and reduced overhead costs, positioning Infinity Power for further success in the renewable energy sector.