EBRD Doubles Down on Africa’s Energy Future with $40 Million Equity Push into Infinity Power

EBRD increases equity stake in Infinity power; + China’s Kaishan Plans $800 Million Geothermal Project in Kenya + new investment deals and policy updates.

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Africa’s clean-energy story is shifting from scattered projects to scalable platforms. The European Bank for Reconstruction and Development’s (EBRD) recent $40 million investment in Infinity is a signal of that evolution. This additional equity injection raises the Bank’s total commitment to US$141.5 million and will help Infinity’s subsidiary, Infinity Power, deliver about 3 GW of renewable projects across Africa. Infinity Power already operates over 1.3 GW of solar and wind in Egypt, Senegal and South Africa and has a near-term development pipeline of 3GW.

This new capital builds on a long relationship. In 2020 the EBRD invested US$60 million to become a shareholder in Infinity Energy, funding its pipeline of renewable projects and electric vehicle‑ charging stations. Two years later the Bank increased its stake by US$41.5 million, with some proceeds earmarked for Infinity Power’s acquisition of the Lekela platform; 1.1 GW of operating wind assets.

What EBRD funded‑ projects reveal

EBRD’s relationship with Infinity stretches beyond equity. In 2017 the Bank approved a US$500 million framework to finance the Benban solar complex in Egypt. Sixteen of the 32 plants were backed by the EBRD; the first 30 MW plant to come online was developed by a consortium led by Infinity Solar Energy. These 16 plants are expected to deliver 750 MW of photovoltaic capacity and avoid 900,000 tonnes of CO₂ per year.

More recently, the EBRD assembled a US$74.1 million financing package for Infinity Power’s 200 MW Ras Ghareb onshore wind farm in Egypt. The package includes an EBRD senior loan of up to US$60.7 million, a concessional loan from the Green Climate Fund and a grant. The project which is part of Egypt’s “Nexus on Water, Food and Energy” (NWFE) programme, will reduce 390,000 tonnes of CO₂ annually and help the country reach its goal of 10 GW of renewables by 2028. Infinity Power, now Africa’s largest pure play renewables provider, is targeting 10 GW of operating capacity by 2030.

Infinity Power’s Continental Play

Infinity Power is building something few African developers have managed; a geographically diversified, policy-aligned renewables platform that straddles North, West and Southern Africa. Asides Egypt, it is leveraging the former Lekela Power portfolio not just as operating capacity but as a foothold for West African market integration in Senegal and Mauritania, where regional interconnections and carbon-credit frameworks are gaining traction. In South Africa, Infinity is positioning around private-sector wheeling and storage-linked projects as the country liberalises its electricity market. Rather than chasing megawatts for volume’s sake, Infinity is mapping where policy stability, grid access and regional demand converge, creating an operating model that could redefine what “African-scale” clean energy looks like.

Hidden Gems

Integration of storage + green hydrogen projects: Infinity’s pipeline now spans utility-scale storage in Egypt and South Africa, marking a shift from generation-only assets to dispatchable clean power. In Egypt, the Project Sunshine BESS (900 MWh) will anchor hybrid solar and hydrogen projects along the Suez corridor, while in South Africa the company is developing a 4 GWh battery portfolio across the Free State and Northwest provinces. Together, these initiatives position Infinity at the frontier of energy-storage and hydrogen integration, making EBRD’s $40 million equity stake an early bet on Africa’s next phase of clean-energy infrastructure.

Deals & Investment

South Africa: South African Nedbank to decarbonise 26 branches with Growthpoint’s pioneering renewable energy certificates for tenants. Growthpoint

Nigeria: Nigeria secures €21m German funding to accelerate clean energy transition. Business Day

Sierra Leone: IRENA and Sierra Leone Hold Second APRA Investment Forum to Drive Finance in Africa. The investment Forum aimed at scaling up investments to advance the energy transition and green industrialisation across APRA countries. AEP

Nigeria: Reforms Clarity Attracted $5bn Investment in Energy, Others. ThisDay

Kenya: China’s Kaishan Plans $800 Million Geothermal Project in Kenya. Kaishan Terra Green Ammonia Limited has signed a deal with Kenya’s electricity producer KenGen to build a 165.4-megawatt (MW) geothermal power plant in the East African nation. AEP

Regulation and Policy Updates

Southern Africa: World Bank and Southern African Power Pool Partner to Expand Regional Power Trade. The World Bank approved the Technical Assistance to the Southern African Power Pool (SAPP) project, to support increasing and expanding the regional electricity market in the SAPP. World Bank

South Africa: Koeberg Nuclear Power Station secures 20-year licence extension, reinforcing South Africa’s energy future – both units to deliver 1860MW of baseload power for a further 20 years. Eskom

Madagascar: Madagascar’s Ambohidrano Atsinanana Solar Power Plant Set to Begin Operations by December. AEP

Executive Takeaways

Blended-finance model in motion: EBRD equity typically crowds in DFI co-lenders and private funds at project level. Expect follow-on loans or green bonds linked to this equity injection within 12 months.

Policy-aligned growth: Infinity is building where grid access, wheeling rules and regional power-trade frameworks are improving: Egypt’s NWFE programme, South African market liberalisation, West African interconnections.

10 GW ambition is credible: With 1.3 GW operating, 3 GW near-term pipeline and EBRD backing, Infinity Power’s target of 10 GW by 2030 is now heavily de-risked and continent-shaping.

What to Watch This Week

AFSIA Chill & Connect (Cotonou, Benin, 13 Nov 2025): A networking event bringing together solar and renewable energy‑ professionals in a relaxed setting. AFSIA

South Africa: Global citizen now summit heads to Johannesburg to push Africa’s clean energy transition. Vanguard

Momentum builds for COP30, with negotiators finalising finance and adaptation priorities ahead of Brazil 2025. COP 30