Egypt’s Infinity Power sets 10 GW renewables target: Egypt-based renewable energy developer Infinity Power — a joint venture between our friends at Infinity and UAE renewables player Masdar — has set out a target to grow its clean energy portfolio to reach 10 GW by 2030, equating to some USD 5 bn in expected investment tickets to realize the strategy, according to a company statement (pdf). The company currently has a portfolio of 1.3 GW in operational capacity from solar PV and wind farms in Egypt, Senegal, and South Africa.

Impact of the target: Infinity’s planned 10 GW production capacity would power some 12 mn households across the continent, and offset between 15-20 mn tons of carbon emissions annually. The company “aims to operate across all corners of Africa within the next 10 years,” according to the statement.

Infinity already has a considerable foothold in Africa: Infinity Power, along with Masdar and Hassan Allam Utilities, signed back in June a land allocation agreement with the Egyptian government for their USD 10 bn, 10 GW wind farm in Sohag. Infinity is also among seven consortiums that have bought the tender and conditions booklet for several planned renewables-powered desalination projects on Egypt’s North Coast, and is among interested in acquiring a stake 580 MW Gabal El Zeit wind farm. The company’s acquisition of Lekela — which at the time made it the largest renewable energy company in Africa — saw it snap up its 1 GW portfolio of wind projects in Egypt, Senegal, and South Africa as well as its planned 1.8 GW clean energy pipeline. The company notes its acquisition of Lekela “resulted in improvements in the efficiency of project development, team enhancement, stronger procurement leverage and the optimization of growth projections.”

And has export plans: The company signed back in May an agreement with Greece-based Copelouzos Group to explore the feasibility of jointly developing renewable energy projects clean energy to Europe via its 3 GW Greece-Egypt Interconnector (GREGY).