Infinity Solar: Best Renewable Energy Project Developer MENA 2018

In Egypt, solar energy is big business. The country is set to become the world’s largest producer of solar energy as the 2GW Benban Solar Park nears completion. Within two years, this new mega facility will meet about a fifth of Egypt’s electricity demand. Just as importantly, smaller-scale and complementary solar energy projects are popping up nearly everywhere to satisfy the needs of a fast-growing population and a buoyant economy.

Infinity Solar, set up in 2014 to help realise the transition towards clean energy, was the first to connect its 1 MW solar plant to the Egyptian grid under Round 1 of the Egyptian Feed-in Tariff Program (FIT) in February 2017. A year later, in February 2018, Infinity Solar connected the first project in Benban Solar Park with its flagship project “Infinity 50”, also under Round 1 of Egypt’s (FIT) Program. Currently, Infinity Solar is the market leader in the utility-scale solar market in Egypt with over 90% market share of current connected capacities.

Furthermore, Infinity Solar is constructing four more plants with combined capacity of 133MW AC and total investments of approximately $200M. These plants should all be connected by Q1, 2019. Infinity Solar works with German industrial partners to build solar plants in Egypt using the latest technology to maximize efficiency and reduce costs. The company was one of the first to recognize the exceptional opportunity offered by the Benban Solar Park which attains the required economies of scale to aggressively drive down the price per megawatt produced. Egypt’s attractive Feed-in Tariff (FIT) has transformed the scope of the Benban Solar Park, which now rivals the nearby Aswan Dam in size.

Infinity Solar has secured the support of multilateral banks such as EBRD (European Bank for Reconstruction and Development) & IFC (International Finance Corporation) for a slew of new solar power projects. The company also develops wind, hybrid and off-grid solutions for both corporate and individual customers.

The CFI.co judging panel agrees that Egypt’s Infinity Solar has tapped into a vast growth market, and indeed now drives that market. The judges are pleased to offer Infinity Solar the 2018 Best Renewable Energy Project Developer MENA Award.