Infinity Energy (f. Captive)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

An equity commitment of up to USD 101.5 million (including USD 12.0 equity investment from the Equity Participation Fund "EPF") mainly to finance the acquisition, development, construction and operation of a pipeline of solar and wind projects in the region, and the roll-out of electric vehicle charging points in Egypt.

Project ID 50558

Status Disbursing

Location

Egypt

Business Sector

Energy

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Mohamed Shehata
mshehata@eg-infinity.com
02 252 82240
http://www.infinitysolar.com/

Project ID 50558

Status Disbursing

Location

Egypt

Business Sector

Energy

Notice Type

Private

Environmental Category

Approval Date

27 Nov 2019

Disclosure date

14 Oct 2019

Project description

Project objectives

The project is aimed to scale up renewable energy penetration and electric vehicle charging points in Egypt and the region.

Client information

INFINITY ENERGY SAE

Infinity Energy SAE: The company was established in 2014 to engage mainly in renewable energy development in Egypt and across the region, and is currently owned by the Mansour family (56%), Nayer Fouad (24%) and the Bank (20%). The company has a portfolio of operational solar photovoltaic power plants in Egypt with a combined capacity of 184 MWac implemented under the Feed-in-Tariff ("FiT") programme.

EBRD Finance Summary

An equity commitment of USD 89.5m from EBRD.

Additionality

The Bank's additionality mainly derives from: (i) closing the funding gap given the lack of adequate local equity markets particularly for renewable energy players, and (ii) supporting the enhancement of inclusion and environmental standards.

Environmental & Social Summary

The project has been Categorised B in line with EBRD's 2019 Environmental & Social Policy. The equity investment will expose the Bank to further Environmental and Social (E&S) risks through expansion of the Company's operations as well as future developments. As a condition of equity, all such operations and developments will need to align with the Bank's E&S requirements. Should the use of equity proceeds be used to finance wind power projects, or any category A project, such project will need to undergo an ESIA including the disclosure thereof and approval sought from the Board of Directors. This requirement is captured in the current subscription agreement with the Company and will be maintained for this transaction. The project is considered Paris aligned for climate mitigation as it features in the joint MDB "aligned list" for renewable energy generation and no further assessment is required.

Under current exposure, the Company has demonstrated good overall E&S management procedures and systems, with adequate resources both at the Corporate and site levels. The Company is implementing the previously-agreed ESAPs in a timely manner and is regularly reporting to EBRD on its E&S performance. A third party consultant was engaged by the Company to undertake an acquisition audit of the acquisition target's portfolio of operational on-shore wind power plants. This included an E&S assessment against EBRD's and other IFI's standards. This assessment was undertaken through the review of E&S documentation, site visits, and meetings with relevant personnel.

The report shows that there are no significant or material E&S concerns or risks associated with the various sites. All permits are in place, and ESIAs are undertaken according to national and international standards. A systematic procedure is in place to identify and evaluate impacts and ensures the integration of the E&S mitigation measures in the design and implementation of projects. The report confirms that the mitigation measures are effective in addressing the identified impacts and fulfil the requisite international E&S requirements in this regard. Nevertheless, some operational gaps were identified relating to strengthening the grievance management, erosion control and monitoring procedures. EBRD will work with the Company to ensure those identified gaps are appropriately addressed. EBRD is also working with the Company in enhancing its supply chain management procedures in light of the current forced labour issues associated with the solar and wind industries and will need to follow EBRD's Management approach for Solar Supply Chain Risk Management. Those measures have been included in an updated ESAP, which implementation will be monitored closely by the EBRD.

Technical Cooperation and Grant Financing

None.

Company Contact Information

Mohamed Shehata
mshehata@eg-infinity.com
02 252 82240
http://www.infinitysolar.com/

PSD last updated

13 Nov 2022

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Infinity Energy (f. Captive)

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Client information

EBRD Finance Summary

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)