- US$372 million secured from Absa to refinance the existing 368 MW of wind projects under South Africa’s Bid Window 3 of REIPPPP.
- Lower tariffs and cost savings for Eskom, benefiting consumers, while unlocking shareholder funds for reinvestment and community trusts.
- Driving sustainable economic growth by strengthening Africa’s clean energy infrastructure and creating opportunities for jobs and investment.
Johannesburg, October 22nd - Absa Corporate and Investment Banking (CIB) has successfully closed a US$372 million refinancing facility for Infinity Power, Africa’s largest renewable energy provider. This milestone – the company’s first refinancing of its kind – strengthens the capital structure, lowers financing costs and positions the business to pursue further growth opportunities across its markets.
The refinancing relates to Infinity Power’s existing 368MW Bid Window 3 wind portfolio under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), including the Noupoort Wind Farm, Loeriesfontein 2 Wind Farm and Khobab Wind Farm, located in the Northern Cape. It reflects continued confidence in the company’s strategy and in Africa’s fast-growing renewable energy sector.
Absa Corporate and Investment Banking (CIB) acted as Sole Mandated Lead Arranger, Underwriter, Bookrunner, Facility Agent and Account Bank on the transaction, further demonstrating its leadership in structuring and delivering complex sustainable finance solutions across the continent.
The transaction reduces tariffs payable to Eskom, generating significant savings over the remaining term of the power purchase agreements and ultimately benefiting South African consumers. It also frees shareholder funds for reinvestment in new renewable initiatives and accelerates distributions to community trust shareholders – supporting sustainable development programmes with long-term community impact.
Infinity Power is a joint venture between Egypt’s Infinity and Masdar (the Abu Dhabi Future Energy Company PJSC). The company has established a significant operational footprint across Egypt, South Africa and Senegal, with a portfolio comprising 1.3GW of solar and onshore wind assets. Collectively, these projects contribute to an annual reduction of more than 3 million tonnes of CO₂ emissions compared to conventional power generation.
Kenny Fihla, CEO Absa Bank Limited, said: “We are proud to support Infinity Power with this landmark refinancing of its Bid Window 3 portfolio. The partnership demonstrates Absa’s commitment to sustainable finance and South Africa’s energy transition. By enabling Infinity Power to optimise its financing structure, we are unlocking capital that can be reinvested in further renewable projects nationwide.”
Mohamed Ismail Mansour, Co-founder and Chairman of Infinity Power, commented: “This refinancing reflects the strength of Infinity Power and the confidence our partners place in us. It enhances our financial position, enabling us to expand clean energy solutions across Africa while ensuring lasting value for the communities we serve.”
Fabian Cazares, Chief Financial Officer of Infinity Power, added: “This transaction demonstrates our ability to mobilize competitive financing at scale. By optimizing our cost of capital, we are not only enhancing shareholder value but also accelerating our capacity to reinvest in growth, innovation, and Africa’s clean energy transition.”
Shirley Webber, Managing Executive: Resources and Energy Coverage at Absa CIB, concluded: Absa is delighted to partner with Infinity Power in promoting sustainable finance and strengthening energy security across South Africa and the wider African continent. As the sole commercial lender underwriting this refinancing, Absa is supporting transformative energy solutions that deliver value to Infinity Power, its shareholders and consumers – while driving Africa’s energy transition one impactful project at a time.”
Together, Infinity Power’s renewable energy leadership and Absa’s sustainable finance expertise are unlocking value, strengthening South Africa’s energy landscape and delivering tangible benefits for communities and consumers. This transaction marks another step towards a more resilient, inclusive and low-carbon future.
ENDS
About Absa Group Limited
Absa Group Limited (‘Absa Group’) is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups.
Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance.
Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Kenya and South Africa. Absa also has offices in the People’s Republic of China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic.
For further information about Absa Group Limited, visit www.absa.africa.
About Infinity Power
Infinity Power, a joint venture between Infinity and Masdar, is Africa’s largest renewable energy provider. The company targets solar, wind, green hydrogen, battery storage and transmission grid projects across the continent, aiming for 10 GW of operational capacity by 2030.
It has a substantial operational portfolio of 1.3 GW across Egypt, South Africa, and Senegal, helping avoid over 3 million tons of CO₂ emissions annually and a pipeline of 16 GW in development.
For further information about Infinity Power, visit www.weareinfinitypower.com