Absa Corporate and Investment Banking (CIB) has finalised a US$372 million refinancing facility for Infinity Power, Africa’s largest renewable energy company, in a landmark transaction for the bank.
The refinancing covers Infinity Power’s 368 MW Bid Window 3 wind portfolio under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), including the Noupoort, Loeriesfontein 2 and Khobab wind farms in the Northern Cape.
Absa acted as sole mandated lead arranger, underwriter, bookrunner, facility agent and account bank on the deal, which is intended to strengthen Infinity Power’s capital structure, reduce financing costs, and support expansion across Africa. The move is also expected to lower tariffs payable to Eskom, South Africa’s state power utility, providing savings for consumers and freeing funds for shareholder reinvestment.
Absa Bank Chief Executive Kenny Fihla 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.”
Infinity Power, a joint venture between Egypt’s Infinity and UAE-based Masdar, operates a 1.3 GW portfolio of solar and onshore wind projects across Egypt, South Africa and Senegal, cutting more than three million tonnes of CO₂ emissions annually.
Mohamed Ismail Mansour, co-founder and chairman of Infinity Power, said: “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.”
Chief Financial Officer Fabian Cazares added: “This transaction demonstrates our ability to mobilise competitive financing at scale. By optimising 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, head of Absa CIB resources and energy coverage, highlighted the bank’s role in supporting sustainable energy. “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,” she said.
The refinancing is expected to accelerate distributions to community trust shareholders and strengthen local development initiatives linked to Infinity Power’s projects.
