Absa Corporate and Investment Banking (CIB) has closed a landmark US$372m refinancing facility for Infinity Power, Africa’s largest renewable energy company, marking its first transaction of this kind.
The deal refinances Infinity Power’s 368MW Bid Window 3 wind portfolio under South Africa’s Renewable Energy Independent Power Producer Procurement Programme, comprising 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 transaction, which enhances Infinity Power’s capital structure, lowers financing costs, and positions the company for further growth across its markets.
The refinancing will also reduce tariffs payable to Eskom, delivering savings to consumers and freeing shareholder funds for reinvestment in new renewable energy initiatives. Infinity Power said the move will accelerate distributions to community trust shareholders and strengthen local development programmes.
Infinity Power is a joint venture between Egypt’s Infinity and Masdar of the UAE. Its 1.3GW portfolio of solar and onshore wind projects across Egypt, South Africa and Senegal cuts more than 3m tonnes of CO₂ emissions each year.
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 co-founder and chairman Mohamed Ismail Mansour 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.”
Absa CIB resources and energy coverage head Shirley Webber said the transaction underscored the bank’s role in promoting sustainable finance and energy security across Africa. “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.