Masdar-backed Infinity Power is considering an initial public offering (IPO) on the Abu Dhabi stock exchange within the next three years.
The move, announced by Chairman Mohamed Ismail Mansour, could see the company listing 20-30% of its shares while exploring other exchanges globally.
The renewable energy developer is operating in Egypt, South Africa, and Senegal.
“If we were to list today, Abu Dhabi would be our preference,” Mansour said, adding that market conditions could influence this decision in the future. The company is also weighing the option of issuing green bonds to support its renewable energy ambitions.
Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar, has rapidly expanded its footprint since its inception in 2020.
With a target of 10 gigawatts (GW) of operational renewable energy by 2030, the company plans to invest $5 billion to scale its solar and wind energy projects.
Currently, Infinity Power operates 1.3GW of renewable energy assets across three countries, with additional projects underway.
These include a recent agreement with the Egyptian Electricity Transmission Company (EETC) to develop solar farms with a combined capacity of 1.2GW and battery energy storage systems totaling 720 megawatts.
The potential IPO comes amid a robust year for listings in the Gulf Cooperation Council (GCC) countries. In the first nine months of 2024 alone, 30 IPOs across the region raised $5.2 billion. Infinity Power’s move aligns with this trend, underscoring the growing appetite for investment in clean energy initiatives.
While Abu Dhabi is the primary focus for the IPO, Mansour noted that the company is open to exploring listings in Dubai, Johannesburg, London, and Cairo.
Infinity Power has been active in striking major renewable energy deals. In August, it signed a power purchase agreement for a 200MW wind farm in Ras Ghareb, located in Egypt’s Gulf of Suez region. The project forms part of its broader collaboration with Masdar and Hassan Allam Utilities to develop green energy solutions across the region.
