The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has announced a USD 30 million senior secured corporate loan to Hassan Allam Utilities to support the development of the 1,000 MW Minya solar photovoltaic (PV) project and its 660 MWh battery energy storage system (BESS).
The financing will primarily support the Minya project, which is being co-developed by Hassan Allam Utilities and Infinity Power, a joint venture between Masdar of the UAE and Egypt-based Infinity. Once operational, the project is expected to become one of the largest single-site solar power assets in Africa, delivering large-scale renewable electricity while enhancing grid stability through integrated battery storage.
The latest financing expands EAAIF’s partnership with Hassan Allam Utilities following a USD 40 million financing facility announced in November 2024 to support renewable energy developments, including the 1,100 MW Suez Wind Project, which is being co-developed with ACWA Power.
According to EAAIF, the investment aligns with its strategy to mobilize private capital for sustainable infrastructure projects across emerging markets while supporting Egypt’s transition toward a low-carbon energy system. As the sole lender with a primary claim in the transaction, EAAIF said the financing helps de-risk large-scale renewable energy infrastructure and provides long-term liquidity to local project developers.
Egypt continues to accelerate renewable energy deployment as part of its Integrated Sustainable Energy Strategy 2035, which targets increasing the share of renewable electricity generation to 42% by 2030. The country currently relies on fossil fuels for the majority of its electricity generation, making investments in utility-scale solar and energy storage critical to meeting rising electricity demand while reducing carbon emissions.
The transaction also marks a significant step in EAAIF’s expansion across the Middle East, North Africa (MENA), and Asia, supporting infrastructure projects that contribute to climate resilience and sustainable development.
Commenting on the financing, Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, the fund manager of EAAIF, said the expanded partnership with Hassan Allam Utilities will help accelerate Egypt’s transition to locally generated renewable energy while strengthening grid reliability through battery storage. He added that the financing structure could serve as a model for other emerging markets seeking to decarbonize their power sectors while creating green employment opportunities.
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