The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has approved a USD 30 million senior secured corporate loan to Hassan Allam Utilities to support the development of the Minya 1,000 MW solar photovoltaic project and 660 MWh battery energy storage system (BESS) in Egypt.
The financing will primarily support the Minya renewable energy project, which combines utility-scale solar generation with battery energy storage to enhance grid stability and provide reliable, affordable electricity for businesses and communities across the country.
The Minya project is being jointly developed by Hassan Allam Utilities and Infinity Power, a joint venture between Masdar of the United Arab Emirates and Egypt-based Infinity. Upon completion, the project is expected to become one of the largest standalone solar power assets in Africa.
The latest financing expands EAAIF’s partnership with Hassan Allam Utilities following a USD 40 million loan facility announced in November 2024, which supported renewable energy projects including the 1,100 MW Suez Wind Project being co-developed with ACWA Power. EAAIF said the investments demonstrate its commitment to mobilizing private debt capital for large-scale infrastructure projects that support Egypt’s transition to a low-carbon economy.
According to the fund, the financing also marks an important step in EAAIF’s strategic expansion across the Middle East, North Africa (MENA) and Asia, reinforcing its focus on supporting regional infrastructure developers capable of delivering large-scale sustainable energy projects. As the sole lender with a primary claim in the transaction, EAAIF said it is helping de-risk the project while providing long-term capital to accelerate renewable energy deployment.
The investment aligns with PIDG’s climate-focused strategy, which prioritizes financing sustainable infrastructure projects that strengthen climate resilience and attract private sector investment across emerging markets.
“The expansion of our partnership with Hassan Allam Utilities supports Egypt’s transition to localised renewable power. Scaling innovative financing structures alongside battery storage infrastructure strengthens grid stability and underpins sustainable growth. This transaction also provides a model for other emerging market and developing economies seeking to decarbonise while creating high-quality green jobs,” said Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, the fund manager of EAAIF.
Egypt continues to expand 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 while reducing dependence on fossil fuels. The Minya solar-plus-storage project is expected to contribute significantly toward achieving these national clean energy objectives.
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