EAAIF backs Egypt's landmark solar and storage project

The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has committed a US$30mn senior secured corporate loan to Hassan Allam Utilities to support the development of the Minya 1,000MW solar photovoltaic project and 660MWh battery energy storage system (BESS) in Egypt

The financing will primarily support the flagship renewable energy project, which combines utility-scale solar generation with battery storage to strengthen grid stability while delivering reliable and affordable electricity to businesses and communities.

The Minya project is being co-developed by Hassan Allam Utilities and Infinity Power, the renewable energy joint venture between the UAE's Masdar and Egypt's Infinity. Once completed, it is expected to rank among the largest standalone solar developments in Africa.

The latest financing expands the partnership between EAAIF and Hassan Allam Utilities following a previous US$40mn facility agreed in November 2024 to support a pipeline of renewable energy developments, including the 1,100MW Suez Wind Project, which is being co-developed with ACWA Power. Together, the investments highlight EAAIF's continued role in mobilising private capital for large-scale infrastructure supporting Egypt's low-carbon transition.

Egypt continues to increase investment in renewable energy as electricity demand grows and energy security becomes an increasingly important priority. Although fossil fuels currently account for around 89% of the country's electricity generation, the government's Integrated Sustainable Energy Strategy 2035 targets renewables contributing 42% of the national power mix by 2030.

The transaction also represents an important step in EAAIF's expansion across the Middle East, North Africa and Asia. Acting as the sole lender with a primary claim in the financing, the fund is supporting local project developers while helping de-risk strategic renewable energy infrastructure in one of the region's fastest-growing clean energy markets.

The investment also aligns with PIDG's broader strategy of advancing climate-resilient infrastructure through innovative financing solutions. By supporting greenfield renewable energy projects in Egypt, EAAIF aims to accelerate private sector investment while contributing to sustainable infrastructure development across Africa and Asia.

Martijn Proos, Co-Head of Emerging Market Alternative Credit, Ninety One, the fund manager of EAAIF said: "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 EMDEs seeking to decarbonise while creating high-quality green jobs."