The Emerging Africa & Asia Infrastructure Fund (EAAIF) has announced a $30 million senior secured corporate loan to Hassan Allam Utilities, to support a 1,000 MW solar and 660 MWh battery energy storage system (BESS) project in Egypt.
The Minya project is being co-developed by Hassan Allam Utilities and Infinity Power – a joint venture between Masdar and Infinity Egypt – and once fully operational will become one of the largest integrated solar and storage facilities on the African continent.
Continued investment
The latest investment follows a previous $40 million facility agreed in 2024 between EAAIF and Hassan Allam Utilities to support renewable energy projects such as the 1,100 MW Suez Wind Project being developed with ACWA Power.
In a statement, EAAIF said that these investments ‘demonstrate [its] role in mobilising private debt for impact-led, large-scale infrastructure to accelerate Egypt’s transition to a low-carbon economy.’
Egypt is the third most populous country in Africa, and currently relies on fossil fuels for 89% of its electricity. The Egyptian government’s 2035 Integrated Sustainable Energy Strategy has targeted a 42% increase in renewable power generation in the country by 2030, as well as increased investment in battery storage.
Transition to renewables
“The expansion of our partnership with Hassan Allam Utilities supports Egypt’s transition to localised renewable power,” commented Martijn Proos, co-head of emerging market alternative credit at Ninety One, the fund manager of EAAIF.
“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.”
EAAIF forms part of the Private Infrastructure Development Group (PIDG), a development finance organisation backed by the governments of the UK, the Netherlands, Switzerland, Sweden, Australia and Canada. Global investment manager Ninety One, which supports the group, manages £171.8 billion in assets around the world, as of March 2026. Read more here.
