The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has provided a US$30 million senior secured corporate loan to Hassan Allam Utilities to support renewable energy development in Egypt.

The financing will primarily support the Minya 1,000 MW solar and 660 MWh battery energy storage system (BESS) project, which will combine large-scale solar generation with storage capacity to strengthen grid stability and provide power to businesses and communities.

The Minya project is being co-developed with Infinity Power, a joint venture between UAE-based Masdar and Egypt’s Infinity, and is expected to become one of the largest single solar assets in Africa once completed.

The transaction expands EAAIF’s partnership with Hassan Allam Utilities following a US$40 million facility signed in November 2024 to support renewable energy projects, including the 1,100 MW Suez Wind Project developed with ACWA Power.

EAAIF said the investments demonstrate its role in mobilising private debt for large-scale infrastructure projects supporting Egypt’s energy transition.

Egypt currently relies on fossil fuels for 89% of its electricity, while government plans under the 2035 Integrated Sustainable Energy Strategy target increasing renewable power generation to 42% by 2030.

The financing also marks EAAIF’s expansion across the Middle East, North Africa and Asia, with the fund providing debt financing structures aimed at supporting infrastructure projects led by regional companies.

As the sole lender with a primary claim in the transaction, EAAIF said it is helping reduce risks associated with high-impact infrastructure projects and providing liquidity for sponsors developing renewable energy assets.

The investment aligns with PIDG’s strategy of using innovative financing structures to support climate-resilient infrastructure and mobilise private capital for sustainable development.

“The expansion of our partnership with Hassan Allam Utilities supports Egypt’s transition to localised renewable power,” said 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.”