The Emerging Africa & Asia Infrastructure Fund (EAAIF) has committed $30m (€26.3m) to the Minya solar and battery energy storage system (BESS) project in Egypt.
EAAIF, a Private Infrastructure Development Group company managed by Ninety One, has issued a senior secured corporate loan to Hassan Allam Utilities to support the 1GW solar and 660MWh BESS scheme, which is set to become one of the largest single solar assets in Africa.
Hassan Allam Utilities is co-developing the project with Infinity Power, a joint venture between UAE’s Masdar and Egypt’s Infinity.
The latest deal marks an expansion of the partnership between EAAIF and Hassan Allam Utilities, following an initial $40m facility signed in November 2024 to support renewable energy projects.
Martijn Proos, co-head of emerging market alternative credit at 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 emerging markets and developing economies seeking to decarbonise while creating high-quality green jobs.”
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