EAAIF bolsters Egypt’s energy resilience with USD 30 million commitment to Hassan Allam Utilities for Minya, one of Africa’s largest solar and storage projects
Cairo, Egypt – 6 July 2026 – The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has announced a USD 30 million senior secured corporate loan to Hassan Allam Utilities. The loan facility will primarily support the Minya 1,000 MW solar and 660 MWh battery energy storage system (BESS) project, delivering large-scale solar generation while enhancing national grid stability. The project will provide affordable, reliable power for businesses and communities.
The Minya project is being co-developed with Infinity Power, a joint venture between UAE’s Masdar and Egypt’s Infinity. Upon completion, the project will be one of the single largest solar assets in Africa.
The transaction marks a significant expansion of the partnership between EAAIF and Hassan Allam Utilities, a regional leader in sustainable infrastructure, following an initial USD 40 million facility signed in November 2024 to support renewable energy projects, including the Suez 1,100 MW Wind Project co-developed with ACWA Power. Together, these investments demonstrate EAAIF’s role in mobilising private debt for impact-led, large-scale infrastructure to accelerate Egypt’s transition to a low-carbon economy.
With global energy demand rising and price volatility affecting emerging market and developing economies (EMDEs), there is an urgent need for resilient, domestic energy sources. Egypt is the third most populous country in Africa and it currently relies on fossil fuels for 89% of its electricity1. To meet a population-driven increase in demand, the government’s 2035 Integrated Sustainable Energy Strategy targets a 42% increase in renewable power generation by 20302.
This financing marks a key step in EAAIF’s strategic expansion across the Middle East, North Africa (MENA), and Asia, reinforcing the Fund’s commitment to supporting regional champions capable of delivering essential infrastructure at scale. As the sole lender with a primary claim in this transaction, EAAIF plays a critical role in de-risking high-impact assets and providing the necessary liquidity for local sponsors to lead landmark projects in one of the most dynamic renewable energy markets in the region.
It is also deeply rooted in PIDG’s strategy, which establishes climate action and sustainable development as the central purpose of all its global activities. By deploying innovative debt structures to support greenfield assets in Egypt, EAAIF is fulfilling the PIDG mandate to accelerate climate-resilient pathways and mobilise the private capital required to transform energy landscapes across both 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.”
1 https://www.enerdata.net/estore/energy-market/egypt/
2 https://moic.gov.eg/sector/Energy/4