LONDON – The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, today announced a senior secured loan of USD 40 million to support the development of Egypt’s first Sustainable Aviation Fuel (SAF) production facility. This landmark transaction marks the development of the first project-financed SAF plant in Africa and the Middle East.

The USD 212.4 million project, located in the Sokhna Special Economic Zone, will be owned and operated by Green Sky Capital Limited and its local subsidiary, SAF Fly Egypt. The facility is designed to produce 200,000 tonnes per annum of biofuels, including SAF, Hydrotreated Vegetable Oil (“HVO”), bio-propane and bio-naphtha and will utilise commercially proven Hydroprocessed Esters and Fatty Acids (HEFA) technology to convert waste-based feedstock into high-grade sustainable fuel. To ensure long-term bankability, the transaction will be anchored by Shell who will purchase the facility’s products on a take-or-pay basis and act as its primary feedstock provider.

The project is being developed with the support of leading regional sponsors, including Al Mana Holding, a leading Qatari diversified conglomerate, and Vision Invest, a leading Saudi Arabian infrastructure investor and developer, each with strong track records in delivering large-scale infrastructure and energy projects across the region.

Ninety One acted as the global mandated lead arranger (MLA) and coordinating lender, facilitating the mobilisation of a total debt package of USD 142.9 million with a USD 40 million commitment from EAAIF and Ninety One’s Emerging Markets Transition Debt (EMTD) Fund. Ninety One has also mobilised the participation of Qatar National Bank (QNB) via its Egyptian subsidiary, QNB S.A.E, with a commitment of up to USD 31.4 million. The debt financing was completed by The Arab Energy Fund, who acted as co-MLA and global structuring lender committed USD 71.4 million to the Project. The transaction demonstrates strong appetite among regional and international lenders for renewable fuels infrastructure, supporting both energy security and price stability amid heightened global volatility.

The pioneering SAF investment underlines EAAIF's growth into the MENA region, following its ongoing expansion into Asia, and highlights the Fund's ability to structure robust, transformative projects that meet international ESG standards while delivering attractive risk-adjusted returns. It also aligns directly with PIDG’s sustainability mandate and Ninety One’s EMTD strategy, both centred on catalysing the energy transition in emerging markets through innovative financing. SAF is estimated to offer up to an 80% reduction in CO₂ emissions, compared to conventional jet fuel, supporting the aviation industry’s target of reaching net-zero by 2050. Furthermore, the project's strategic location near the Suez Canal offers a direct export route to key demand centres in the EU and UK, which are currently implementing strict SAF mandates.

Martijn Proos, Co-Head of Emerging Market Alternative Credit, Ninety One, the fund manager of EAAIF, said: “This transaction arrives at a critical juncture for the global energy market. Amid heightened geopolitical volatility and energy market uncertainty, this first-of-its-kind facility provides a practical solution to advancing both decarbonisation and energy security. By acting as the Global MLA, Ninety One and EAAIF are demonstrating how institutional capital can be mobilised to support the decarbonisation of hard-to-abate sectors like aviation, which is projected to account for 5% of global emissions by 2050 without intervention.”

Alper Kilic, Head of Alternative Credit, Ninety One: “Emerging markets have been transitioning toward renewables and cleaner energy sources for some time, driven by rising energy costs and the need to strengthen energy security. This investment highlights the critical role long-term capital plays in scaling next-generation energy infrastructure in emerging markets. Sustainable aviation fuel is one of the most compelling – and challenging – decarbonisation pathways, requiring proven technology and strong commercial structures to deliver at scale. This project demonstrates how institutional investors can pursue attractive risk-adjusted returns while supporting the real-economy transition, and underscores the growing opportunity for transition debt strategies to finance high-impact assets in hard-to-abate sectors.”

Emerging Africa & Asia Infrastructure Fund Media Contacts:
Emmanuel Balogun | ebalogun@africapractice.com
David Gyampo | dgyampo@africapractice.com

Ninety One Contacts:
Jeannie Dumas | jeannie.dumas@ninetyone.com
Sophie Svestad | sophie.svestad@ninetyone.com

About EAAIF

The Emerging Africa & Asia Infrastructure Fund (EAAIF) is a blended finance vehicle that raises and deploys public and private debt capital to transformative infrastructure projects across Africa, the Levant and South and Southeast Asia. EAAIF provides various debt products on commercial terms to infrastructure projects primarily owned, actively managed, and operated by the best in private sector expertise. The Fund helps create the infrastructure framework that is essential to stimulate economic stability, business confidence, job creation and poverty reduction. EAAIF's committed loan portfolio is USD 1.6 billion, invested across 25 countries and 10 infrastructure sectors. EAAIF is part of the Private Infrastructure Development Group (PIDG). EAAIF was established and substantially funded by the governments of the United Kingdom, The Netherlands, Switzerland, and Sweden. In addition, it raises its debt capital from public and private financiers. EAAIF is managed by Ninety One. www.eaif.com

About PIDG

The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which has been mobilising private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and southeast Asia for 25 years. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of pioneering, partnership, safety, inclusivity, and urgency.

PIDG offers technical assistance for upstream, early-stage activities and concessional capital; invests in early-stage project development and project and corporate equity through its project development solution, InfraCo; its debt solution EAAIF (the Emerging Africa & Asia Infrastructure Fund) is one of the first and more successful blended debt funds in low-income markets; and its guarantees solution, GuarantCo, provides credit enhancement and local currency solutions to de-risk projects. PIDG also supports a growing portfolio of local credit enhancement facilities, which unlock domestic institutional capital for infrastructure financing.

So far, PIDG has supported 258 infrastructure projects to financial close, which provided an estimated 232 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, and Global Affairs Canada. www.pidg.org

About Ninety One

Ninety One is an active, global investment manager managing £171.8 billion in assets (31.03.26). Our goal is to provide long-term investment returns for our clients while making a positive difference to people and the planet. Established in South Africa in 1991, as Investec Asset Management, the firm began as a small start-up offering domestic investments in an emerging market. In 2020, as a global firm proud of our emerging market roots, we demerged to become Ninety One.  We are committed to developing specialist investment teams organically. Our heritage and approach let us bring a different perspective to active and sustainable investing across equities, fixed income, multi-asset and alternatives to our clients - institutions, advisors and individual investors around the world. For more information, please visit NinetyOne.com

About Green Sky Capital Limited

Green Sky Capital is a sustainable aviation fuel (SAF) platform developing world-class renewable fuel projects across MENA, starting with a facility in Egypt’s Suez Canal Economic Zone. Green Sky Capital is backed by a consortium of experienced sponsors, including the Vision International Investment Company (Saudi Arabia) and the Al Mana Group (Qatar), with deep track records in infrastructure, energy and industrial development.

About Al Mana Holding

Founded in 1952 to support the industrial growth of Qatar, Al Mana Holding has evolved into a diversified group of companies operating across Real Estate, Agriculture, Industries, and Trading. Guided by strong regional relationships, Al Mana Holding partners with leading global players through strategic joint ventures to deliver large-scale projects across local and international markets. A cornerstone of this growth strategy is the Group’s expanding focus on sustainable energy and infrastructure, positioning Al Mana at the forefront of the region’s energy transition and contributing to a more resilient and sustainable future.

About Vision Invest

Vision Invest is a leading Saudi Arabian infrastructure investment and development company at the forefront of public and private sector partnerships in the Kingdom of Saudi Arabia, and beyond.  Contributing to sustainable economic development and growth, the company operates across a wide range of vital sectors, including energy transition, advanced digital infrastructure, resource recovery and preservation, transport and logistics, and social and economic infrastructure.  Its portfolio footprint spans five continents, including Asia, Africa, Australia, and South America with more than USD85 billion in assets under management.