Cairo, Egypt – 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 electricity[1]. 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 2030[2].

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."

Emerging Africa & Asia Infrastructure Fund Media Contacts:
Emmanuel Balogun | ebalogun@africapractice.com
Blandine Sixdenier | bsixdenier@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 Hassan Allam Utilities

Established in 2017, Hassan Allam Utilities is the investment and development arm of Hassan Allam Holding, focused on sustainable infrastructure, primarily in renewable energy, water, and logistics. As a leading player in the energy sector, the company spearheads projects in solar, wind, and green hydrogen, driving the development of world-class energy solutions through strategic partnerships. Hassan Allam Utilities is committed to driving Egypt’s decarbonization efforts, strengthening grid stability, and supporting the national transition towards clean energy sources.

[1] https://www.enerdata.net/estore/energy-market/egypt/
[2] https://moic.gov.eg/sector/Energy/4