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The Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, has announced a $30 million senior secured corporate loan to Egypt’s Hassan Allam Utilities. The loan facility will primarily support the Minya 1,000 MW solar and 660 MWh battery energy storage system (BESS) project.
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 an expansion of the partnership between EAAIF and Hassan Allam Utilities, following an initial $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.
Martijn Proos, co-head of emerging market alternative credit at Ninety One, 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.”
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