The Emerging Africa & Asia Infrastructure Fund, EAAIF, has announced a new $30 million loan for Hassan Allam Utilities.
The funding will go toward building one of Africa’s largest combined solar power and battery storage projects in Minya, Egypt.
According to the announcement, the project will include a 1,000 MW solar farm and a 660 MWh battery energy storage system, also called BESS. Once completed, the facility will help Egypt generate more clean electricity and store it for use when the sun is not shining. That will make the power supply more stable and reliable.
The Minya project is being developed jointly by Hassan Allam Utilities and Infinity Power. Infinity Power is a joint venture between Masdar from the UAE and Infinity Egypt. Together, the companies plan to deliver large-scale renewable energy that can serve millions of people.
This is not the first time EAAIF has backed Hassan Allam Utilities. In 2024, the fund provided a $40 million facility to support other clean energy developments. One of those is the 1,100 MW Suez Wind Project, which is being built in partnership with ACWA Power.
In its statement, EAAIF said the new investment reflects its goal of “mobilising private debt for impact-led, large-scale infrastructure.” The fund said projects like this are important for helping Egypt move away from fossil fuels and toward a low-carbon economy.
Egypt faces a big energy challenge. It is the third most populous country in Africa, and right now about 89% of its electricity still comes from oil, gas, and coal. To change that, the Egyptian government launched the 2035 Integrated Sustainable Energy Strategy.
Under the plan, Egypt wants to increase renewable power to 42% of total electricity generation by 2030. The strategy also calls for more investment in battery storage, which is seen as key to managing solar and wind power.
Martijn Proos, co-head of emerging market alternative credit at Ninety One, the fund manager of EAAIF, commented on the deal.
“The expansion of our partnership with Hassan Allam Utilities supports Egypt’s transition to localised renewable power,” Proos said.
“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.”
Battery storage is important because solar panels only produce power when the sun is out. With large batteries, excess energy can be stored during the day and released at night or during peak hours. That helps prevent blackouts and reduces the need for diesel generators.
EAAIF is part of the Private Infrastructure Development Group, PIDG. PIDG is a development finance organisation supported by several governments including the UK, the Netherlands, Switzerland, Sweden, Australia, and Canada.
The fund is managed by Ninety One, a global investment manager. As of March 2026, Ninety One manages about £171.8 billion in assets around the world.
With this new $30 million loan, Egypt takes another step toward its clean energy targets. The Minya solar and storage project is expected to create jobs during construction and operation, attract more private investment, and serve as a model for similar projects across Africa and other developing countries.
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