EAAIF provides USD 40 million of Project Development Facility to Hassan Allam Utilities to develop 2.3 GW of renewable energy projects in Egypt
- The investment supports the development of one of the largest wind projects in Africa.
- The transaction underlines the Fund’s commitment to back regional champions that deliver
key projects and drive impact in strategic infrastructure sectors. - The announcement marks the Fund’s first investment in Egypt, supporting the country’s
goal for renewable energy to achieve 42% of its electricity generation mix by 2030. ¹
Cairo, 17 December 2024: The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private
Infrastructure Development Group (PIDG) company, managed by Ninety One, today announced a
USD 40 million investment in the form of project development facility in Hassan Allam Utilities to
support the development of 2.3 GW of renewable energy projects in Egypt.
The strategic investment will be used to develop multiple greenfield renewable energy projects in
Egypt, including the Suez 1.1 GW Wind Project, the 1.2 GW Benban and Wahat Solar photovoltaic
(PV) plants and the associated 720 MWh battery energy storage systems (BESS). Upon completion,
the projects will significantly increase Egypt’s renewable energy capacity which accounted for 6.7
GW in 2023 ².
Dalia Wahba, CEO of Hassan Allam Investment Managers, said: “This investment from the
Emerging Africa & Asia Infrastructure Fund underscores the growing investment potential in Egypt’s
transition to sustainable energy. Initiatives such as the Suez Wind Project and the Benban and Wahat
Solar Plants are bolstering our clean energy capabilities while contributing to global sustainability
efforts. This partnership reinforces Hassan Allam Utilities’ role as a leader in innovative infrastructure
solutions and supports Egypt’s position as a key player in the regional renewable energy landscape.”
Tidiane Doucoure, Director, Ninety One, the fund manager of EAAIF, said: “Our investment in
Hassan Allam Utilities will support the development of multiple renewable energy projects that will
significantly increase Egypt’s share of renewable energy production. The announcement underscores
Ninety One and PIDG’s commitment to delivering strategic financing to regional champions that will
play a critical role in the development of key economic and social infrastructure projects in emerging
markets.”
EAAIF’s investment bolsters capital commitments from other developers and financiers to the Suez
Wind Project – one of the largest renewable energy projects ever financed in Africa ³ .
Hassan Allam Utilities is the investment and development arm of Hassan Allam Holding. Established
in 2017, Hassan Allam Utilities focuses its investment and development efforts on sustainable
infrastructure, primarily renewable energy, water, transportation and logistics, and social
infrastructure.
The Fund’s commitment will support the Group’s ambition to establish itself as a major renewable
energy solutions provider in Egypt and the region and furthers EAAIF’s commitment to promoting
“champions” that will play a pioneering role in green growth on the continent.