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.

 

 

¹ Reuters – Link
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