Hassan Allam Utilities gets $30 million funding for Egypt’s Minya solar project

Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, has secured a $30 million senior secured loan from the Emerging Africa & Asia Infrastructure Fund (EAAIF) to support the development of Egypt’s Minya solar and battery storage project, one of the largest planned renewable energy assets on the continent.

The financing strengthens EAAIF’s ongoing partnership with Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, and underscores growing investor confidence in Egypt’s renewable energy pipeline.

Powering Egypt’s clean energy transition

The funding will primarily support the construction of a 1,000 megawatt (MW) solar power plant alongside a 660 megawatt-hour (MWh) battery energy storage system. The project is designed not only to expand renewable electricity generation but also to enhance grid reliability by storing excess solar energy for use during peak demand periods.

As Egypt works to diversify its energy mix, projects of this scale are becoming increasingly important. The country still relies heavily on fossil fuels for electricity generation, but rising demand and climate commitments are accelerating the shift toward renewables. Egypt is targeting approximately 42% of its electricity from renewable sources by 2030, making the Minya development a key part of that strategy.

Strategic partnerships driving scale

The Minya project is being jointly developed by Hassan Allam Utilities and Infinity Power, a renewable energy platform backed by Masdar and Infinity. Once completed, it is expected to rank among Africa’s largest standalone solar facilities.

The latest loan builds on EAAIF’s prior support for Hassan Allam Utilities. In 2024, the fund provided a separate $40 million facility to back renewable projects, including the 1,100 MW Suez Wind Project developed in partnership with ACWA Power. Together, these investments highlight sustained momentum in Egypt’s large-scale clean energy developments.

Blended finance gains traction

Beyond the immediate project, the transaction reflects the growing importance of blended finance in unlocking infrastructure investments across emerging markets. Long-term private capital is playing an increasingly critical role in funding energy transition projects that require significant upfront investment and extended payback periods.

For Hassan Allam Utilities, the financing reinforces its position as a leading private developer of renewable infrastructure in Egypt. For EAAIF, it signals a broader expansion into the Middle East and North Africa, with a focus on climate-aligned investments.

Next steps and outlook

Attention now turns to achieving financial close and advancing construction milestones for the Minya project. 

Market participants will also be watching whether Egypt can sustain strong inflows of private capital into utility-scale solar, wind, and battery storage as it works to meet rising electricity demand and long-term renewable energy targets.

If successful, the Minya project could serve as a benchmark for future large-scale renewable developments across Africa and the wider region.