Business & Investment

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.

Pan-African clean energy firm WeLight has unveiled a $650 million plan to scale up solar mini-grid projects across Nigeria, an investment worth about ₦975 billion aimed at bringing electricity to millions in areas with poor or no grid supply. The announcement was shared on X by Olusegun Dada, Special Assistant to the President on Social Media. According to WeLight, the program is expected to grow its rural customer base by ten times and speed up access to dependable, clean power in parts of the country that remain largely unserved. The company, which already runs decentralized solar mini-grids in several African nations, said the new rollout will target communities left out of the national grid managed by the Transmission Company of Nigeria. Instead of relying on long-distance transmission lines, WeLight will install localized solar photovoltaic systems paired with lithium-ion battery storage to deliver power directly to homes and businesses. The model is designed to cut transmission losses and shield communities from nationwide grid collapses. Officials noted the timing is critical as many Nigerian towns still depend on diesel and petrol generators because of frequent outages and insufficient supply from the central grid. WeLight said it will prioritize rural and agricultural areas where steady electricity can drive productivity. Planned uses include agro-processing, irrigation, cold storage, and small-scale manufacturing. Both residential and commercial customers will be connected under the expansion, which the company says will significantly close the electricity access gap in historically neglected regions. “Our mini-grids are built to match local demand,” a company statement read. “This ensures communities get continuous power without depending entirely on the national network.” The $650 million commitment comes weeks after WeLight raised $31 million in new capital to accelerate its entry into Nigeria and other African markets. The round included investment from the International Finance Corporation, the World Bank Group’s private-sector arm, alongside existing backers. The firm pointed to similar projects in East Africa as proof of concept. In Kenya, for example, the Rural Electrification and ­Renewable Energy Corporation has worked with private developers to roll out solar mini-grids in Turkana, Garissa, and Marsabit counties. Nigeria continues to grapple with a major electricity shortfall, with millions of households and businesses forced to self-generate. Off-grid renewable solutions like solar mini-grids have gained traction among government agencies, development banks, and private investors as a faster way to expand access. Energy experts say investments such as WeLight’s are part of a wider push to electrify Africa, particularly in countries like Nigeria and the Democratic Republic of Congo that have some of the largest populations globally without reliable power.

Portuguese utility giant EDP has agreed to sell its entire equity interest in a 68-MWac/70-MWdc wind and solar portfolio in Italy, as the company continues to reshape its renewable asset base and recycle capital into new growth markets. In a statement issued on Tuesday, EDP said its renewables unit, EDP Renováveis, signed a sale and purchase agreement with PLT Energia SRL. The transaction values the portfolio at an estimated enterprise value of around EUR 150 million, or about USD 171 million. The final price will be subject to customary adjustments at closing, in line with standard market practice. The assets covered by the deal include four onshore wind farms with a combined capacity of 60 MW, plus one solar photovoltaic plant rated at 9 MWac/8 MWdc. The wind parks are backed by 20-year Contracts for Difference, CfDs, which provide long-term revenue stability. The solar facility operates under 10-year Power Purchase Agreements, PPAs, with offtakers. Geographically, all of the plants are located across southern Italy, specifically in the regions of Puglia, Basilicata and Campania. EDP said the average remaining life of the wind assets is about 11 years, while the solar plant has been operational for less than one year. For EDP, the sale aligns with its broader strategy of asset rotation. The Lisbon-based utility has been actively selling mature renewable projects to fund the development of new capacity in higher-growth markets, while also reducing debt and strengthening its balance sheet. Italy remains a core European market for EDP, but the company has been trimming exposure to older, non-core portfolios. PLT Energia SRL, the buyer, is an Italian independent power producer focused on expanding its renewables footprint domestically. The acquisition will add immediate operating capacity to PLT’s portfolio, along with long-term contracted cash flows from the CfDs and PPAs. EDP noted that the deal remains subject to standard closing conditions, including regulatory approvals. Barring any delays, the company expects the transaction to be completed during 2026. The divestment comes at a time when investor appetite for operational renewables in Southern Europe remains strong, driven by Italy’s decarbonization targets and the steady demand for clean power from industrial and commercial buyers. With 20-year CfDs on the wind assets and new PPAs on the solar farm, the portfolio offers PLT a predictable revenue stream for the next decade or more. By exiting the 68-MW package, EDP frees up EUR 150 million to redeploy into its development pipeline in Europe, North America and Latin America, where the group is targeting gigawatts of new solar, wind and storage projects through the end of the decade.