- Africa Finance Corporation (AFC), today announced that its portfolio company Infinity Power, has achieved financial close on the 200MW Ras Ghareb Wind Farm in Egypt.
The milestone follows a series of major transactions for AFC and its investee companies, including a US$700 million capital raise by Arise IIP and a record US$1.5 billion syndicated loan for AFC. Together, these achievements highlight accelerating global investment momentum into African-led, sustainable infrastructure projects.
Infinity Power secured US$153 million in senior debt financing for the Ras Ghareb project from the European Bank for Reconstruction and Development (EBRD), Proparco (France), and the Japan International Cooperation Agency (JICA), underscoring strong international confidence in the platform’s capacity to deliver world-class renewable assets.
Construction began last month at the project site in the Gulf of Suez, with the Power Construction Corporation of China (POWERCHINA) appointed as engineering, procurement and construction (EPC) contractor. Once operational in 2027, the wind farm will generate approximately 810,000 MWh of clean electricity per year—enough to power over 300,000 homes and avoid 390,000 tonnes of CO₂ emissions annually.
“The funding for Ras Ghareb exemplifies AFC’s collaborative role as an originator, developer, and long-term investor, driving international capital into transformative African infrastructure,” said Sameh Shenouda, Executive Board Member and Chief Investment Officer at AFC. “Since 2022, AFC has been successfully backing Infinity Power—alongside partners Masdar and EBRD—to build Africa’s largest renewable energy platform. Coming on the heels of the landmark capital raise for Arise and AFC’s own record syndicated loan, this reinforces our conviction in creating African-built, globally bankable platforms that attract institutional capital at scale.”
Author: Bryan Groenendaal
