Africa Finance Corporation and Infinity Power Reach Financial Close on $153 Million Ras Ghareb Wind Project
Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has announced that its portfolio company Infinity Power has reached financial close on the 200MW Ras Ghareb Wind Farm in Egypt — a milestone that underscores Africa’s growing ability to mobilize international capital for large-scale, African-led renewable energy projects.
Infinity Power secured US$153 million in senior debt financing from the European Bank for Reconstruction and Development (EBRD), Proparco of Paris, and the Japan International Cooperation Agency (JICA).
Construction of the project, located in the Gulf of Suez, began last month, with Power Construction Corporation of China (POWERCHINA) serving as the engineering, procurement, and construction (EPC) contractor.
Once completed in 2027, the wind farm is expected to generate approximately 810,000 MWh annually, providing clean energy to over 300,000 homes and reducing carbon dioxide emissions by around 390,000 tonnes each year.
Driving Africa’s Renewable Energy Ambitions
Sameh Shenouda, AFC Executive Board Member and Chief Investment Officer, said the Ras Ghareb project highlights the Corporation’s catalytic role in attracting international investment to transformative African infrastructure.
“The Ras Ghareb funding underscores AFC’s ability to mobilize global capital for Africa’s sustainable growth,” Shenouda said. “Since 2022, we have partnered with Infinity Power, Masdar, and EBRD to create Africa’s largest renewable energy platform. This project demonstrates how African-built institutions can attract large-scale institutional capital.”
Infinity Power currently operates 14 wind and solar assets with a combined installed capacity of 1.3GW and aims to expand this to 10GW by 2030.
Its existing operations already provide clean electricity to 1.2 million homes and businesses and support more than 39,000 people through community development programs.
Scaling Sustainable Growth Across the Continent
Mohamed Ismail Mansour, Chairman of Infinity Power, said the project reinforces the company’s leadership in Africa’s clean energy transition.
“Ras Ghareb strengthens our position as Africa’s leading renewable energy company,” Mansour said. “The support of AFC, EBRD, and Masdar enables us to scale commercially viable projects that deliver social and environmental impact while driving sustainable development across the continent.”
Confidence in Africa’s Infrastructure Market
This financial close follows AFC’s recent US$700 million capital raise for its investee company Arise IIP and a record US$1.5 billion syndicated loan, reflecting growing investor confidence in African infrastructure.
AFC continues to expand its renewable energy footprint across Egypt, South Africa, Côte d’Ivoire, and Senegal, as part of its broader mission to support Africa’s transition to a low-carbon, energy-secure future.
