The Africa Finance Corporation (AFC) has announced that its portfolio company, Infinity Power, has achieved financial close on the 200-megawatt Ras Ghareb Wind Farm in Egypt, marking another milestone in Africa’s renewable energy drive.
Infinity Power, a joint venture backed by AFC, Masdar, and the European Bank for Reconstruction and Development (EBRD), secured $153 million in senior debt from the EBRD, France’s Proparco, and the Japan International Cooperation Agency (JICA). The deal underscores growing investor confidence in African-led, large-scale energy infrastructure.
Construction, led by China’s POWERCHINA as engineering, procurement, and construction (EPC) contractor, began last month in the Gulf of Suez. Once operational in 2027, the plant is expected to generate 810,000 megawatt-hours of clean electricity annually, enough to power over 300,000 homes, and cut 390,000 tonnes of CO₂ emissions per year.
“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 Director and Chief Investment Officer at AFC.
The project follows a string of landmark financings for the Lagos-based infrastructure financier, including a $700 million capital raise for its industrial platform Arise IIP and a record $1.5 billion syndicated loan, reflecting a surge in global capital inflows toward African-led infrastructure.
Infinity Power currently operates 14 wind and solar plants totaling 1.3 gigawatts (GW) of installed capacity across several African countries. The company aims to expand its footprint to 10GW by 2030, with active developments underway in South Africa, Côte d’Ivoire, Egypt, and Senegal.
“The Ras Ghareb project reinforces Infinity Power’s position as Africa’s leading renewable energy company,” said Mohamed Ismail Mansour, Chairman of Infinity Power. “Together with our shareholders AFC, EBRD, and Masdar, we are scaling a pipeline of projects that combine commercial viability with long-term sustainability.”
The AFC said its investment in Infinity Power forms part of a wider renewable energy strategy focused on bankable, large-scale projects that expand access to affordable, reliable power while accelerating Africa’s decarbonization goals.
