Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, today announced that its portfolio company, Infinity Power—Africa’s largest independent renewable energy provider—has achieved financial close on its 200MW Ras Ghareb Wind Farm in Egypt. Coming within a month of the US$700 million capital raise for another of the Corporation’s investee companies, Arise IIP, and a record US$1.5 billion syndicated loan for AFC, the new financings together show growing momentum in the mobilisation of large-scale global investment into African-led infrastructure projects.
Infinity Power secured US$153 million in senior debt for Ras Ghareb from the European Bank for Reconstruction and Development (EBRD), Paris-based Proparco, and the Japan International Cooperation Agency (JICA), reflecting strong international confidence. Construction began last month at the site in the Gulf of Suez, led by the Power Construction Corporation of China (POWERCHINA) as engineering, procurement and construction (EPC) contractor. Once operational in 2027, Ras Ghareb will generate approximately 810,000 MWh of clean electricity per year—enough to power over 300,000 homes and avoid around 390,000 tonnes of CO₂ 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. Since 2022, AFC has been successfully backing Infinity Worldwide in partnership with Masdar and EBRD to create Africa’s largest renewable energy platform.” said Sameh Shenouda, Executive Board Member and Chief Investment Officer at AFC. “Coming on the heels of the landmark global capital raise for Arise and our own record syndicated loan, this reinforces our conviction in providing African-built, globally bankable platforms capable of crowding in institutional capital at scale.”
Infinity Power has 14 operational wind and solar assets with an installed capacity totalling 1.3GW. The platform is expanding towards a targeted 10GW by 2030, with advanced developments underway in South Africa, Côte d’Ivoire, Egypt and Senegal. To date, Infinity has delivered clean power to 1.2 million homes and businesses, invested US$3.5 million in community initiatives, and directly improved the lives of more than 39,000 people through local development initiatives.
“The Ras Ghareb project reinforces Infinity Power’s position as Africa’s leading renewable energy company, made possible by the strong backing of our shareholders AFC, EBRD and Masdar,” said Mohamed Ismail Mansour, Chairman of Infinity Power. “Together, we are scaling a pipeline of projects that combine commercial viability with deep impact and long-term sustainability.”
The Ras Ghareb financial close follows another milestone for AFC backed pan-African developer and operator of integrated industrial zones, Arise IIP, welcoming Saudi Arabia’s Vision Invest as a new shareholder. The deal— managed by AFC and the largest Africa capital raise from global investors in recent times—enabled a successful partial exit for AFC, freeing up capital to reinvest in transformative infrastructure projects in line with its operating model. AFC intends to replicate this successful capital raise in the Power sector within Africa. AFC’s record syndicated loan completed earlier this month further reinforces its position as Africa’s leading originator and developer of scalable, de-risked platforms.
AFC has been backing Infinity in partnership with Masdar and EBRD since 2022, supporting its vision to build Africa’s largest independent renewable energy platform. The Corporation’s renewable energy strategy is anchored in bankable, large-scale projects that expand access to affordable, reliable electricity while accelerating decarbonization. AFC’s renewables investments span wind, solar and hydro power, positioning the institution as a key driver in Africa’s energy transformation and prosperity.
Africa Fact: Ibn Haukal, writing in 951 AD, informs us that the King of Ghana was “the richest king on the face of the earth” whose pre-eminence was due to the quantity of gold nuggets that had been amassed by the himself and by his predecessors.
poppin loot
Lebo Gunguluza started his entrepreneurial journey with R60 and a lot of nerve. He managed to secure a bursary, which enabled him to study a BCom degree at the University of Natal. To earn money while he studied he became an agent for Edgars on campus, then went on to work in sales for the SABC. He launched his first business and made his first million by 27 but squandered it and had to work his way back to financial wealth. He launched Corporate Fusion, and at 33 his business was turning over R14 million, but he left it to others to run while he travelled the world, and he soon found himself in R4 million worth of debt. Several years later after paying off his debt, he launched GEM (Gunguluza Enterprises & Media) Group of Companies, which has become a multimillion rand business in it\’s first two-and-a-half years. He went on to become one of the \”dragons\’ on the South African edition of Dragons\’ Den, as well as one of the \”sharks\’ on M-Net\’s Shark Tank.