The Africa Finance Corporation (AFC) has announced that its portfolio company, Infinity Power, Africa’s largest independent renewable energy provider, has achieved financial close on the 200-megawatt (MW) Ras Ghareb Wind Farm project in Egypt.

The project marks another major step in AFC’s mission to catalyse investment in Africa’s renewable energy infrastructure and comes shortly after two other landmark deals—the US$700 million capital raise for industrial platform Arise IIP and a US$1.5 billion syndicated loan secured by AFC.

According to a statement,  Infinity Power obtained US$153 million in senior debt financing from a consortium comprising the European Bank for Reconstruction and Development (EBRD), Proparco, and the Japan International Cooperation Agency (JICA). Construction began last month at the Gulf of Suez site, led by the Power Construction Corporation of China (POWERCHINA) as the engineering, procurement, and construction (EPC) contractor.

When completed in 2027, the wind farm is expected to generate around 810,000 megawatt-hours (MWh) of clean electricity annually—enough to power over 300,000 homes and offset approximately 390,000 tonnes of carbon dioxide each 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, AFC’s Executive Board Member and Chief Investment Officer. “This reinforces our conviction in providing African-built, globally bankable platforms capable of crowding in institutional capital at scale.”

Infinity Power currently operates 14 renewable energy assets across Africa with a combined capacity of 1.3 gigawatts (GW) and aims to expand to 10GW by 2030. The company has already provided clean power to 1.2 million homes and businesses, invested US$3.5 million in community development initiatives, and positively impacted over 39,000 people across its host communities.

“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 financial close at Ras Ghareb follows another milestone for AFC-backed Arise IIP, which recently welcomed Saudi Arabia’s Vision Invest as a new shareholder in one of the largest African capital raises in recent years. The transaction allowed AFC a successful partial exit while freeing up capital for reinvestment in transformative infrastructure projects across the continent.

AFC’s renewable energy portfolio spans wind, solar, and hydro developments, underpinning its commitment to expanding affordable electricity access and advancing Africa’s energy transition.