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Africa Finance Corporation (AFC), one of the continent’s leading infrastructure solutions providers, announced on Tuesday that its portfolio company, Infinity Power, has achieved financial close on its 200MW Ras Ghareb Wind Farm in Egypt. AFC described Infinity Power as “Africa’s largest independent renewable energy provider.”

The financial close came within a month of the $700 million capital raise for another of AFC’s investee companies, Arise IIP, and a record $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,” said AFC in a statement sent to Financial Nigeria.

Infinity Power secured $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). 

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,” said Sameh Shenouda, Executive Board Member and Chief Investment Officer at AFC.

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. According to AFC, Infinity has, to date, delivered clean power to 1.2 million homes and businesses, invested $3.5 million in community initiatives, and directly improved the lives of more than 39,000 people through local development initiatives.

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. 

AFC says its renewable energy strategy is anchored in bankable, large-scale projects that expand access to affordable, reliable electricity while accelerating decarbonisation. 

AFC’s renewables investments span wind, solar and hydro power, which it says positions the institution as a key driver in Africa’s energy transformation and prosperity.