Ninety One-managed EAAIF backs sustainable aviation fuel project
The facility is designed to produce 200,000 tonnes per annum of biofuels.
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The Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, today announced a senior secured loan of $40 million to support the development of Egypt’s first sustainable aviation fuel production facility.
The $212.4 million project, located in the Sokhna Special Economic Zone, will be owned and operated by Green Sky Capital Limited and its local subsidiary, SAF Fly Egypt. The facility is designed to produce 200,000 tonnes per annum of biofuels, including sustainable aviation fuel, hydrotreated vegetable oil, bio-propane and bio-naphtha. It will utilise hydroprocessed esters and fatty acids technology to convert waste-based feedstock into high-grade sustainable fuel. The transaction will be anchored by Shell, which will purchase the facility’s products on a take-or-pay basis and act as its primary feedstock provider.
The project is being developed with the support of regional sponsors, including Al Mana Holding, a Qatari diversified conglomerate, and Vision Invest, a Saudi Arabian infrastructure investor and developer.
Ninety One acted as the global mandated lead arranger and coordinating lender, facilitating the mobilisation of a total debt package of $142.9 million with a $40 million commitment from EAAIF and Ninety One’s Emerging Markets Transition Debt Fund.
Martijn Proos, co-head of emerging market alternative credit at Ninety One, said: “This transaction arrives at a critical juncture for the global energy market. Amid heightened geopolitical volatility and energy market uncertainty, this first-of-its-kind facility provides a practical solution to advancing both decarbonisation and energy security. By acting as the global mandated lead arranger, Ninety One and EAAIF are demonstrating how institutional capital can be mobilised to support the decarbonisation of hard-to-abate sectors like aviation, which is projected to account for 5% of global emissions by 2050 without intervention.”
Alper Kilic, head of alternative credit at Ninety One, commented: “Emerging markets have been transitioning toward renewables and cleaner energy sources for some time, driven by rising energy costs and the need to strengthen energy security. This investment highlights the critical role long-term capital plays in scaling next-generation energy infrastructure in emerging markets. Sustainable aviation fuel is one of the most compelling – and challenging – decarbonisation pathways, requiring proven technology and strong commercial structures to deliver at scale. This project demonstrates how institutional investors can pursue attractive risk-adjusted returns while supporting the real-economy transition, and underscores the growing opportunity for transition debt strategies to finance high-impact assets in hard-to-abate sectors.”
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