Ninety One-Managed EAAIF Backs Sustainable Aviation Fuel Project

Key Takeaways

• $40M senior loan from EAAIF funds Egypt's first SAF plant
• Project cost $212.4M, capacity 200,000 tonnes annual biofuels
• Shell will purchase output and supply feedstock under take-or-pay
• Ninety One arranged $142.9M debt, showcasing transition financing in emerging markets
• Facility targets hard‑to‑abate aviation emissions, bolstering regional energy security

Pulse Analysis

The global push for sustainable aviation fuel has accelerated as airlines seek to meet net‑zero pledges, yet supply constraints remain acute, especially in emerging economies. Egypt’s new SAF facility, slated for the Sokhna Special Economic Zone, will convert waste‑derived feedstock into 200,000 tonnes of high‑grade biofuels annually, employing hydroprocessed esters and fatty acids (HEFA) technology—a proven pathway for scaling low‑carbon jet fuel. By diversifying the regional fuel mix with SAF, hydrotreated vegetable oil, bio‑propane and bio‑naphtha, the plant positions Egypt as a nascent hub for green aviation fuels in the Middle East and Africa.

The $40 million senior loan from the Emerging Africa & Asia Infrastructure Fund, backed by Ninety One’s Emerging Markets Transition Debt Fund, is part of a broader $142.9 million debt syndication that underscores the growing appetite for transition‑focused capital in frontier markets. As global mandated lead arranger, Ninety One structured a senior secured facility that aligns long‑term investor returns with climate objectives, leveraging Shell’s take‑or‑pay contract to mitigate commercial risk. This financing model illustrates how institutional investors can bridge the funding gap for capital‑intensive, high‑impact projects that traditional lenders often deem too risky.

Beyond the immediate emissions reduction—aviation could account for 5 percent of global CO₂ by 2050 without intervention—the project strengthens Egypt’s energy security by creating a domestic source of jet fuel and related bio‑products. The involvement of regional sponsors Al Mana Holding and Vision Invest signals broader Gulf interest in decarbonisation infrastructure, potentially catalyzing similar initiatives across North Africa. As policy frameworks tighten and airlines increase SAF commitments, the successful deployment of transition debt in this deal may become a template for financing the next wave of sustainable energy assets in emerging markets.