Infinity Power and HAU Energy have secured a debt financing package of up to $566 million to develop the Nefer Minya Solar PV Project in Minya, Egypt, marking a significant milestone in the country’s renewable energy transition.

The financing includes up to $265 million arranged by the European Bank for Reconstruction and Development (EBRD), comprising $160 million from its own funds, $75 million mobilised from Bank of Jordan and up to $30 million in concessional financing from the Clean Technology Fund.

Additional funding will be provided by DEG, FMO and Proparco.

The Nefer Minya project will combine 1.2 GWp of solar generation capacity with a 600 MWh battery energy storage system (BESS), positioning it to become the largest solar power plant in Egypt and Africa.

The integrated storage system will enable electricity generated during daylight hours to be used during peak evening demand, improving grid reliability and extending access to clean energy.

Once operational, the facility is expected to generate enough electricity to supply more than 1.4 million homes annually while avoiding over 1.5 million tonnes of carbon dioxide emissions each year.

Electricity generated by the project will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement, supporting Egypt’s efforts to expand renewable energy generation and reduce emissions.

Nayer Fouad, Co-Founder and CEO of Infinity Power, commented: “This landmark financing reflects strong confidence in Egypt’s renewable energy sector and Infinity Power’s ability to deliver large-scale clean energy infrastructure. As the largest solar PV project in Egypt and Africa, paired with one of the country’s first utility-scale battery energy storage systems, Nefer Minya will strengthen energy security, enhance grid resilience and support Egypt’s transition to a low-carbon economy. Together with HAU Energy and our financing partners, we are proud to deliver this flagship project as we advance towards our goal of 10 GW of operational renewable energy capacity by 2032 and expand access to affordable, reliable clean energy across Africa.”

Dalia Wahba, CEO of Hassan Allam Utilities, commented: “Securing this financing package shows what strong partnerships can achieve in mobilising capital for transformative energy infrastructure. Egypt has set a clear ambition to generate 42 per cent of its electricity from renewable sources by 2030, and Hassan Allam Utilities is committed to helping drive that agenda by delivering green, reliable infrastructure across the country. Through HAU Energy, alongside Infinity Power and our financing partners, we are combining large-scale solar generation with battery storage to provide clean power that is available when the grid needs it most. Every megawatt-hour we produce reduces reliance on imported fuel, strengthens Egypt's energy security and builds a more competitive foundation for sustainable growth.” -OGN/TradeArabia News Service