The EBRD has mobilized $265 million loan package for a solar and storage project in Egypt
The 1.2 GW solar plant will be paired with a 600 MWh BESS to store daytime electricity and meet peak demand after sunset
Egypt’s EETC will purchase the electricity generated by the project under a 25-year PPA
Infinity Power and HAU Energy B.V. have secured $265 million in financing from the European Bank for Reconstruction and Development (EBRD) for a 1.2 GW solar project in Egypt. The project is expected to become the ‘largest’ solar power plant in Egypt and Africa.
The solar power plant project will be accompanied by a 600 MWh battery energy storage system (BESS) to store electricity during the day to help meet peak demand after sunset. It has a Golden License from the Egyptian government to help fast-track the investment (see Egypt Approves 1 GW Solar PV & 600 MWh BESS Project).
The project is also co-financed by German development finance institution DEG, Dutch Entrepreneurial Development Bank (FMO), and France’s Proparco.
HAU Energy is co-owned by Hassan Allam Utilities, Meridiam and the EBRD. Infinity Power, a joint venture between Infinity and Masdar, says this project is part of its target to achieve 10 GW of operational renewable energy capacity by 2032.
“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 Menya will strengthen energy security, enhance grid resilience and support Egypt’s transition to a low-carbon economy,” said Infinity Power’s Co-Founder and CEO Nayer Fouad.    
Nefer Menya for Renewable Energy, the special purpose vehicle (SPV), owned by Infinity and HAU, will secure $160 million A-loan from EBRD’s own funds, while $75 million B-loan has been mobilized by the bank from the Bank of Jordan. Another $30 million is concessional financing from the CIF Clean Technology Fund (CTF) under its Global Energy Storage program.
Chinese solar PV manufacturer AIKO is supplying its all-back-contact (ABC) solar modules for the Nefer Menya Solar Project located in Minya Governorate.
The Egyptian Electricity Transmission Company (EETC) will offtake power generated from the facility under a 25-year power purchase agreement (PPA). It will provide clean power at a lower cost than conventional generation, says EBRD.  
“Egypt continues to be a trailblazer in large-scale renewable energy deployment at affordable prices. By combining solar generation with utility-scale battery storage, this project will strengthen the country’s energy security and enhance grid resilience,” stated Aida Sitdikova, EBRD Director of Sustainable Infrastructure in the Middle East and Africa.
Egypt targets to achieve 42% share of renewable energy in its electricity mix by 2030. In 2023-2024, it was about 12%. The country has plans to facilitate 10 GW of new private-sector renewable energy capacity by 2028 while cutting down 5 GW of inefficient fossil-fuel capacity. In 2026, the country announced plans to add 3 GW of solar power capacity, along with 600 MW of new battery storage before summer (see Egypt To Bring Online 3 GW Solar Energy In 2026).   
TaiyangNews 2024

source