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Infinity Power and HAU Energy have arranged a debt financing package worth as much as $566 million for the Nefer Minya Solar PV Project in Minya, Egypt, a development described as a notable step forward in the country’s shift toward renewable energy.
The package features up to $265 million arranged by the European Bank for Reconstruction and Development, consisting of $160 million from the bank’s own resources, $75 million mobilised from Bank of Jordan and as much as $30 million in concessional financing from the Clean Technology Fund. DEG, FMO and Proparco are also providing additional funding.
Nefer Minya will pair 1.2 GWp of solar generation capacity with a 600 MWh battery energy storage system, a combination expected to make it the largest solar power plant in Egypt and Africa. The storage element is designed to let electricity produced during daylight hours be used during peak evening demand, improving grid reliability and broadening access to clean energy.
When 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 from 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 generation and reduce emissions.
Nayer Fouad, Co-Founder and CEO of Infinity Power, said the financing reflects confidence in Egypt’s renewable energy sector and in the company’s ability to deliver large-scale clean energy infrastructure. He described Nefer Minya as the largest solar PV project in Egypt and Africa, paired with one of the country’s first utility-scale battery storage systems, and said it would strengthen energy security, grid resilience and the transition to a low-carbon economy. He also referenced Infinity Power’s goal of 10 GW of operational renewable energy capacity by 2032.
Dalia Wahba, CEO of Hassan Allam Utilities, said the financing package shows what partnerships can achieve in mobilising capital for energy infrastructure. She noted Egypt’s ambition to generate 42 per cent of its electricity from renewable sources by 2030 and said Hassan Allam Utilities is committed to that agenda through HAU Energy, alongside Infinity Power and financing partners. She added that combining large-scale solar generation with battery storage provides clean power when the grid needs it most and reduces reliance on imported fuel.
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