Special purpose vehicle Nefer Menya for Renewable Energy S.A.E., owned by Infinity Power and HAU Energy B.V., will construct and operate Egypt and Africa’s largest solar photovoltaic plant. The Minya scheme combines a 1.2 GW solar facility with a 600 MWh battery energy storage system (BESS).

The European Bank for Reconstruction and Development (EBRD) is providing a US$ 160 million (€140.1 million) A-loan from its own resources. The syndicated package also includes a US$ 75 million (€65.7 million) B-loan from the Bank of Jordan and up to US$ 30 million (€26.3 million) in concessional financing from the Clean Technology Fund (CTF).

Total debt financing for the project reaches up to US$ 566 million (€494.7 million), with co-financing provided by DEG, FMO and Proparco. The battery system will store power generated during daytime hours to meet peak demand after sunset.

Electricity from the site will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement. The plant will power over 1.4 million homes and prevent more than 1.5 million tonnes of CO2 emissions annually.

Concessional funding from the CTF will additionally support technical training initiatives in Minya governorate while helping Hassan Allam Utilities implement workforce and gender equality strategies.

Aida Sitdikova, EBRD Director of Sustainable Infrastructure in the Middle East and Africa, said: “The EBRD is proud to lead the financing of this landmark 1.2 GW solar PV and 600 MWh battery storage project, the largest in Egypt and Africa to date. 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. We are delighted to partner once again with Infinity Power and Hassan Allam Utilities to support Egypt’s ambitious energy transition goals.”

Samer Mirai, Regional Head of Corporate Banking and Syndications of Bank of Jordan, said: “The Bank is proud to partner with the EBRD in financing this landmark renewable energy project, an important step in advancing Egypt’s energy transition and strengthening energy security. Our participation as both a B-loan lender and original hedge counterparty reflects our strong partnership with the EBRD and our growing role in supporting strategic, large-scale sustainable infrastructure across the region. The transaction is closely aligned with Bank of Jordan’s sustainability and green finance strategy, and reinforces our commitment to mobilising capital towards projects that contribute to a more sustainable and resilient energy future.”

Eng. Nayer Fouad, Co-Founder and CEO of Infinity Power, said: “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 Menya 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, said: “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.”

The scheme supports the EBRD-led Energy Pillar of Egypt’s Nexus of Water, Food and Energy initiative, which targets 10 GW of new private renewable capacity. Since 2012, the EBRD has invested over €16 billion across 238 projects in Egypt.