Infinity Power and HAU Energy have secured a total debt financing package of up to US$566 million, including up to US$265 million arranged by European Bank for Reconstruction and Development (EBRD), for the development of the Nefer Minya solar photovoltaic (PV) project. This marks a major milestone in their partnership to advance Egypt’s renewable energy transition.
Located in Minya, the project will combine 1.2 GWp of solar generation capacity with a 600 MWh battery energy storage system (BESS). Set to become the largest solar power plant in Egypt and Africa, it will store electricity generated during the day for use during peak demand after sunset, strengthening grid reliability and extending the availability of clean power.
The financing arranged by the EBRD comprises US$160 million from its own funds, US$75 million mobilised from Bank of Jordan, and up to US$30 million in concessional financing from the Clean Technology Fund. Additional financing is being provided by DEG, FMO, and Proparco, reflecting strong international confidence in Egypt’s renewable energy sector and the project’s development partners.
Once operational, Nefer Minya is expected to generate enough electricity to power more than 1.4 million homes annually and avoid over 1.5 million tpy of carbon dioxide emissions. Electricity will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement.
Eng. 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.”
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