Infinity Power and HAU Energy Secure $566 Million for 1.2 GWp Solar Project in Egypt

Infinity Power and HAU Energy have secured a debt financing package of up to USD 566 million for the development of the Nefer Minya Solar PV Project in Egypt. The financing includes up to USD 265 million arranged by the European Bank for Reconstruction and Development (EBRD). The project is expected to become the largest solar power plant in Egypt and Africa, combining large-scale solar generation with battery energy storage to improve electricity supply and grid reliability.

Located in Minya, Egypt, the Nefer Minya project will feature 1.2 GWp of solar photovoltaic capacity and a 600 MWh battery energy storage system (BESS). The integrated facility will generate electricity during daylight hours and store surplus power for use during peak demand after sunset. This arrangement is expected to support grid stability and increase the availability of renewable electricity.

The financing package arranged by EBRD includes USD 160 million from its own funds, USD 75 million mobilized from the Bank of Jordan and up to USD 30 million in concessional financing from the Clean Technology Fund. Additional funding is being provided by DEG, FMO and Proparco. The participation of these international financial institutions reflects growing support for Egypt’s renewable energy sector and the development of large-scale clean energy infrastructure.

Once operational, the Nefer Minya project is expected to generate sufficient electricity to power more than 1.4 million homes annually. It is also projected to prevent over 1.5 million tonnes of carbon dioxide emissions each year, contributing to Egypt’s efforts to reduce emissions and increase the share of renewable energy in its electricity mix.

The electricity generated by the project will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement. The long-term agreement is expected to provide a structured arrangement for supplying renewable electricity to the national grid.

Eng. Nayer Fouad, Co-Founder and CEO of Infinity Power, said the financing demonstrated strong confidence in Egypt’s renewable energy sector and the company’s ability to deliver large-scale clean energy infrastructure. He highlighted the project’s role in strengthening energy security, improving grid resilience and supporting the country’s transition towards a low-carbon economy.

Fouad also emphasized the importance of the partnership with HAU Energy and the international financing institutions in delivering the project. He said the development would support Infinity Power’s broader ambition to achieve 10 GW of operational renewable energy capacity by 2032.

The Nefer Minya project represents a significant development in Egypt’s solar energy expansion by combining utility-scale solar generation with battery storage. Its planned capacity and storage infrastructure are expected to support the integration of renewable electricity into the grid while helping meet growing power demand and advancing the country’s clean energy objectives.