HAU Energy, the renewable energy investment platform of Hassan Allam Utilities, and Infinity Power, Africa’s largest renewable energy company, have secured up to $566 million in debt financing for the Nefer Minya Solar photovoltaic (PV) project in Minya. The plant is set to become the largest solar power plant in Egypt and Africa, according to a joint announcement.
The project will combine 1.2 gigawatts-peak (GWp) of solar generation capacity with a 600 megawatt-hour (MWh) battery energy storage system (BESS) to supply electricity during peak demand after sunset and improve grid reliability. The European Bank for Reconstruction and Development (EBRD) arranged up to $265 million of the financing package, including $160 million from its own funds, $75 million mobilized from the Bank of Jordan, and up to $30 million in concessional financing from the Clean Technology Fund.
German development finance institutions (DEG), Dutch Entrepreneurial Development Bank (FMO), and French development finance (Proparco) are also providing additional financing. In April, EBRD extended a $65 million construction bridging loan to Egypt’s HAU Energy to develop a new renewable energy project in Benban, near Aswan.
The bridging loan will be used to finance the construction and installation of a 200 megawatt (MW) PV plant and a 120 MWh BESS in Benban, near Aswan, according to an EBRD statement. Once operational, Nefer Minya Solar Project is expected to generate enough electricity to power more than 1.4 million homes annually and avoid over 1.5 million tons per year (mmt/y) of carbon dioxide (CO₂) emissions.
The electricity will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement (PPA). “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,” said Nayer Fouad, Co-Founder and CEO of Infinity Power.
For her part, Dalia Wahba, CEO of Hassan Allam Utilities, said the project supports Egypt’s ambition to generate 42% of its electricity from renewable sources by 2030. “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,” Wahba said. “Every megawatt hour we produce reduces reliance on imported fuel, strengthens Egypt’s energy security and builds a more competitive foundation for sustainable growth,” she added.
HAU Energy, established by Hassan Allam Utilities, has a portfolio of around 3.3 GW of renewable energy projects under development. Infinity Power, a joint venture between Infinity and UAE’s Masdar, has around1.3 GW of operational renewable energy capacity across Egypt, South Africa, and Senegal, alongside 6.3 GW of wind and solar projects under development.
The company aims to reach 10 GW of operational renewable energy capacity by 2032. Egypt sees major expansion in agricultural development projects