Samar El-Sayed_ The European Bank for Reconstruction and Development is working to enhance Egypt's capabilities in the energy sector, specifically in renewables and supporting its energy security, by contributing to the financing of a new large-scale solar power plant equipped with a battery energy storage system in the Minya Governorate. The 1.2 GW plant is set to become the largest of its kind for solar energy production in Egypt and Africa.
The Bank is arranging a loan of up to US$ 265 million (€232 million) for "Nefarious Minya Renewable Energy S.A.E." (Nefarious Minya), a special purpose vehicle owned by "Infinity Power" and "HAU Energy B.V."
The financing consists of an A-loan of US$ 160 million (€140.1 million) from the Bank's own resources, a B-loan of US$ 75 million (€65.7 million) mobilized from the Bank of Jordan, and concessional financing of up to US$ 30 million (€26.3 million) from the Clean Technology Fund (CTF) of the Climate Investment Funds (CIF) under the "Global Energy Storage Program".
The financing of the "Nefarious Minya" project is also supported by the German Investment Corporation (DEG), the Dutch Entrepreneurial Development Bank (FMO), and the French institution "Proparco", as part of a total debt financing package reaching up to US$ 566 million (€494.7 million).
The funds provided to "Nefarious Minya" will be used for the construction and operation of a 1.2 GW solar power plant with a 600 MWh battery energy storage system, making the project one of the first in Egypt to combine large-scale solar generation with battery storage. The battery system will store solar energy generated during the day for use during peak demand hours after sunset, thereby enhancing grid stability and reliability.
The generated electricity will be sold to the Egyptian Electricity Transmission Company under a 25-year Power Purchase Agreement, providing clean, renewable energy at a lower cost than conventional generation. The project is expected to help avoid the emission of more than 1.5 million tonnes of carbon dioxide annually and provide electricity to over 1.4 million homes.
This investment supports the energy pillar, led by the EBRD, under Egypt's pioneering "NWFE" program linking water, food, and energy projects, which was launched during COP27. The initiative aims to facilitate the addition of 10 GW of new renewable energy capacity through the private sector, in parallel with the decommissioning of 5 GW of low-efficiency fossil fuel power plants.
Infinity Power, a joint venture established in 2019 by Infinity and Masdar, is the largest company in Africa operating exclusively in the renewable energy sector. The EBRD holds an equity stake in Infinity Power. Meanwhile, "HAU Energy B.V." was established in 2024 to develop renewable energy projects in Egypt and is owned by Meridiam, Hassan Allam Utilities, and the EBRD.
In addition to the concessional loan, the Clean Technology Fund will provide technical cooperation financing to launch two nationally accredited technical training programs focused on green skills for new entrants to the labor market in the Minya Governorate, equipping them with future-proof skills and enhancing their employment opportunities in Egypt's growing renewable energy sector. The Fund's financing will also assist Hassan Allam Utilities in developing its human resources policies and practices, integrating gender equality into its workforce management strategy, and promoting women's access to technical and leadership positions in the traditionally male-dominated energy sector.
Aida Sitdikova, EBRD Director for Sustainable Infrastructure in the Middle East and Africa, stated: "The EBRD is proud to lead the financing of this landmark 1.2 GW solar photovoltaic and 600 MWh battery storage project, the largest in Egypt and Africa to date. Egypt continues to pioneer the large-scale and cost-effective deployment of renewable energy. By combining utility-scale solar generation with battery storage, this project will enhance the country's energy security and 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 Merai, Head of Corporate Banking and Syndications at the Bank of Jordan, said: "The Bank is proud to partner with the EBRD in financing this landmark renewable energy project, which represents a significant step towards driving Egypt's energy transition and enhancing energy security. Our participation as a lender in the B-loan and as the original hedging counterparty reflects our strong partnership with the EBRD and our growing role in supporting strategic, large-scale sustainable infrastructure projects in the region. This financing aligns closely with the Bank of Jordan's sustainability and green finance strategy, underscoring our commitment to channeling capital towards projects that contribute to a more sustainable and resilient energy future.
Eng. Nayer Fouad, Co-Founder and CEO of Infinity Power, stated: "This landmark financing reflects strong confidence in Egypt's renewable energy sector and in Infinity Power's ability to execute large-scale clean energy infrastructure projects. As the largest solar PV project in Egypt and Africa, paired with one of the country's first utility-scale battery energy storage systems, the Nefarious Minya project will enhance energy security, boost grid resilience, and support Egypt's transition to a low-carbon economy. We are proud, alongside HAU Energy and our financing partners, to execute this pioneering project as part of our journey towards achieving our goal of reaching 10 GW of operational renewable energy capacity by 2032, and expanding access to clean, reliable, and affordable energy across Africa."
For her part, Dalia Wahba, CEO of Hassan Allam Utilities, commented: "Securing this financing package demonstrates what strong partnerships can achieve in mobilizing capital for transformational infrastructure projects in the energy sector. Egypt has set a clear target of generating 42 percent of its electricity from renewable sources by 2030, and Hassan Allam Utilities is committed to contributing to this goal by implementing green and 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 energy available when the grid needs it most. Every megawatt-hour we produce reduces reliance on imported fuel, enhances Egypt's energy security, and lays a more competitive foundation for sustainable growth."
The EBRD is a leading institutional investor in Egypt, having invested more than €16 billion through 238 projects since the start of its operations there in 2012.
Eng. Nayer Fouad, Co-Founder and CEO of Infinity Power, stated: "This landmark financing reflects strong confidence in Egypt's renewable energy sector and in Infinity Power's ability to execute large-scale clean energy infrastructure projects. As the largest solar PV project in Egypt and Africa, paired with one of the country's first utility-scale battery energy storage systems, the Nefarious Minya project will enhance energy security, boost grid resilience, and support Egypt's transition to a low-carbon economy. We are proud, alongside HAU Energy and our financing partners, to execute this pioneering project as part of our journey towards achieving our goal of reaching 10 GW of operational renewable energy capacity by 2032, and expanding access to clean, reliable, and affordable energy across Africa."
For her part, Dalia Wahba, CEO of Hassan Allam Utilities, commented: "Securing this financing package demonstrates what strong partnerships can achieve in mobilizing capital for transformational infrastructure projects in the energy sector. Egypt has set a clear target of generating 42 percent of its electricity from renewable sources by 2030, and Hassan Allam Utilities is committed to contributing to this goal by implementing green and 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 energy available when the grid needs it most. Every megawatt-hour we produce reduces reliance on imported fuel, enhances Egypt's energy security, and lays a more competitive foundation for sustainable growth."
The EBRD is a leading institutional investor in Egypt, having invested more than €16 billion through 238 projects since the start of its operations there in 2012.
