EBRD backs largest solar PV project in Egypt and Africa

• EBRD arranges US$ 265 million syndicated loan for the construction of Egypt and Africa’s largest solar PV plant, owned by HAU Energy and Infinity Power
• Loan is co-financed by DEG, FMO and Proparco, with US$ 30 million in concessional financing from the Clean Technology Fund
• Storage to improve grid reliability and supply power after sunset

The European Bank for Reconstruction and Development (EBRD) is strengthening Egypt’s renewable energy capacity and energy security by helping to finance a new large-scale solar power plant and battery energy storage system (BESS) in Minya. The facility is set to become the largest solar power plant in Egypt and Africa, with a capacity of 1.2 GW.

The Bank is arranging a loan of up to US$ 265 million (€232 million) to Nefer Menya for Renewable Energy S.A.E. (Nefer Menya), a special purpose vehicle owned by Infinity Power and HAU Energy B.V. The funding will consist of a US$ 160 million (€140.1 million) A-loan from the EBRD’s own funds, a US$ 75 million (€65.7 million) B-loan mobilised from Bank of Jordan and up to US$ 30 million (€26.3 million) in concessional financing from the CIF Clean Technology Fund (CTF) under its Global Energy Storage Program.

Nefer Menya is being co-financed by German development finance institution DEG, the Dutch Entrepreneurial Development Bank (FMO) and France’s Proparco as part of an aggregate debt financing package of up to US$ 566 million (€494.7 million).

The funds to Nefer Menya will be used for the construction and operation of a 1.2 GW solar power plant with a 600 MWh BESS, one of Egypt’s first projects to combine large-scale solar generation with battery storage. The battery system will store solar power generated during the day for use during peak demand after sunset, helping to strengthen grid stability and reliability.

Electricity will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement, providing clean, renewable power at a lower cost than conventional generation. The project is expected to avoid more than 1.5 million tonnes of CO2 emissions per year and to power more than 1.4 million homes.

The investment supports the EBRD-led Energy Pillar of Egypt’s flagship Nexus of Water, Food and Energy, launched at COP27. The initiative aims to facilitate 10 GW of new private-sector renewable energy capacity while cutting 5 GW of inefficient fossil-fuel capacity.
Infinity Power, a joint venture established in 2019 by Infinity and Masdar, is Africa’s largest pure-play renewable energy provider. The EBRD holds an equity stake in Infinity Power. 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 CTF will provide technical cooperation funding to introduce two nationally accredited technical training programmes focused on green skills for young labour-market entrants in Minya governorate, equipping them with future-ready skills and enhancing their employability in Egypt’s growing renewable energy sector. The CTF funding will also help Hassan Allam Utilities to strengthen its human resources policies and practices, embed gender equality into its workforce management strategy and enhance women’s access to technical and leadership roles in the traditionally male-dominated energy sector.

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 Corpoate 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 EBRD is a leading institutional investor in Egypt. Since starting operations there in 2012, it has invested more than €16 billion through 238 projects.