The European Bank for Reconstruction and Development (EBRD) is providing up to $265m (€236.1m) in syndicated loans to fund the construction of the Nefer Minya solar power project in Minya, Egypt.
The 1.2GW facility will be equipped with a 600MW-hour (MWh) battery energy storage system (BESS).
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The financing, arranged by the EBRD, includes a $160m loan from its own resources. It also comprises a $75m tranche mobilised from the Bank of Jordan and up to $30m in concessional support from the Clean Technology Fund under its Global Energy Storage Program.
Infinity Power and Hassan Allam Utilities Energy own Nefer Minya for Renewable Energy S.A.E., the project’s special purpose vehicle.
The total debt financing for Nefer Minya, which is also supported by Germany’s DEG, Proparco from France and the Dutch Entrepreneurial Development Bank, amounts to up to $566m.
Construction and operation of the project will combine large-scale solar power generation with battery storage, a first for Egypt at this scale.
The BESS is intended to store daytime-generated solar energy for use during peak evening demand, supporting electricity grid stability and reliability.
Electricity produced by the new plant will be sold to the Egyptian Electricity Transmission Company through a 25-year power purchase agreement.
The partners project that Nefer Minya will provide power to more than 1.4 million homes and is expected to avoid in excess of 1.5 million tonnes per annum (mtpa) of carbon dioxide (CO₂) emissions.
The EBRD describes the investment as part of its Energy Pillar initiative under Egypt’s Nexus of Water, Food and Energy strategy, unveiled at COP27.
This initiative aims to enable 10GW of renewable energy capacity in the private sector while reducing less efficient fossil fuel generation by 5GW.
EBRD Middle East and Africa sustainable infrastructure director Aida Sitdikova said: “The EBRD is proud to lead the financing of this landmark 1.2GW solar PV [photovoltaic] and 600MWh battery storage project, the largest in Egypt and Africa to date.
“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.”
In April 2026, the EBRD extended a €70m loan to finance a 450MW solar PV park and a 250MW/1GW-hour BESS in Hungary.
