Infinity Power and HAU Energy Secure USD 566 Million Financing for Landmark Solar Project in Egypt

Infinity Power and HAU Energy have secured up to USD 566 million in debt financing to develop a 1.2 GWp solar power plant integrated with a 600 MWh battery energy storage system in Minya, Egypt.

Infinity Power and HAU Energy have secured a debt financing package of up to USD 566 million, of which up to USD 265 million has been arranged by the European Bank for Reconstruction and Development (EBRD), to develop the Nefer Minya Solar PV Project in Egypt.

Located in Minya, the project will integrate 1.2 GWp of solar power generation capacity with a 600 MWh Battery Energy Storage System (BESS). Upon completion, it is expected to become the largest solar power plant in Egypt and Africa. The integrated BESS will enable surplus electricity generated during daylight hours to be stored and dispatched during evening peak-demand periods, thereby enhancing grid reliability and extending access to clean electricity.

The financing package structured by EBRD includes USD 160 million in direct funding from its own resources, USD 75 million mobilised from the Bank of Jordan, and up to USD 30 million in concessional funding from the Clean Technology Fund. Further financial support is being contributed by DEG, FMO and Proparco, underscoring the confidence of international financial institutions in Egypt’s renewable energy market and the project’s development partners.

Upon commissioning, the Nefer Minya project is projected to generate sufficient electricity to meet the annual power requirements of more than 1.4 million households while reducing carbon dioxide (CO₂) emissions by over 1.5 million tonnes annually. The electricity generated will be supplied to the Egyptian Electricity Transmission Company under a 25-year Power Purchase Agreement (PPA).