Infinity Power and HAU Energy have secured a debt financing package of up to $566 million to develop the Nefer Minya Solar PV Project in Egypt, advancing plans for a 1.2-gigawatt solar power plant paired with battery storage. The project is designed to become the largest solar installation in Egypt and Africa.

The financing brings together international development lenders and commercial funding partners as Egypt seeks to expand renewable energy generation, strengthen electricity supply and reduce emissions.

The project will combine 1.2 gigawatts peak of solar capacity with a 600-megawatt-hour battery energy storage system to help meet demand beyond daylight hours.

International lenders back solar expansion

The European Bank for Reconstruction and Development is arranging up to $265 million of the package, including $160 million from its own funds, $75 million mobilized from Bank of Jordan and up to $30 million in concessional financing from the Clean Technology Fund. DEG, FMO and Proparco will provide additional financing.

The funding structure highlights the role of development finance institutions in mobilizing capital for large-scale renewable energy infrastructure in emerging markets. By combining commercial lending with concessional financing, the package is intended to support a project requiring substantial upfront investment in generation and storage capacity.

Battery storage targets peak demand

Electricity from Nefer Minya will be sold to the Egyptian Electricity Transmission Co. under a 25-year power purchase agreement. The long-term contract provides a framework for selling the plant’s output while supporting Egypt’s efforts to increase the share of renewable sources in its electricity mix.

The battery system will store electricity generated during daylight hours for use when demand rises in the evening. That capability could help reduce pressure on the grid during peak periods and make solar generation more useful to the power system after sunset, when production from photovoltaic panels declines.

Egypt’s renewable energy ambitions

Infinity Power co-founder and CEO Nayer Fouad said the financing reflected confidence in Egypt’s renewable energy sector and the company’s ability to deliver large-scale clean energy projects. He said the combination of solar generation and utility-scale battery storage would support energy security and grid resilience.

Dalia Wahba, CEO of Hassan Allam Utilities, said the financing demonstrated how partnerships could mobilize capital for major energy infrastructure.

Egypt has set a target of generating 42% of its electricity from renewable sources by 2030, creating pressure to bring new projects online and expand the supporting infrastructure.

Developers target broader African growth

Infinity Power is a joint venture between Egypt’s Infinity and Abu Dhabi Future Energy Co., known as Masdar, of the United Arab Emirates.

The company develops renewable energy projects across Africa, including solar and wind power, and is pursuing complementary technologies such as battery storage, transmission infrastructure, green hydrogen and water desalination.

The company has set a target of reaching 10 gigawatts of operational renewable energy capacity, although its published materials have cited different target dates.

HAU Energy, established by Hassan Allam Utilities, develops and operates solar, wind and battery storage projects, with a pipeline of nearly 3.3 gigawatts under development.