The European Bank for Reconstruction and Development (EBRD) is arranging a syndicated loan of up to $265 million (€232 million) for a 1.2 GW solar photovoltaic plant coupled with a 600 MWh battery energy storage system (BESS) in Minya, Egypt. According to the bank, the facility would become the largest solar power plant in Egypt and Africa. The borrower, Nefer Menya for Renewable Energy S.A.E., is a special purpose vehicle owned by Infinity Power and HAU Energy B.V. The financing forms part of a debt package of up to $566 million (€494.7 million).

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A financing structure combining the EBRD and several lenders

The funding comprises a $160 million (€140.1 million) A-loan from the EBRD's own funds, a $75 million (€65.7 million) B-loan mobilised from Bank of Jordan and up to $30 million (€26.3 million) in concessional financing from the Climate Investment Funds' Clean Technology Fund (CTF) under its Global Energy Storage Program. Nefer Menya is co-financed by Germany's DEG, the Dutch Entrepreneurial Development Bank FMO and France's Proparco. Solar activity continues elsewhere on a smaller scale: SeeYouSun and Savoie EnR install 530 kWp of solar carports at an Aix-les-Bains car park, and Arevon signs three 20-year REC contracts for its Panther solar project in Illinois. In the United States, the BLM auctions geothermal leases in Nevada amid overlap with solar projects.

The funds will finance the construction and operation of the 1.2 GW plant and its 600 MWh BESS, one of Egypt's first projects to combine large-scale solar generation with battery storage. The system would store power generated during the day for use during peak demand after sunset. According to the EBRD, this would strengthen grid stability and reliability.

A 25-year offtake agreement with the grid operator

Electricity will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement (PPA). The EBRD says the project would provide renewable power at a lower cost than conventional generation. It 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 Nexus of Water, Food and Energy, launched at COP27. The initiative aims to facilitate 10 GW of new private-sector renewable capacity while cutting 5 GW of inefficient fossil-fuel capacity.

Shareholders, training component and statements

Infinity Power, a joint venture established in 2019 by Infinity and Masdar, describes itself as Africa's largest pure-play renewable energy provider. The EBRD holds an equity stake in Infinity Power. HAU Energy B.V., established in 2024 to develop renewable energy projects in Egypt, is owned by Meridiam, Hassan Allam Utilities and the EBRD.

In addition to the concessional loan, the CTF will fund technical cooperation to introduce two nationally accredited technical training programmes focused on green skills for young labour-market entrants in Minya governorate. The funding will also help Hassan Allam Utilities strengthen its human resources policies, embed gender equality into its workforce management strategy and enhance women's access to technical and leadership roles.

Aida Sitdikova, EBRD Director of Sustainable Infrastructure in the Middle East and Africa, said the bank was "proud to lead the financing" of the 1.2 GW solar and 600 MWh storage project, "the largest in Egypt and Africa to date". Samer Mirai, Regional Head of Corporate Banking and Syndications at Bank of Jordan, said the bank is participating both as a B-loan lender and as original hedge counterparty.