Market update · International
EBRD-Led Financing Advances 1.2 GW Solar and 600 MWh Storage Project in Egypt
The European Bank for Reconstruction and Development (EBRD) is arranging significant financing for a large-scale solar power plant combined with battery storage in Egypt. The project, located in Minya, aims to enhance Egypt's renewable energy capacity and grid resilience, supported by multiple international development banks and a 25-year power purchase agreement.
SolTraCo market update · · 3 min readProject Overview and Financing Structure
The EBRD is arranging a loan of up to $265 million for the Nefer Menya for Renewable Energy project, which includes a 1.2 GW solar plant and a 600 MWh battery energy storage system in Minya, Egypt. This loan is part of a larger debt package totaling up to $566 million, with the total project cost estimated at $764 million.
The EBRD's loan comprises a $160 million A-loan from its own funds, a $75 million B-loan from the Bank of Jordan, and up to $30 million in concessional financing from the Climate Investment Funds’ Clean Technology Fund. Additional co-financing comes from Germany’s DEG, the Dutch development bank FMO, and France’s Proparco.
Project Ownership and Technology
Nefer Menya is owned 51% by Infinity Power Holding—a joint venture between Egypt’s Infinity and Abu Dhabi’s Masdar, in which the EBRD holds an equity stake—and 49% by HAU Energy, owned by Meridiam, Hassan Allam Utilities, and the EBRD. AIKO has been selected as the sole module supplier, providing all-back-contact (ABC) modules for the project.
Electricity generated will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement. The battery storage system will store daytime solar output for use during peak demand after sunset, marking one of Egypt’s first large-scale solar projects paired with battery storage.
Strategic Importance and Timeline
The project has been granted a golden license by Egypt’s cabinet as of August, with completion scheduled for September 2027. It is set to become the largest solar power plant in Egypt and Africa, contributing to Egypt’s goal of generating 42% of its electricity from renewable sources by 2030.
This initiative supports Egypt’s Nexus of Water, Food and Energy program, aiming to add 10 GW of private-sector renewable capacity while retiring 5 GW of inefficient fossil-fuel generation. The project is expected to strengthen energy security and enhance grid resilience.
Context of Solar-Plus-Storage Development in Egypt
Egypt has been actively adding solar-plus-storage capacity to manage rising peak electricity demand. Another notable project is the 1 GW Obelisk project with 100 MW/200 MWh battery storage, also supported by the EBRD and selling power under a 25-year PPA.
The Egyptian electricity ministry plans to bring 600 MW of battery storage online before summer 2026, reflecting a broader national strategy to integrate storage with renewable energy.
Sources
This update is an original SolTraCo synthesis of the linked industry sources. Reported facts and commercial interpretation are kept separate. It does not contain confidential deal information and is not investment, legal or technical advice.