EBRD arranges financing for Egypt solar and storage project in Minya

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EBRD Egypt solar financing

Highlights

EBRD arranges up to $265 million loan for Nefer Menya for Renewable Energy S.A.E., including $160 million A-loan and $30 million in concessional financing from the CIF Clean Technology Fund.
The Minya project will combine 1.2 GW solar generation with 600 MWh battery storage, co-financed by DEG, FMO, and Proparco as part of a total debt package of up to $566 million.
Electricity will be sold under a 25-year PPA with the Egyptian Electricity Transmission Company, expected to avoid 1.5 million tonnes CO2 emissions annually and supply 1.4 million homes.

Financing package and project structure

As reported by European Bank for Reconstruction and Development, citing the European Bank for Reconstruction and Development, the lender is arranging a loan of up to U.S. $265 million for Nefer Menya for Renewable Energy S.A.E., the project company developing the Minya facility. The package includes a U.S. $160 million A-loan from the EBRD, a U.S. $75 million B-loan mobilised from Bank of Jordan and up to U.S. $30 million in concessional financing from the CIF Clean Technology Fund under its Global Energy Storage Program.

Nefer Menya is also being co-financed by DEG, FMO and Proparco as part of a broader debt financing package of up to U.S. $566 million. The special purpose vehicle is owned by Infinity Power and HAU Energy B.V., and the funding is earmarked for the construction and operation of the solar plant and battery energy storage system.

The project combines 1.2 GW of solar generation with 600 MWh of battery storage, making it one of Egypt's first large-scale developments to pair solar output with batteries. The storage system is designed to hold electricity generated during daylight hours for use after sunset, when demand peaks, helping to improve grid stability and reliability.

Energy transition and regional impact

Electricity from the plant will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement. The project is expected to avoid more than 1.5 million tonnes of CO2 emissions each year and supply power to more than 1.4 million homes.

The investment supports the EBRD-led Energy Pillar of Egypt's Nexus of Water, Food and Energy programme, launched at COP27. That initiative aims to bring in 10 GW of new private-sector renewable energy capacity while cutting 5 GW of inefficient fossil-fuel capacity.

Infinity Power, created in 2019 by Infinity and Masdar, is described as Africa's largest pure-play renewable energy provider, while HAU Energy B.V. was established in 2024 to develop renewable projects in Egypt. In addition to the concessional loan, the Clean Technology Fund is providing technical cooperation funding for two nationally accredited green skills training programmes for young labour-market entrants in Minya governorate.

In our earlier article, we covered how clean energy investment in India rose 15% to $72 billion, lifting the country to fifth place in global energy transition investment rankings. We noted that the shift signals strengthening long-term capital formation for renewables and related infrastructure across power, industrial fuels, and transport, reflecting growing investor commitment to transition projects.

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