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The European Bank for Reconstruction and Development (EBRD) is planning to provide a loan of up to $170 million for the Nefer Minya solar-plus-storage project in Egypt, according to the bank's latest project update.
The Nefer Menya (or Nefer Minya) project comprises a 1.2 gigawatt-peak (GWp) solar power plant integrated with a 600-megawatt-hour (MWh) Battery Energy Storage System (BESS).
The $764 million project, located in the desert west of the city of Minya, has passed concept review and is pending final approval, the bank said, adding it will be co-financed by other parties.
Nefer Menya is 51 percent owned by Infinity Power Holding, a joint venture between Egypt's Infinity Energy and Abu Dhabi's Masdar, and 49 percent by HAU Energy.
The developers had signed a 25-year Power Purchase Agreement (PPA) for the project with Egyptian Electricity Transmission Company (EETC) in November 2025.
Earlier this week, Infinity Power held a ceremony recognising a previously signed Letter of Award with Chinese solar technology manufacturer AIKO Energy covering photovoltaic (PV) module supply for the Nefer Minya project.
Once operational, the project is expected to supply electricity to approximately 1.4 million homes and avoid around 1.6 million tonnes of CO2 emissions annually.
Nefer Minya is among the first batch of BESS projects in Egypt, developed under the 10 gigawatts (GW) renewables target set under the EBRD-led Energy Pillar of the NWFE (Nexus of Water, Food and Energy) initiative.
Egypt's national energy strategy targets raising the share of renewable energy in the country's electricity mix to 45 percent within the next two years.
(Writing by P Deol; Editing by Anoop Menon)
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