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The European Bank for Reconstruction and Development (EBRD) and a group of development lenders have assembled up to USD 566 mn in debt for Nefer Minya, the 1.2 GWp solar plant with 600 MWh of battery storage in Minya that will be the largest in Egypt and Africa, according to a joint statement (pdf) from the project sponsors Hassan Allam Utilities Energy (HAU) and Infinity Power. The package covers about three-quarters of the project’s USD 764 mn cost, leaving the two sponsors to fund roughly USD 198 mn in equity, by our math.
The debt stack arranges up to USD 265 mn: a USD 160 mn A-loan from the EBRD’s own funds, a USD 75 mn B-loan from Bank of Jordan, and up to USD 30 mn in concessional financing from the CIF Clean Technology Fund, the EBRD said in a statement. German development finance institution DEG, the Dutch Entrepreneurial Development Bank (FMO), and France’s Proparco fill out the rest of the USD 566 mn package. The EBRD’s earlier project disclosure had penciled in a USD 170 mn senior loan, before the final syndication split. Back in July, HAU separately took a USD 30 mn corporate loan from the Emerging Africa & Asia Infrastructure Fund (EAAIF) that it says primarily supports the Minya project, which could cover part of its equity share.
Who’s it going to? Nefer Minya for Renewable Energy is 51% owned by Infinity Power, the Masdar and Infinity Energy joint venture, and 49% by HAU Energy, the platform Hassan Allam Utilities, Meridiam, and the EBRD set up in 2024. On a straight split, that is about USD 101 mn from Infinity Power and USD 97 mn from HAU, by our math. The EBRD also holds equity in both platforms, so its exposure runs beyond the loan.
What the money builds: A 1.2 GWp plant (about 1 GW in AC terms) paired with 600 MWh of batteries that store daytime solar for the evening peak. It will sell power to EETC under a 25-year PPA signed in November 2025, avoid over 1.5 mn tonnes of CO2 a year, and power more than 1.4 mn homes, according to the statement. Commercial operation is scheduled for 30 September 2027, after the Cabinet granted the project a golden license in August.
The sister plant: Minya is paired with Nefer Benban, a 200 MW, 120 MWh project near Aswan that was penciled in for 3Q 2026. There’s still no public confirmation that it reached commercial operations by its 30 September target. Together, the two make up 1.2 GW of AC capacity and 720 MWh of storage. The EBRD previously extended a USD 65 mn bridge loan to HAU’s Benban plant in April.
Why it matters: Minya is the clearest sign yet that Egypt’s IPP template has stopped treating batteries as a garnish. Obelisk, now fully operational at Nagaa Hammadi, mates 1.1 GW of solar to a 100 MW/200 MWh battery, which is enough to trim the evening ramp, not cover it. Minya pairs 1.2 GWp with 600 MWh, roughly three times the storage per MW of panel, turning a daytime generator into an evening supply source for EETC. Both sell into 25-year, USD-denominated PPAs, the structure Egypt needs if it is to hit 42% renewables by 2030 while still adding solar to a grid that peaks after sunset.
