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Infinity Power-HAU Energy JV Wins $566mn Debt for Egypt Solar PV Project

A joint venture between Egypt-based Infinity Power and Netherland's HAU Energy has secured up to $566 million in debt financing to develop the Nefer Minya Solar PV project and advance Egypt’s renewable energy transition.

The package includes $265 million from the European Bank for Reconstruction and Development (EBRD), the companies said in a joint statement.

Located in Minya, the project will combine 1.2 gigawatt-peak (GWp) of solar generation capacity with a 600 megawatt-hour (MWh) Battery Energy Storage System (BESS). The company claims it to be the “largest solar power plant in Egypt and Africa”.

The financing arranged by EBRD comprises $160 million from its own funds, $75 million mobilized from Bank of Jordan, and up to $30 million in concessional financing from the Clean Technology Fund.

Once operational, Nefer Minya is expected to generate enough electricity to power more than 1.4 million homes annually and avoid over 1.5 million tonnes of CO2 emissions each year.

The state-owned Egyptian Electricity Transmission Company (EETC) has signed a 25-year power purchase agreement (PPA) with the joint venture.

HAU Energy is a renewable energy investment and development platform established by Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding. It has a diversified portfolio of almost 3.3 gigawatts (GW) of renewable energy projects under development.

Infinity Power, a joint venture between Infinity and Masdar, aims to reach 10 GW of operational capacity by 2032.

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