EBRD Arranges $265 Million for Egypt's 1.2-GW Nefer Minya Solar Plant

• The EBRD is arranging up to $265 million for Nefer Minya, a 1.2-GW solar plant with 600 MWh of batteries in Egypt.
• The bank calls it Africa's largest solar PV project; its 1,000 MW AC would add about 31% to Egypt's solar fleet.
• Construction was due to start in the third quarter of 2026, with commercial operation targeted for the third quarter of 2027.

The European Bank for Reconstruction and Development is arranging up to $265 million for Nefer Minya, a 1.2-gigawatt solar plant with 600 megawatt-hours of batteries in Minya, Egypt. The bank said on Oct. 20 that it will be the largest solar PV plant in Egypt and Africa.

The EBRD's own funds supply a $160 million A-loan. Bank of Jordan provides a $75 million B-loan, and the Clean Technology Fund adds up to $30 million in concessional debt. DEG, FMO and Proparco co-finance the plant, lifting total debt to as much as $566 million. In June, list.solar reported the EBRD's plan to lend up to $170 million.

The borrower, Nefer Menya for Renewable Energy S.A.E., is 51% owned by Infinity Power and 49% by HAU Energy. Infinity and Masdar own Infinity Power. Meridiam, Hassan Allam Utilities and the EBRD own HAU Energy.

The Egyptian Electricity Transmission Co. will buy the power under a 25-year contract. The battery will shift daytime output into the evening peak. The sponsors' environmental study plans about 1.9 million bifacial modules on single-axis trackers over roughly 20 square kilometers of desert. AIKO was named sole module supplier in June.

Egypt had 3,247 MW of solar PV at the end of 2025, up from 2,534 MW a year earlier, IRENA data show.

The deal in numbers

• $265 million arranged by the EBRD, or 47% of the $566 million debt package (list.solar calculation).
• $764 million total project cost in the EBRD's project summary; debt covers about 74% (list.solar calculation).
• $0.47 per watt of debt across the plant's 1.2 GW (list.solar calculation).
• 0.6 hours of the plant's full 1,000-MW AC output fits in the 600-MWh battery (list.solar calculation).
• 31% added to Egypt's end-2025 solar fleet of 3,247 MW by the plant's 1,000 MW AC (list.solar calculation).
• 1.4 million homes supplied and more than 1.5 million tonnes of CO2 avoided a year, the EBRD says.

"Every megawatt-hour we produce reduces reliance on imported fuel," Dalia Wahba, chief executive of Hassan Allam Utilities, said in the EBRD statement.

Construction was expected to start in the third quarter of 2026, according to the EBRD's project summary. The sponsors' study puts the build at about 15 months. When the power deals were signed in November 2025, the sponsors targeted commercial operation in the third quarter of 2027. Neither the bank nor the sponsors updated those dates on Oct. 20.