Funding
Infinity Power and HAU Energy secure up to $566 million for Egypt's 1.2 GW Nefer Minya solar project
By News Desk ·
Key takeaways
- Infinity Power and HAU Energy secured up to $566 million in debt financing for the Nefer Minya Solar PV Project in Minya, Egypt.
- The European Bank for Reconstruction and Development arranged up to $265 million, including $160 million of its own funds and $75 million mobilised from Bank of Jordan.
- The project combines 1.2 GWp of solar generation with a 600 MWh battery energy storage system and will sell power to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement.
Infinity Power and HAU Energy have secured a debt financing package of up to $566 million to develop the Nefer Minya Solar PV Project in Minya, Egypt. The financing includes up to $265 million arranged by the European Bank for Reconstruction and Development, according to EIN Presswire.
How the Nefer Minya Financing Is Structured
The package arranged by the European Bank for Reconstruction and Development comprises $160 million from its own funds, $75 million mobilised from Bank of Jordan and up to $30 million in concessional financing from the Clean Technology Fund. Additional funding will be provided by DEG, FMO and Proparco.
The Nefer Minya project will combine 1.2 GWp of solar generation capacity with a 600 MWh battery energy storage system, positioning it to become the largest solar power plant in Egypt and Africa. The integrated storage system will enable electricity generated during daylight hours to be used during peak evening demand.
Once operational, the facility is expected to generate enough electricity to supply more than 1.4 million homes annually while avoiding over 1.5 million tonnes of carbon dioxide emissions each year. Electricity generated by the project will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement.
Nayer Fouad, Co-Founder and CEO of Infinity Power, said: "This landmark financing reflects strong confidence in Egypt's renewable energy sector and Infinity Power's ability to deliver large-scale clean energy infrastructure."
Dalia Wahba, CEO of Hassan Allam Utilities, said: "Securing this financing package shows what strong partnerships can achieve in mobilising capital for transformative energy infrastructure."
Infinity Power's Funding Record
Infinity Power has closed three funding rounds on record, according to akta.pro company records. A $153 million debt-funded round in October 2025 involved three investors. In November 2025, the company closed a $372 million refinancing facility led by Absa CIB, described as the largest single financing milestone in its history, and a $40 million private equity round led by the European Bank for Reconstruction and Development.
| Date | Round | Amount | Lead |
|---|---|---|---|
| 2025-10 | Debt-funded | $153 million | 3 investors |
| 2025-11 | Debt-funded | $372 million | Absa CIB |
| 2025-11 | Private equity | $40 million | European Bank for Reconstruction and Development |
Earlier Infinity Power Agreements
In June 2026, Infinity Power selected AIKO as the exclusive photovoltaic module supplier for the Nefer Menya solar project, a 1.2 GWp utility-scale development with a 600 MWh battery energy storage system in Minya Governorate, SolarQuarter reported. That same month, Infinity Power signed engineering, procurement and construction agreements for two solar projects in South Africa with a combined capacity of 773.6 MWp, the Highveld Solar plant in Mpumalanga and the Negwedi solar cluster in Free State.
In September 2026, Infinity Power and Hassan Allam Utilities signed a power purchase agreement with the Egyptian Electricity Transmission Company for a 1 GW wind project in Egypt's Red Sea Governorate, Power Technology reported. The Ras Shokeir wind farm will supply over 1.2 million homes and cut annual carbon dioxide emissions by more than 1.36 million tonnes.