Infinity Power, a clean energy firm and a joint venture between Infinity and Masdar, and HAU Energy,  a developer of utility-scale projects, have secured a debt financing package of up to $566 million to develop the 1.2 GW Nefer Minya solar project in Egypt.

Located in Minya, the project, which will include a 600 MWh battery energy storage system, is expected to become the largest solar power plant in Egypt and Africa, according to the companies.

The European Bank for Reconstruction and Development has arranged financing of up to $265 million for the project, including $160 million from its own funds, $75 million mobilized from the Bank of Jordan, and up to $30 million in concessional financing from the Clean Technology Fund.

DEG, FMO, and Proparco provided additional financing for the project.

Once operational, Nefer Minya is expected to generate enough electricity to meet the annual requirements of more than 1.4 million homes and avoid over 1.5 million metric tons of carbon dioxide emissions annually.

Nayer Fouad, Co-Founder and CEO of Infinity Power, commented: “This landmark financing reflects strong confidence in Egypt’s renewable energy sector and Infinity Power’s ability to deliver large-scale clean energy infrastructure. As the largest solar PV project in Egypt and Africa, paired with one of the country’s first utility-scale battery energy storage systems, Nefer Minya will strengthen energy security, enhance grid resilience and support Egypt’s transition to a low-carbon economy. Together with HAU Energy and our financing partners, we are proud to deliver this flagship project as we advance towards our goal of 10 GW of operational renewable energy capacity by 2032 and expand access to affordable, reliable clean energy across Africa.”

The electricity generated by the project will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement.

Announced large-scale solar project funding increased by 71% in the first half of 2026 compared with the funding raised in the same period in 2025, according to Mercom’s recently released 1H and Q2 2026 Solar Funding and M&A report.

In August 2026, renewable energy developer Zelestra closed $181 million in green project financing for its 136 MW Skull Creek solar project in Anderson County, Texas, which is under construction and is expected to begin commercial operations by the end of 2027.