The Minya Desert on the banks of the Nile River is about to rise as Africa's largest integrated solar and energy storage flagship project. On October 20, 2026, the European Bank for Reconstruction and Development officially announced the completion of a syndicated loan arrangement of up to $265 million. The Nefer Menya 1.2GWp photovoltaic with 600MWh energy storage project in Egypt has taken a decisive step in terms of funding. This super power station with a total investment of $764 million is pushing large-scale green power development on the African continent to a new stage.

Full implementation of syndicated financing and EPC arrangements

The $265 million syndicated loan led by EBRD this time consists of three parts of funds, of which EBRD's own funds provide a $160 million A loan, Jordan Bank provides a $75 million B loan, and the Clean Technology Fund provides a maximum of $30 million in preferential financing. This funding is the core component of a complete debt package worth $566 million, with joint participation from Germany's DEG, the Netherlands' FMO, and France's Proparco. The debt funds cover approximately three-quarters of the project's investment costs, while the remaining $198 million is contributed by Infinity Power and HAU Energy shareholders in equity form.

The EPC contract for the project has been officially secured by a joint venture between Hassan Allam Construction in Egypt and Sterling and Wilson Renewable Energy in India, with each holding a 50% stake. The turnkey project contract is worth $560 million and covers the entire process of design, procurement, construction, and grid connection supporting facilities. At the core equipment level, 1.2GW ABC photovoltaic modules are exclusively supplied by China Aixu Co., Ltd. The energy storage system adopts the lithium iron phosphate technology route. The Egyptian Cabinet has issued a gold license for the project on August 20, 2026, greatly reducing the landing cycle through a one-stop approval channel.

African Green Power Benchmark Project Enters Construction Execution Period

The project construction has been fully launched and is scheduled to be officially completed and put into operation on September 30, 2027. During the peak construction period, it will create approximately 2500 job opportunities for local engineers, technicians, and workers. After the project is put into operation, it will be directly connected to the Egyptian National Transmission Company's power grid, relying on a 25 year long-term power purchase agreement to stably sell electricity. The power supply cost is lower than traditional fossil energy generation, and it can reduce more than 1.5 million tons of carbon dioxide emissions annually, meeting the daily electricity needs of over 1.4 million households. Keywords: photovoltaic storage, new energy news

As a flagship project under the energy pillar of Egypt's NWFE program, this power station directly serves Egypt's national energy target of 42% renewable energy by 2030. The Clean Technology Fund will also support green skills training programs to promote gender equality in daily project management. From planning blueprints to desert construction sites, Africa's largest ever integrated solar energy storage power station is creating replicable ground samples for large-scale renewable energy development across the continent.Editor/Cheng Liting