en.Wedoany.com Reported - The Emerging Africa and Asia Infrastructure Fund (EAAIF) has provided a $30 million secured senior corporate loan to Hassan Allam Utilities to support Egypt's Minya solar and energy storage project. The project is described as having a capacity of 1,000 MW of solar power and 660 MWh of battery energy storage system.

Infinity Power's own project list provides the full specifications of the plant, citing 1,200 MW peak solar power paired with 600 MWh of battery storage, and names the asset Nefer Minya. The European Bank for Reconstruction and Development (EBRD) project documents list the same transaction as Nubia West Minya. The underlying deal is a $560 million contract for the Sterling and Wilson Renewable Energy joint venture, previously reported as a 1 GW solar and 600 MWh battery storage project. In public reports on Minya, capacity data and project names used by EAAIF, Infinity Power, EBRD, and other entities are inconsistent, with solar capacity ranging from 1,000 MW to 1,200 MW peak and storage capacity ranging from 600 MWh to 660 MWh.

According to Infinity Power, the ownership structure is 51% held by Infinity Power Holding and 49% by HAU Energy. The project is co-developed by Infinity Power (a joint venture between Masdar and Infinity Egypt).

This loan builds on the $40 million project development financing provided by EAAIF to Hassan Allam Utilities in December 2024, which supports 2.3 GW of renewable energy projects in Egypt, including the 1,100 MW Suez Wind Project co-developed with ACWA Power, 1.2 GW of solar projects in Benban and Wahat, and 720 MWh of associated battery storage.

According to Ember, 89% of Egypt's electricity in 2024 came from fossil fuels, a figure consistent with the Enerdata data cited by EAAIF. Data from Egypt's State Information Service shows that Egypt's updated Nationally Determined Contribution has moved the target date for renewable energy electricity from 2035 to 2030, aiming for renewable energy to account for 42% of electricity generation by then. EAAIF's own press release cites the same 42% target but retains the earlier 2035 framework.

Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, which manages EAAIF, stated that the expansion of the partnership with Hassan Allam Utilities supports Egypt's transition to localized renewable energy. He added that scaling innovative financing structures while deploying battery storage infrastructure can enhance grid stability and underpin sustainable growth. This transaction provides a template for other emerging and developing economies to decarbonize while creating high-quality green jobs.