Egypt's Nefer Benban Solar-plus-Storage Project Secures Up to US$127 Million Construction Financing

en.Wedoany.com Reported - On November 10, UAE-based Infinity Power and Egypt's HAU Energy announced that the Nefer Benban solar-plus-storage project in the Benban Solar Park in Aswan Governorate, Egypt, has secured up to US$127 million in construction debt financing. The funds are being provided by the European Bank for Reconstruction and Development (EBRD), the Clean Technology Fund (CTF) under the Climate Investment Funds (CIF), and the German Investment and Development Corporation (DEG), and will be used to build a 258.5 MWp photovoltaic power plant and an accompanying 120 MWh battery energy storage system.

The financing consists of two components. The EBRD and the CTF are providing up to US$63.5 million, comprising up to US$56 million from the EBRD's own resources and up to US$7.5 million in concessional financing from the CTF; DEG is providing the other US$63.5 million. The financing will be made available to the project company, Nefer Benban for Renewable Energy S.A.E., for project construction and operation.

The project is located in the Benban Solar Park in Aswan Governorate and is jointly developed by Infinity Power and HAU Energy. The project company is a purpose-established Egyptian special purpose vehicle, with Infinity Power Holding holding 51% and HAU Energy holding 49%. The EBRD project documents list the total project cost at US$175 million, so the US$127 million represents a construction debt financing arrangement rather than the total project investment.

The photovoltaic portion has an installed capacity of 258.5 MWp, accompanied by a 120 MWh battery energy storage system. The developer's project materials also list a 200 MW solar plant capacity and state that the storage system can provide two hours of energy shifting. Different documents use different bases for the PV capacity; this article adopts the 258.5 MWp figure used in the financing announcement.

The plant will be linked to a 25-year power purchase agreement with the Egyptian Electricity Transmission Company. The battery energy storage system will store surplus electricity generated by the PV plant during the day and release it during evening peak demand hours after sunset. Once built and operational, the project is expected to meet the electricity needs of approximately 310,000 households per year and reduce carbon dioxide emissions by more than 349,000 tonnes.

The EBRD's 2026 project disclosure documents show that the project's EPC contractor mobilized in February 2026 and construction activities have commenced. The CTF will also support two nationally certified green skills training programs in Aswan Governorate, providing relevant technical training for local youth, and will support HAU Energy in improving its staff management and female participation in technical and managerial positions.