Infinity Power and Hassan Allam fund $566M solar project
Infiniti Power and Hassan Allam Utilities announced that they have secured $566 million in funding to develop the Nafr Minya solar power project in Egypt. The project is expected to be the largest solar power plant in Egypt and Africa, with a capacity of 1.2 gigawatts, along with a 600-megawatt-hour energy storage system. The goal of the project is to generate enough electricity to power over 1.4 million homes annually, while reducing carbon dioxide emissions by more than 1.5 million tons per year. It also aims to enhance the reliability of Egypt’s electricity grid and secure energy supply. The project financing includes $265 million from the European Bank for Reconstruction and Development, along with contributions from other international institutions. The electricity produced will be sold under a 25-year power purchase agreement. This funding reflects confidence in Egypt’s renewable energy sector and represents a strategic step to support the country’s transition to a low-carbon economy and increase reliance on clean energy.
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