European Bank secures $265M for Never Mine
The European Bank for Reconstruction and Development has announced the arrangement of a $265 million loan to finance the construction of the largest solar power plant in Egypt and Africa, with a capacity of 1.2 gigawatts in Minya Governorate. The project includes a battery energy storage system with a capacity of 600 megawatt-hours. Its goal is to enhance Egypt’s renewable energy capabilities, reduce carbon emissions by less than 1.5 million tons annually, and provide electricity to over 1.4 million households. The project links solar power generation with storage to be used during peak periods, contributing to grid stability and supporting Egypt’s transition toward a low-carbon economy.
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