Infinity Power, the largest African pure-play renewable energy provider and HAU Energy, a leading renewable energy developer in Egypt, together has secured a total financing package of up to USD 127 million for the development of the Nefer Benban Solar PV and Battery Energy Storage Project in Aswan, Egypt. The financing comprises USD 63.5 million from the European Bank for Reconstruction and Development (EBRD) and the Climate Investment Funds’ (CIF) Clean Technology Fund (CTF) and USD 63.5 million from German Development Finance Institution (DEG).
The financing will support the construction and operation of a 258.5 MWp solar plant combined with a 120 MWh Battery Energy Storage System (BESS), making it one of Egypt’s first projects to integrate utility-scale solar generation with battery storage technology.
The total financing package of up to USD 127 million, provided to Nefer Benban for Renewable Energy S.A.E., comprises USD 63.5 million from DEG and USD 63.5 million from EBRD and the Climate Investment Funds’ (CIF) Clean Technology Fund (CTF). The EBRD-led portion includes up to US$56 million from EBRD and up to US$7.5 million in concessional financing from CTF under its Accelerating Innovation in Renewable Energy 2.0 programme.
Located in Benban, near Aswan, the project marks another significant milestone in Egypt’s renewable energy journey and builds on Infinity Power’s longstanding presence in one of the country’s most important renewable energy hubs.
Once operational, the solar plant will generate clean electricity for approximately 310,000 homes annually while avoiding more than 349,000 tonnes of CO₂ emissions each year. The integrated battery storage system will store excess solar power generated during daylight hours and dispatch it during peak demand periods after sunset, helping improve grid stability, strengthen energy security, and maximize the value of renewable energy generation.
Nayer Fouad, Co-Founder and CEO of Infinity Power, added: “We are proud to return to Benban, Aswan, with the Nefer project, building on a legacy that began in 2017 when we became the first developer to establish renewable energy projects in Benban Solar Park. Today, Nefer Benban marks a new chapter in that journey, combining renewable power generation with advanced battery storage to deliver cleaner, more reliable energy for Egypt. The support provided by EBRD, DEG and our financing partners is a strong endorsement of the project’s strategic importance and of the critical role energy storage will play in enabling Egypt’s energy transition.”
Dalia Wahba, CEO of Hassan Allam Investment Managers, said: “Securing financing is a critical step in turning an investment vision into a project that delivers measurable value. For Nefer Benban, that value extends from providing clean electricity for approximately 310,000 homes to developing local expertise in the technologies shaping Egypt’s energy future. Alongside its solar and storage capabilities, the project’s green-skills training programmes in Aswan will help build the talent needed to sustain this transition. This is central to our approach at Hassan Allam Utilities: developing infrastructure whose value continues through the people, capabilities, and economic opportunities it creates.”
Aida Sitdikova, Director of Sustainable Infrastructure for the EBRD in the Middle East and Africa, said: “Battery storage will play an increasingly important role as Egypt expands renewable electricity generation. Benban is an important early example of how solar generation and storage can be brought together in Egypt, paving the way for further investment in this technology. This is precisely the kind of innovation that can help to accelerate the country’s energy transition.”
Petra Kotte, Director Infrastructure, Energy & Partnerships at DEG, said: “The Nefer Benban project represents an important step in Egypt’s transition towards a more sustainable and resilient energy system. By combining solar power generation with battery storage, the project will support greater integration of renewable energy, strengthen grid stability, and enhance energy security. At DEG, we are committed to financing projects that deliver both climate impact and long-term development benefits, and we are proud to support our longstanding partners in bringing this pioneering project to life.”
The project supports Egypt’s efforts to expand renewable energy generation, strengthen grid resilience, and accelerate the deployment of innovative clean energy technologies. It also contributes to the objectives of Egypt’s Nexus on Water, Food and Energy (NWFE) initiative, which aims to facilitate the deployment of new renewable energy capacity through private-sector investment.
Beyond financing, the project will contribute to local economic development through the introduction of nationally accredited green-skills training programmes in Aswan Governorate, helping equip young professionals with the expertise required to support Egypt’s growing renewable energy sector. Additional initiatives will focus on strengthening inclusive workforce practices and creating greater opportunities for women in technical and leadership roles within the energy industry.
The Nefer Benban project represents another step in developing transformative renewable energy infrastructure across Africa, reinforcing our commitment to delivering reliable, affordable, and sustainable energy solutions while advancing the continent’s transition to a low-carbon future.
