Lenders arrange funding for solar and storage project in Egypt

The European Bank for Reconstruction and Development is arranging a loan of up to 265 million dollars for a renewable energy project in Egypt, PV Magazine and EnterpriseAM reported. The project involves a 1.2 gigawatt solar power plant and a 600 megawatt-hour battery energy storage system located in Minya. [1][2][3]

The financing for the project forms part of a total debt package of up to 566 million dollars, PV Magazine reported. EnterpriseAM noted that the financing will back what is set to be Egypt's largest solar-plus-storage facility. [1][2][3]

The project is being developed by Nefer Menya for Renewable Energy, a special purpose vehicle, according to PV Magazine. The installation will add significant renewable generation and energy storage capacity to the region. [1][2]

Egypt has a developing mixed economy that combines private business with government regulation. It ranks as the second largest economy in Africa as of 2026, supported by structural reforms that have encouraged market growth and foreign investment. [5]