Egypt and Middle East advance renewable energy and storage projects

Egypt has approved a major solar-plus-storage project in the Minya Governorate. Nefer Minya Renewable Energy, a joint venture between Infinity Power Holding and HAU Energy, has been granted a golden license to develop 1 GW of solar capacity and a 600 MWh battery energy storage system. The $750 million project is slated for completion by late September 2027, with financing being sought from the European Bank for Reconstruction and Development.

In South Sinai, Egypt’s Ministry of Local Development and Environment has received 826 solar-powered streetlights through a grant from China. This initiative, part of the Green Sharm project, aims to reduce conventional energy consumption and support the transition to sustainable cities. The grant also included 44 air-conditioning units to support local environmental and tourism-related infrastructure.

In other regional developments, the Asian Development Bank has agreed to provide $50 million in medium-term financing to Türkiye-based Yapı Kredi Leasing. This funding is intended to expand lending for clean energy, energy efficiency, and sustainable industrial investments, including solar, wind, and geothermal projects. Additionally, the Saudi Power Procurement Company has entered into storage service agreements for four battery energy storage projects totaling 2 GW, representing an investment exceeding $1.16 billion.