The Egyptian government has granted a golden licence to Nefer Minya Renewable Energy to develop a 1-GW solar power plant with a 600-MWh battery energy storage system in Minya Governorate.
The project is being developed by a joint venture between Infinity Power Holding and HAU Energy and is expected to require an investment of about $750 million, according to a statement from the Egyptian Cabinet, Renewables Now reported.
The developer is seeking $170 million in financing from the European Bank for Reconstruction and Development (EBRD), with a decision expected by September 9.
The project is expected to employ about 2,500 engineers, technicians and workers during construction. It is also expected to generate additional employment once the plant becomes operational.
The solar and battery project will be built on a 20-square-kilometre site west of the Nile in the West Minya area. Construction is scheduled to be completed by September 30, 2027.
Egypt’s golden licence is intended to speed up major investment projects by bringing key approvals, including construction permits and land allocation, under a single authorisation.
The government has been granting the licence to a growing number of projects as it seeks to accelerate renewable energy development and increase the share of renewables in the country’s power mix to 45% by 2028.
