Weekly Project Finance Roundup: Egypt’s $566 Million Solar Deal Leads Clean Energy and Infrastructure Funding Activity

21 October 2026: Project financing activity across India and Egypt gathered momentum during the review period, with major funding announcements spanning renewable energy, green hydrogen, industrial manufacturing and transport infrastructure. Egypt's Nefer Minya solar and battery storage project emerged as the largest project-specific transaction, securing a debt financing package of up to $566 million.

Developed by Infinity Power and HAU Energy, the Nefer Minya project comprises a 1.2 GWp solar photovoltaic plant integrated with 600 MWh of battery energy storage. The European Bank for Reconstruction and Development (EBRD) arranged up to $265 million, including $160 million from its own resources, $75 million from Bank of Jordan and up to $30 million from the Clean Technology Fund. DEG, FMO and Proparco are providing additional financing. The project will strengthen Egypt's renewable electricity generation and grid reliability.

In India, the Asian Development Bank (ADB) and the Government of Japan announced financing for AM Green Ammonia's Kakinada facility in Andhra Pradesh, including up to $100 million through the JICA-funded LEAP 2 facility. The project involves converting an existing natural-gas-based ammonia and urea complex into a green ammonia production facility with approximately 1.1 million tonnes of annual capacity. Its first phase is under construction, positioning the development among India's major emerging green ammonia export investments.

Meanwhile, the Asian Infrastructure Investment Bank (AIIB) disclosed two proposed climate financing facilities in India. These comprise up to $300 million for the National Bank for Financing Infrastructure and Development (NaBFID) and $150 million for RBL Bank. Both programmes are designed to provide financing to eligible borrowers undertaking climate mitigation investments. The facilities remain at the proposal stage and do not represent approved financing for individually identified infrastructure projects.

Industrial funding activity included Greenzo Energy India's announcement of approximately ₹251 crore in cumulative capital raised across three investment rounds. The funding will support electrolyser manufacturing expansion, research and development, working capital and green hydrogen project execution. The latest funding round contributed ₹130 crore to the total.

Separately, Essar Ports received approval for the ₹2,276.06 crore multipurpose cargo terminal at Tuna Tekra, Kandla, Gujarat. The public-private partnership development involves an estimated ₹1,552.57 crore contribution from Essar Ports and ₹723.49 crore from Deendayal Port Authority. However, the project's detailed debt financing arrangements have not been disclosed.

Overall, the financing announcements highlight continued development finance institution participation in clean energy and climate infrastructure. Nefer Minya and AM Green represent identifiable project-level financing milestones, while the NaBFID and RBL facilities remain proposed lending programmes. Greenzo's fundraising constitutes company-level financing, and Essar's announcement represents a project approval rather than a confirmed debt transaction.