Arab Finance: The European Bank for Reconstruction and Development (EBRD) will provide an equity investment of up to $75 million to HAU Energy BV, the funding arm of Hassan Allam Utilities (HAU), as per a statement by the bank.
The investment is set to raise capital for the development and construction of renewable energy projects in the region, including HAU’s 1.1-gigawatt (GW) Gulf of Suez wind farm project in Egypt.
The project aims to support the private sector participation in the Egyptian power sector and boost the roll-out of renewable energy projects in Egypt and the region.
The EBRD’s investment in the project will help in cutting carbon emissions by 2.8 million tons of carbon dioxide annually.