Arab Finance: The European Bank for Reconstruction and Development (EBRD) has extended a $65 million construction bridging loan to HAU Energy to support the development of a renewable energy project in Benban, Aswan, the EBRD stated.
The financing will support the construction of a 200-megawatt solar photovoltaic plant and a 120-megawatt-hour battery energy storage system, adding to Egypt’s renewable energy and storage capacity and supporting its shift toward a lower-carbon economy.
Once operational, the facility is expected to reduce carbon dioxide emissions by up to 280,000 tons annually, while supporting the integration of solar power into the national grid.
The funding is complemented by a technical cooperation package under the EBRD’s Gender and Economic Inclusion Technical Cooperation Framework. The program will support the rollout of two nationally accredited training tracks focused on green skills for young jobseekers.
The initiative will also support enhancements to HAU Energy’s human resources practices, with a focus on gender equality and expanding women’s access to technical and leadership roles through targeted training.
HAU Energy, established in 2024 to invest in renewable projects in Egypt, is jointly owned by Meridiam, Hassan Allam Utilities (HAU), and the EBRD.
Egypt, a founding member of the EBRD, has received more than €14.6 billion in investments across 225 projects since 2012.
