The European Bank for Reconstruction and Development (EBRD) is strengthening Egypt’s green energy transition with a US$ 65 million construction bridging loan to HAU Energy for the development of a new renewable energy project in Benban, near Aswan.
The financing will support the construction and installation of a 200 MW solar photovoltaic (PV) plant and a 120 MWh battery energy storage system (BESS), an important milestone in expanding Egypt’s renewable energy and battery storage capacity, helping the country accelerate its shift to a low?carbon economy.
Once operational, the new facility is expected to reduce CO? emissions by up to 280,000 tonnes annually, making a significant contribution to Egypt’s climate goals and strengthening the integration of intermittent solar power into the national grid.
The financing will be complemented by a comprehensive technical cooperation package provided through the EBRD’s Gender and Economic Inclusion Technical Cooperation Framework, which will support the design and implementation of two nationally accredited technical training programmes focused on green skills for young jobseekers. The programmes will help equip youth with the practical expertise required for employment in Egypt’s expanding renewable energy sector.
The technical cooperation will also help to strengthen HAU’s human resources practices, embedding gender equality principles in workforce management through a tailored training programme to enhance women’s access to technical and leadership roles.
HAU Energy was established in 2024 to invest in renewable energy projects in Egypt. The company is owned by Meridiam, Hassan Allam Utilities (HAU) and the EBRD.
Aida Sitdikova, Director of Sustainable Infrastructure for the EBRD in the Middle East and Africa, said: “In the current regional context, this project underscores the EBRD’s commitment to strengthening Egypt’s energy security by advancing affordable, clean energy and storage solutions. As the country seeks to diversify its energy mix, reduce reliance on imported fuels and enhance resilience to external shocks, we are extending our partnership with Meridiam and HAU, whose commitment to high standards are instrumental in delivering projects of such impact.”
Dalia Wahba, CEO of Hassan Allam Utilities, said: “This project marks a significant step in advancing Egypt’s renewable energy capacity through the integration of utility-scale solar and battery storage, enhancing grid stability and enabling greater reliance on clean energy. It also reflects the strength of our ongoing collaboration with the EBRD in delivering impactful, future-ready energy solutions.”
Egypt is a founding member of the EBRD. Since 2012, the Bank has invested more than €14.6 billion in 225 projects across the country.