The European Bank for Reconstruction and Development ( EBRD ) is providing a US$65 million construction bridging loan to HAU Energy to develop a new renewable energy project in Egypt. 

The project, located at Benban, near Aswan, is being co-developed by HAU Energy and Infinity Power Holding. 

The financing will support the construction and installation of a 200-megawatt solar photovoltaic ( PV ) plant and a 120-megawatt-hour 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 carbon-dioxide 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. 

Founded in Cairo in 2024, HAU Energy invests in renewable energy projects in Egypt. The company is owned by Meridiam, Hassan Allam Utilities ( HAU ), and the EBRD. 

“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,” says Aida Sitdikova, director of sustainable infrastructure, the Middle East and Africa, at EBRD.  

“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 is instrumental in delivering projects of such impact.” 

Dalia Wahba, chief executive officer of Hassan Allam Utilities, adds: “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.”