EBRD extends $65m loan to HAU Energy for solar, storage project in Egypt

The European Bank for Reconstruction and Development (EBRD) is reinforcing Egypt’s green energy transition with a $65m construction bridging loan to Hassan Allam Utilities (HAU Energy) to develop a new renewable energy project in Benban Solar Park, near Aswan.

The financing will support the construction of a 200 MW solar photovoltaic (PV) plant alongside a 120 MWh battery energy storage system (BESS), marking a key step in expanding Egypt’s renewable energy capacity and accelerating its transition to a low-carbon economy.

Once operational, the facility is expected to cut carbon dioxide emissions by up to 280,000 tonnes annually, contributing to Egypt’s climate targets and improving the integration of intermittent solar power into the national grid.

The loan will be complemented by a technical cooperation package under the EBRD’s Gender and Economic Inclusion Technical Cooperation Framework. This will support the development of two nationally accredited training programmes focused on equipping young jobseekers with green skills needed in Egypt’s growing renewable energy sector.

The initiative will also help strengthen HAU’s human resources practices by embedding gender equality principles and expanding women’s access to technical and leadership roles through targeted training.

HAU Energy, established in 2024, focuses on renewable energy investments in Egypt and is jointly owned by Meridiam, Hassan Allam Utilities, and the EBRD.

Aida Sitdikova, Director of Sustainable Infrastructure for the EBRD in the Middle East and Africa, said the project underscores the bank’s commitment to strengthening Egypt’s energy security through affordable, clean energy and storage solutions.

“As the country works 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 impactful projects,” she said.

Dalia Wahba, CEO of Hassan Allam Utilities, described the project as a significant step in expanding 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.

Egypt is a founding member of the EBRD, which has invested more than €14.6bn in 225 projects across the country since 2012.