Gate News message, April 15 — The European Bank for Reconstruction and Development (EBRD) announced a $65 million loan to support a $180 million renewable energy project in Egypt’s Western Desert, located 650 kilometers south of Cairo. The facility will include a 200MW solar photovoltaic plant and a 120 megawatt-hour battery energy storage system in Benban, near Aswan, and is expected to reduce carbon emissions by up to 280,000 tonnes annually.
The 12-month construction bridging loan will be provided to HAU Energy, a company established in 2024 and jointly owned by French asset manager Meridiam, Egypt’s Hassan Allam Utilities, and the EBRD.
The EBRD has been Egypt’s lead partner on energy transition initiatives, having pledged more than $500 million since 2022. Since 2012, the development bank has invested over $17.2 billion in 225 projects across the country.
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