The European Bank for Reconstruction and Development (EBRD) has extended a US$65 million loan to a renewable energy investment company, HAU Energy, to develop a 200MW solar PV plant co-located with a 120MWh battery energy storage system (BESS) in Benban, Egypt.
The project is being co-developed by HAU Energy and Infinity Power, an Egypt-based renewable energy firm. The financing will be supported by a technical cooperation package under the EBRD’s Gender and Economic Inclusion framework, which will fund two nationally accredited green skills training programmes aimed at equipping young jobseekers for roles in Egypt’s growing renewables sector.
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Moreover, the technical cooperation will support HAU Energy in strengthening its HR practices, embedding gender equality through targeted training to improve women’s access to technical and leadership roles.
“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,” Aida Sitdikova, director of sustainable infrastructure for the EBRD in the Middle East and Africa, said.
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.
In November 2025, Hassan Allam Utilities Energy Platform and Infinity Power signed agreements with Egypt’s Ministry of Electricity and Renewable Energy and the Egyptian Electricity Transmission Company (EETC) to develop two renewable energy projects.
The parties also signed power purchase agreements (PPAs) for the schemes, which will deliver a combined 1.2GW of solar and 720MWh of battery storage. The portfolio includes the Benban plant, targeted for commercial operation in Q3 2026, and a 1GW solar project in Minya co-located with 600MWh of storage, which is expected online in Q3 2027.
Egypt is a founding member of the EBRD, which has invested over €14.6 billion (US$17.2 billion) across 225 projects in the country since 2012. Last year, the bank increased its equity stake in Egyptian renewable energy developer Infinity Power by US$40 million, taking its total investment to US$141.5 million.
The funding was expected to support Infinity Power in adding around 3GW of renewable energy capacity across key African markets, the company said.
