The European Bank for Reconstruction and Development has extended a US$65 million loan to HAU Energy to support a solar and battery storage project in Egypt’s Benban Solar Park, reinforcing the country’s transition toward cleaner energy.
The financing will help develop a 200-megawatt solar photovoltaic plant alongside a 120-megawatt-hour battery energy storage system near Aswan, one of the world’s largest solar developments.
Once operational, the project is expected to significantly boost Egypt’s renewable energy capacity while improving grid stability by addressing the intermittency of solar power.
The EBRD said the investment aligns with Egypt’s efforts to diversify its energy mix, reduce dependence on imported fuels and strengthen resilience to external shocks.
The project is also expected to reduce carbon dioxide emissions by up to 280,000 tonnes annually, contributing to the country’s climate targets and broader decarbonisation agenda.
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In addition to financing construction, the loan package includes technical cooperation support under the EBRD’s Gender and Economic Inclusion framework, aimed at developing training programmes for young jobseekers in renewable energy skills.
The initiative will also promote greater participation of women in technical and leadership roles within the sector through targeted training and improved human resources practices.
EBRD Director for Sustainable Infrastructure in the Middle East and Africa, Aida Sitdikova, said the project reflects the bank’s commitment to supporting affordable and reliable clean energy expansion in Egypt.
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She said strengthening energy security through renewables and storage is key as the country works to reduce reliance on imported fuels and improve resilience.
Egypt has been a founding member of the EBRD, which has invested more than €14.6 billion across 225 projects in the country since 2012, spanning energy, infrastructure and private sector development.
HAU Energy chief executive Dalia Wahba said the project marks a significant step in integrating large-scale solar generation with battery storage to enhance grid reliability and support higher penetration of renewable energy.
Analysts say the Benban expansion underscores Egypt’s growing role as a regional renewable energy hub, particularly as international lenders increase support for low-carbon infrastructure in emerging markets.
The project also reflects a broader shift across North Africa toward scaling up renewable energy capacity to meet rising domestic demand while aligning with global climate commitments.
