EBRD backs Benban solar and storage financing in Egypt

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EBRD backs Benban solar financing

Highlights

EBRD and CIF are providing up to U.S.$63.5 million in financing for Nefer Benban for Renewable Energy, which will include a 258.5 MWp solar PV plant with 120 MWh battery storage.
EBRD and DEG arranged a combined U.S.$127 million debt package for HAU Energy, including a U.S.$65 million construction bridge loan in April 2026 for the Benban solar and storage project.
The project targets annual CO2 emissions cuts of more than 349,000 tonnes, supplying electricity to 310,000 homes and supporting Egypt's COP27-linked 10 GW renewables expansion initiative.

Funding structure and project scope

As reported by European Bank for Reconstruction and Development, a package of up to U.S.$63.5 million will fund Nefer Benban for Renewable Energy, a special-purpose vehicle owned by Infinity Power and Hassan Allam Utilities Energy. The financing includes up to U.S.$56 million from the EBRD's own funds and up to U.S.$7.5 million in concessional financing from CIF's Clean Technology Fund under its Accelerating Innovation in Renewable Energy 2.0 programme.

Separately, the EBRD agreed a U.S.$65 million construction bridge loan with HAU Energy in April 2026 for the development and construction of the solar plant and battery storage system. DEG is providing an equal amount as part of a total debt package of up to U.S.$127 million.

The project combines a 258.5 MWp solar photovoltaic plant with a 120 MWh battery storage system, making it one of the first solar plants in Egypt to include battery storage. Electricity from the facility will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement, while the storage system is designed to shift excess daytime generation to evening peak demand and help stabilize the grid.

Energy transition and local workforce impact

The plant is expected to cut annual CO2 emissions by more than 349,000 tonnes and supply electricity to about 310,000 homes. The investment also supports the EBRD-led energy pillar of Egypt's Nexus of Water, Food and Energy initiative, launched at COP27 in Sharm El Sheikh, which targets the retirement of 5 GW of inefficient fossil-fuel capacity and the addition of 10 GW of new private-sector renewable capacity.

Beyond project finance, the Clean Technology Fund is also supporting technical cooperation in Aswan governorate through two nationally accredited green-skills training programmes for young labour market entrants. The funding also supports HAU's efforts to strengthen human resources policies, embed gender equality in workforce management and expand women's access to technical and leadership positions in the energy sector.

Infinity Power, created in 2019 by Infinity and Masdar, is described as Africa's largest pure-play renewable energy provider, and the EBRD holds an equity stake in the company. HAU Energy was established in 2024 and is owned by Meridiam, Hassan Allam Utilities and the EBRD; since starting operations in Egypt in 2012, the EBRD has invested more than 16 billion euros in 238 projects in the country.

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