The European Bank for Reconstruction and Development will provide up to $70 million in senior debt financing for a renewable energy project in Egypt that includes a 200 MW solar plant and a 120 MWh battery energy storage system, supporting Africa’s growing investment in clean energy infrastructure.
The financing will go to Nefer Benban for Renewable Energy, a special purpose vehicle created to develop, construct, and operate the project in Benban near Aswan in southern Egypt.
The project will add 200 MW of solar capacity and 120 MWh of battery storage to Egypt’s national grid, strengthening the country’s renewable energy capacity and supporting Africa’s wider energy transition efforts.
The development is among the first battery energy storage system projects under Egypt’s 10 GW renewable energy target within the Nexus of Water, Food, and Energy (NWFE) program.
EBRD said the project could reduce carbon dioxide emissions by up to 280,000 tonnes annually once operational. The total project cost is estimated at $175 million, with additional funding expected from other partners.
The project will also support technical workforce development through two nationally accredited green skills training programs for young people in Aswan.
Nefer Benban is owned 51% by Infinity Power Holding and 49% by HAU Energy. Infinity Power Holding is a joint venture between Masdar, which holds 49%, and Infinity Energy, which owns 51%.
In April, EBRD also extended a $65 million construction bridge loan to HAU Energy to support another renewable energy project in Benban, further expanding clean energy investment in Africa.
source: www.zawya.com
African Energy Council