EBRD invests in Egyptian renewables platform with HAU, Meridiam

The European Bank for Reconstruction and Development (EBRD), together with French sustainable infrastructure investor Meridiam and Egypt’s Hassan Allam Utilities (HAU), is raising capital in a new platform set up to invest in renewable energy projects in Egypt and possibly elsewhere in Africa.

According to the project’s information on EBRD’s website, the bank is providing an equity investment of up to USD 75 million (EUR 69m) in the new platform, called HAU Energy BV. The total project cost is put at USD 300 million.

The investment is expected to raise capital for renewable energy projects, including HAU's most imminent project, the 1.1-GW Gulf of Suez wind farm in Egypt.

EBRD said last week that the collaboration is a cornerstone project under the 10 GW renewables programme of Egypt’s EBRD-led energy pillar of the Nexus on Water, Food and Energy (NWFE) initiative.

Commenting on EBRD’s statement, Meridiam CEO Thierry Deau, said: “We will draw on our extensive experience in the renewable energy sector and work with our partners to ensure that these projects become a reference in the region.”

(USD 1 = EUR 0.922)

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