EBRD, Meridiam, HAU investments to boost renewable energy projects in Egypt

08 / 04 / 2024

By Marwa Nassar - -

The European Bank for Reconstruction and Development (EBRD), in collaboration with Meridiam and Hassan Allam Utilities (HAU), are raising capital in HAU Energy BV, a new platform established to invest in renewable energy projects primarily in Egypt and potentially other countries in Africa.

The investment will promote private sector participation in the Egyptian power sector. It will also facilitate the government’s decarbonization plans by expediting the roll-out of renewable energy projects and contribute to Egypt’s green energy transition.

This endeavor stands as 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. Launched at COP27 in 2022, this initiative signifies a pivotal commitment towards sustainable policy engagement, strategically crafted to align with the aspirations of the government of Egypt. All the projects will follow strict and best environmental and social practices, building on the partners’ recognised experience and expertise in this area.

Thierry Déau, CEO of Meridiam, said “This long-term partnership and the renewable energy projects that will result from it will help support and accelerate Egypt’s energy transition programme. 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.”

Amr Allam, Co-CEO of Hassan Allam Holding, said “We are very happy with our partnership with the EBRD and Meridiam. Through our combined efforts we look forward to progressing Egypt’s ambition to expand our green energy footprint. Further, this collaboration should drive substantial foreign investment into Egypt, boosting economic resilience and fostering sustainable growth.”

Nandita Parshad, EBRD Managing Director for Sustainable Infrastructure, said “We are very proud to partner with Meridiam and HAU to support Egypt’s scaling up of renewables and accelerating its green economy transition. This strategic investment is set to facilitate the delivery of the 10 GW renewables program under Egypt’s energy Pillar of the Nexus on Water-Food-Energy (NWFE) initiative.”