EBRD backs US$63.5 million solar power and battery storage project in Egypt

The European Bank for Reconstruction and Development (EBRD) is providing financial support for the development of a solar power plant integrated with a battery energy storage system at Benban, near Aswan in southern Egypt. The project aims to increase the country's renewable electricity generation capacity and improve the reliability of its national power network. The financing will support Nefer Benban for Renewable Energy, a special-purpose project company owned by Infinity Power and HAU Energy.

The EBRD-backed financing package is worth up to US$63.5 million (€54 million). It comprises up to US$56 million (€47.6 million) from the bank's own funds and US$7.5 million (€6.4 million) in concessional financing from the Clean Technology Fund (CTF), under its Accelerating Innovation in Renewable Energy 2.0 programme. The funding will support the development of the combined solar generation and battery storage facility. Separately, the EBRD agreed a US$65 million (€55.2 million) construction bridge loan with HAU Energy in April 2026 to finance the development and construction of the solar plant and battery storage system. Germany's development finance institution, DEG, is contributing an equal amount, forming part of an aggregate debt financing package of up to US$127 million (€108 million).

The project will comprise a 258.5MWp solar photovoltaic power plant integrated with a 120MWh battery energy storage system. It is expected to be among the first solar power facilities in Egypt to incorporate battery storage technology. Electricity generated by the facility will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement. The project is expected to provide renewable electricity at a cost below conventional power generation, supply enough electricity to approximately 310,000 homes and reduce carbon dioxide emissions by more than 349,000 tonnes annually.

The investment forms part of the energy pillar of Egypt's Nexus of Water, Food and Energy (NWFE) initiative, launched at COP27 in Sharm El-Sheikh. Led by the EBRD, the programme aims to facilitate the retirement of 5GW of inefficient fossil-fuel power generation capacity and support the deployment of 10GW of new renewable energy capacity developed by the private sector. The Benban development is expected to contribute to these ambitions by combining large-scale solar generation with energy storage technology.