EBRD Funds $70 Million Egypt Solar and Battery Project to Boost Renewable Energy Capacity
The European Bank for Reconstruction and Development (European Bank for Reconstruction and Development) has approved up to $70 million in senior debt financing for a large-scale renewable energy project in Egypt that combines solar power generation with battery energy storage.
The funding will support Nefer Benban for Renewable Energy, a special purpose vehicle established to develop, construct, and operate the project in Benban, near Aswan in southern Egypt.
The project includes a 200 MW solar photovoltaic plant and a 120 MWh battery energy storage system, designed to strengthen Egypt’s electricity grid and enhance renewable energy integration as the country expands its clean energy capacity.
Once operational, the facility is expected to reduce carbon dioxide emissions by up to 280,000 tonnes annually, according to EBRD estimates.
The total project cost is approximately $175 million, with additional financing expected from other development partners.
Key Role in Egypt’s Energy Transition
The project forms part of Egypt’s broader renewable energy strategy under the Nexus of Water, Food, and Energy (NWFE) programme, which targets 10 GW of renewable capacity.
It is among the first projects in the country to integrate utility-scale battery storage with solar generation at this scale.
The inclusion of battery storage is expected to improve grid stability by storing excess solar power during peak production and releasing it during periods of high demand.
Ownership Structure and Development Partners
Nefer Benban is jointly owned by Infinity Power Holding (51%) and HAU Energy (49%). Infinity Power Holding itself is a joint venture between Masdar (49%) and Infinity Energy (51%), both active players in renewable energy development across the region.
The project also includes workforce development components, including two nationally accredited green skills training programmes aimed at young people in Aswan to support local employment in the renewable energy sector.
Continued EBRD Support in Egypt
The financing builds on earlier support from EBRD, which in April extended a $65 million construction bridge loan to HAU Energy for another renewable energy project in Benban.
The bank’s continued investment highlights growing international backing for Egypt’s clean energy transition and Africa’s broader shift toward low-carbon infrastructure.
