EBRD, Meridiam, and Hassan Allam Utilities Join Forces to Propel Egypt’s Renewable Energy Agenda

EBRD, Meridiam, and Hassan Allam Utilities Join Forces to Propel Egypt’s Renewable Energy Agenda

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) collaborates with Meridiam and Hassan Allam Utilities (HAU) to establish HAU Energy BV, a platform aimed at investing in renewable energy projects primarily in Egypt and potentially across Africa. This partnership seeks to promote private sector engagement in Egypt’s power sector, accelerate the country’s decarbonization efforts, and advance its green energy transition. Aligned with Egypt’s 10 GW renewables program under the EBRD-led Nexus on Water, Food, and Energy initiative, the project emphasizes sustainable policy engagement and adherence to environmental and social best practices. Through this strategic investment, the partners aim to drive economic resilience, foster sustainable growth, and position Egypt as a regional leader in renewable energy development.

(PRESS RELEASE) LONDON, 5-Apr-2024 — /EuropaWire/ — 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 decarbonisation 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, commented: “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, commented, “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 programme under Egypt’s energy Pillar of the Nexus on Water-Food-Energy (NWFE) initiative.”

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Email: Group-PressUnit@ebrd.com

SOURCE: EBRD