EBRD backs wind farm with $75 M in investments
The European Bank for Reconstruction and Development (EBRD) has approved an equity investment in HAU Energy BV to boost renewable energy in Egypt.
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Egypt, Cairo: The European Bank for Reconstruction and Development (EBRD) has approved an equity investment in HAU Energy BV to boost renewable energy in Egypt.
EBRD has greenlighted an equity investment of up to $75 million in HAU Energy BV, a funding vehicle established by Hassan Allam Utilities (HAU). The investment will help fast-track the development of renewable energy projects in Egypt, with a focus on the 1.1 GW Gulf of Suez wind farm.
The project aims to reduce CO2e emissions by 2.8 million tCO2 per annum. It will cost $300 million, and one of its goals is supporting the development of renewable projects across the country.
Source: Utilities Middle East
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