{"id":83487,"date":"2024-04-08T00:00:00","date_gmt":"2024-04-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/04\/08\/hassan-allam-utilities-teams-up-with-ebrd-meridiam-to-expand-renewables-projects\/"},"modified":"2024-04-08T00:00:00","modified_gmt":"2024-04-08T00:00:00","slug":"hassan-allam-utilities-teams-up-with-ebrd-meridiam-to-expand-renewables-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/04\/08\/hassan-allam-utilities-teams-up-with-ebrd-meridiam-to-expand-renewables-projects\/","title":{"rendered":"Hassan Allam Utilities teams up with EBRD + Meridiam to expand renewables projects"},"content":{"rendered":"

HAU Energy BV drums up funds to expand renewables in Egypt: <\/strong>Hassan Allam Utilities (HAU) subsidiary HAU Energy BV will raise capital to invest in local renewable energy projects via a partnership with the European Bank for Reconstruction and Development (EBRD) and infrastructure-focused investment company Meridiam<\/a>, according to a statement (pdf)<\/a> released on Thursday. The funding round amounts to a total of USD 300 mn, USD 75 mn of which will come from the EBRD, according to the lender\u2019s project summary. No information on specific projects and definitive timelines were disclosed in the statement.<\/p>\n

And where\u2019s the money going?<\/strong> The agreement will encourage private sector participation in the local renewable sector and accelerate the establishment of renewable projects, the statement notes. The funds appear \u2014 at least those from the EBRD \u2014 to be mostly directed towards Hassan Allam Utilities\u2019 1.1 GW wind farm<\/a> in the Gulf of Suez being built with Acwa Power<\/a>. Hassan Allam Utilities and Acwa Power are expected to break ground on the USD 1.5 bn project this year. <\/p>\n

There\u2019s more: <\/strong>The funds could also go towards a planned 2.5 GW wind project near Sohag, as part of a bigger 10 GW, 11 USD bn project that Hassan Allam Utilities is carrying out with Infinity Power and the UAE\u2019s Masdar<\/a>. In February, the government said it will deliver a plot of land<\/a> for the 10-GW wind farm in Sohag to the consortium within two to three weeks.<\/p>\n

Some of the funds may also find their way to other African countries:<\/strong> HAU Energy will potentially invest in renewable energy projects in other African countries, the statement added.<\/p>\n

Who is <\/strong>Meridiam? <\/strong>The Paris-based global investor and asset manager specializes in the development and financing of sustainable infrastructure in three core sectors: mobility, critical public services, and innovative low carbon solutions. The firm manages over USD 20 bn in assets and boasts a portfolio of over 120 projects.<\/p>\n

EBRD is a big player in Egypt\u2019s green energy sector: <\/strong>The company said in October<\/a> that it would review plans to extend a EUR 165 mn green loan to help enhance Egypt\u2019s electricity distribution grid. The EBRD \u2014 which has financed 163 projects and committed to EUR 1.4 bn in investments for the country to date \u2014 extended USD 50 mn to finance the 500 MW Gulf of Suez wind farm in Ras Ghareb back in May, and is set to contribute USD 200-300 mn to Egypt\u2019s Nexus for Food, Water and Energy<\/a> initiative to support the phase out of 5 GW of gas-fired power plants by 2025, and support the development of solar and wind energy projects yielding 10 GW by 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"

The agreement will encourage private sector participation in the local renewable sector and accelerate the establishment of renewable projects.<\/p>\n","protected":false},"author":1,"featured_media":83488,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[152],"tags":[390,40,11,164,151,88],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-ebrd","tag-egypt","tag-enterpriseclimate","tag-green-finance","tag-investment-watch","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"c827e2dd-f9be-4e4a-8657-a694680d5764","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/745.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Hassan 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