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EBRD wants to increase its green portfolio in Egypt: The European Bank for Reconstruction and Development (EBRD) has completed its review for a proposed USD 75 mn equity investment into Hassan Allam Utilities’ green projects, according to a project summary document posted on EBRD’s website last week.
Hassan Alam’s Gulf of Suez wind farm is the main target for the financing : Hassan Allam Utilities’ 1.1 GW wind farm in the Gulf of Suez that is being built with ACWA Power is the primary recipient of the proposed funding, according to EBRD’s project description. Hassan Allam Utilities and ACWA Power signed a 25-year power purchase agreement with the Egyptian Electricity Transmission Company (EETC) last year to develop the project under a build-own-operate framework and are expected to break ground on the USD 1.5 bn project this year.
In addition to one of the region’s largest wind projects: The statement also mentioned that the funds could 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’s Masdar.
What’s next? EBRD is set to approve the funding for Hassan Allam Utilities’ wind project on 21February, pending the selection of a wind turbine supplier and the finalization of the supply chain due diligence process.
IN OTHER GREEN ENERGY NEWS-
#1- Another 1 GW solar plant by Scatec could be in the cards: Norwegian renewableenergy developer Scatec is in discussions with the Public Enterprise Ministry over the establishment of a 1 GW solar power plant to power EgyptAlum’s aluminum complex in Qena’s Nagaa Hammadi, according to a statement from the ministry. The proposed plant will be built in two phases over a two-year period.
ICYMI: Scatec last month inked agreements with the government to establish a 1-GW solar and200-MWh battery storage project — the first in the country — and a USD 1.1 bn green methanol project.
#2-Egypt joins WEF alliance for clean energy investments in EMs: Egypt has joined a new alliance launched by the World Economic Forum (WEF) that aims to unlock c. USD 2.2-2.8 tn in financing for the clean energy transition, according to a statement released last week. The Network to Mobilize Clean Energy Investment for the Global South initiative will be co-chaired by International Cooperation Minister Rania Al Mashat alongside the Africa Finance Corporation CEO Samaila Zubairu.
Who’s involved? The network is made up of a small group of 20+ ministers and CEOs from Morocco, Colombia, India, Japan, Malaysia, Namibia, Nigeria, Norway, Kenya, and South Africa
The why: “The network will play a crucial role in bringing together public and private players to pinpoint investment needs, breaking down barriers, and unlocking practical solutions for a just, equitable and sustainable energy transition in the Global South … This will be a new space for emerging economies to exchange best practices and lessons learned, and foster collaboration around value chain strategies, regulatory policies, and investment mechanisms. ” said Rania Al Mashat.
