Greenbacks to go green: Hassan Allam Utilities (HAU) has partnered with the European Bank for Reconstruction and Development (EBRD) and infrastructure-focussed investment company Meridiam to raise capital for its subsidiary HAU Energy BV to invest in local renewable energy projects, according to a statement(pdf).

So how much are we talking? 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’s project summary.

And where’s the money going? The agreement will encourage private sector participation in the local renewable sector and accelerate the establishment of renewable projects. The funds appear — at least those from the EBRD — to be mostly directed towards Hassan Allam Utilities’ 1.1 GW wind farm in the Gulf of Suez that is being built with ACWA Power. Hassan Allam Utilities and ACW are expected to break ground on the USD 1.5 bn project this year. The summary from the bank 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.

Some of the funds may also find their way to other African countries: HAU Energy will potentially invest in renewable energy projects in other African countries, the statement added.

ICYMI: The EBRD is an important part of our investment landscape, with a long track record of funding our green energy ambitions, supporting MSMEs, and has invested EUR 11.6 bn in the country to date — 59% of which went to the private sector. The EBRD is also the lead partner in Egypt’s Nexus for Food, Water and Energy (NWFE) energy plan to which it pledged to contribute USD 200-300 mn.

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