{"id":613807,"date":"2024-01-21T00:00:00","date_gmt":"2024-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/21\/this-evening-ebrd-mulls-investing-usd-75-mn-in-hau-energy-bv-for-renewable-energy-projects-plus-raya-auto-and-chinas-xpeng-to-locally-assemble-evs\/"},"modified":"2024-01-21T00:00:00","modified_gmt":"2024-01-21T00:00:00","slug":"this-evening-ebrd-mulls-investing-usd-75-mn-in-hau-energy-bv-for-renewable-energy-projects-plus-raya-auto-and-chinas-xpeng-to-locally-assemble-evs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/21\/this-evening-ebrd-mulls-investing-usd-75-mn-in-hau-energy-bv-for-renewable-energy-projects-plus-raya-auto-and-chinas-xpeng-to-locally-assemble-evs\/","title":{"rendered":"THIS EVENING: EBRD mulls investing USD 75 mn in HAU Energy BV for renewable energy projects. PLUS: Raya Auto and China\u2019s XPeng to locally assemble EVs"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and happy Sunday.<\/strong> We\u2019re somehow already in the back half of January \u2014 is it just us, or is 2024 moving faster than expected? <\/p>\n

THE BIG STORIES TODAY<\/strong><\/p>\n

#1- EBRD eyes investing USD 75 mn in HAU Energy: <\/strong>Hassan Allam Utilities (HAU) Energy BV, a subsidiary of HAU, could see a USD 75 mn equity investment from the European Bank for Reconstruction and Development (EBRD) for renewable energy projects in Egypt, including its 1.1 GW wind farm in the Gulf of Suez currently under development, with the total project cost valued at USD 300 mn, according to a project summary document<\/a> posted on EBRD\u2019s website. The lender is set to approve the investment next month. The project will offset some 2.8 mn tons of CO2 annually. <\/p>\n

About the project:<\/strong> A consortium including Hassan Allam Utilities and Saudi\u2019s Acwa Power signed a 25-year land usufruct agreement<\/a> with the New and Renewable Energy Authority (NREA) for the wind farm earlier this month. The project is set to reach financial close by 4Q 2024, begin commercial operations by the end of 2026, and will be the largest on-shore wind farm in the Middle East.<\/p>\n

#2- Raya Auto and China\u2019s XPeng team up to locally assemble EVs: <\/strong>Raya Holding\u2019s subsidiary Raya Auto has signed an exclusive agency agreement with Chinese electric vehicle manufacturer XPeng<\/a> to import and sell three of its EV models in the Egyptian market this year, Raya Holding Chairman Medhat Khalii said in a press conference today, Al Borsa<\/a> reports. The EGP 500 mn agreement will also see Raya Auto locally assemble XPeng cars within three years, Khalil added. <\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

No single story is leading the conversation in the international press but Israel\u2019s plan to<\/strong> move frozen tax funds meant for the Palestinian Authority (PA) to Norway is getting ink. <\/strong>The Israeli cabinet decided the European nation would hold the tax money that Israel collects from Palestinians \u2014 which, under the Oslo Accords, it is then supposed to transfer to the PA in the West Bank, according to Reuters<\/a>. Israel has been withholding these funds, claiming that the decision is designed to prevent the funds from reaching Hamas. <\/p>\n

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