{"id":613839,"date":"2024-01-22T00:00:00","date_gmt":"2024-01-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/22\/hassan-allams-green-projects-could-a-get-top-up-from-the-ebrd\/"},"modified":"2024-01-22T00:00:00","modified_gmt":"2024-01-22T00:00:00","slug":"hassan-allams-green-projects-could-a-get-top-up-from-the-ebrd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/22\/hassan-allams-green-projects-could-a-get-top-up-from-the-ebrd\/","title":{"rendered":"Hassan Allam\u2019s green projects could a get top-up from the EBRD"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EBRD wants to increase its green portfolio in Egypt: <\/strong>The European Bank for Reconstruction and Development (EBRD) has completed its review for a proposed USD 75 mn equity investment into Hassan Allam Utilities\u2019 green projects, according to a <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/54346.html\" style=\"\" rel=\"noopener\">project summary document<\/a> posted on EBRD\u2019s website last week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hassan Alam\u2019s Gulf of Suez wind farm is the main target for the financing : <\/strong>Hassan Allam Utilities\u2019 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2853d3da-411c-443c-869a-de7e74e1b45e\" style=\"\" rel=\"noopener\">1.1 GW wind farm<\/a> in the Gulf of Suez that is being built with <strong>ACWA Power<\/strong> is the primary recipient of the proposed funding, according to EBRD\u2019s 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In addition to one of the region\u2019s largest wind projects: <\/strong>The statement also mentioned that the funds could go towards a planned 2.5 GW wind project near Sohag, as part of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bcca0ff7-3d4a-40f6-beb6-b5f49910e133\" style=\"\" rel=\"noopener\">bigger 10 GW, 1<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bcca0ff7-3d4a-40f6-beb6-b5f49910e133\" style=\"\" rel=\"noopener\">1 USD bn p<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bcca0ff7-3d4a-40f6-beb6-b5f49910e133\" style=\"\" rel=\"noopener\">roject<\/a> that Hassan Allam Utilities is carrying out with <strong>Infinity Power<\/strong> and the UAE\u2019s <strong>Masdar<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>EBRD is set to approve the funding for Hassan Allam Utilities\u2019 wind project on 21February, pending the selection of a wind turbine supplier and the finalization of the supply chain due diligence process.<\/p>\n<p class=\"tag-border-left\">IN OTHER GREEN ENERGY NEWS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Another 1 GW solar plant by Scatec could be in the cards: <\/strong>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\u2019s aluminum complex in Qena\u2019s Nagaa Hammadi, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid028HH7z7NvnVkymcHh3vSBdDaLPxaT5ABr7YuACgcRrxTQtfQCQWwMpycJVFxnhWspl\" style=\"\" rel=\"noopener\">statement<\/a> from the ministry. The proposed plant will be built in two phases over a two-year period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> Scatec last month inked agreements with the government to establish a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9360246d-a2fd-4dca-b680-1894ddb9a003\" style=\"\" rel=\"noopener\">1-GW solar and<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9360246d-a2fd-4dca-b680-1894ddb9a003\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9360246d-a2fd-4dca-b680-1894ddb9a003\" style=\"\" rel=\"noopener\">200-MWh battery storage<\/a> project \u2014 the first in the country \u2014 and a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/85faf1b5-e8ca-49c9-b104-2efc32c63c3d\" style=\"\" rel=\"noopener\">USD 1.1 bn green methanol<\/a> project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>Egypt joins WEF alliance for clean energy investments in EMs: <\/strong>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 <a target=\"_blank\" href=\"https:\/\/www.weforum.org\/press\/2024\/01\/wef24-global-leaders-unite-to-triple-clean-energy-investment-in-emerging-economies\/\" style=\"\" rel=\"noopener\">statement<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s involved? <\/strong>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 <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The why: <\/strong>\u201cThe 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 \u2026 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. \u201d said Rania Al Mashat. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>ACWA Power and Hassan Allam Utilities\u2019 1.1 GW wind farm in the Gulf of Suez is the top contender for the funds<\/p>\n","protected":false},"author":1,"featured_media":613840,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[7207],"tags":[571,93,72,8277,151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-ebrd","tag-energy","tag-enterpriseam","tag-hassan-allam-utilities","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"07a14d3c-9148-442d-8afb-e114505b3479","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1703.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EBRD could invest some USD 75 mn in Hassan Allam\u2019s green projects in Egypt","related_issue":[613834],"teaser":"ACWA Power and Hassan Allam Utilities\u2019 1.1 GW wind farm in the Gulf of Suez is the top contender for the funds","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.234f07a7-2b81-451e-8af1-7c957e1319f4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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