EBRD to invest $75m in HAU Energy BV to back 1.1 GW Gulf of Suez wind farm in Egypt

The European Bank for Reconstruction and Development, EBRD, has committed to a provisional equity investment of up to $75 million in HAU Energy BV, a funding vehicle established by Hassan Allam Utilities that operates in Egypt and is running a project known as 1.1 GW Gulf of Suez wind farm.

The investment is set to raise capital for the development and construction of renewable energy projects in the region, EBRD said in a statement.

The 1.1-gigawatt (GW) Gulf of Suez wind farm project aims to support the private sector participation in the Egyptian power sector and boost the roll-out of renewable energy projects in Egypt and the region.

For EBRD the project will target the “Green” quality by taking part in the development of the renewable energy projects, including the largest wind farm of Egypt, with a total capacity of 1.1 GW.

The investment will help reduce CO2e emissions by 2.8 million tCO2 per annum with additional savings expected for the rest of the pipeline.

The project is valued at $300 million. HAU Energy BV is incorporated in the Netherlands for the purpose of developing and operating renewable energy projects in Egypt and Africa.