EBRD Funds Egypt Solar and Battery Storage Project Near Aswan

The European Bank for Reconstruction and Development (EBRD) will provide up to USD 70 million in senior debt financing for a renewable energy project in Egypt featuring a 200 MW solar plant and a 120 MWh battery energy storage system in Benban near Aswan.

The financing will support Nefer Benban for Renewable Energy, a special purpose vehicle established to develop, construct and operate the project. The initiative is part of Egypt’s broader push to expand renewable energy capacity and transition toward low-carbon power generation.

The project will add 200 MW of solar power generation and 120 MWh of battery storage capacity to Egypt’s electricity grid. It is among the first battery energy storage system projects being developed under the 10 GW renewable energy target within Egypt’s Nexus of Water, Food and Energy (NWFE) programme.

According to the EBRD, the project could reduce carbon dioxide emissions by up to 280,000 tonnes annually once operational. The total project cost is estimated at USD 175 million and will also receive co-financing from other parties.

In addition to energy generation, the project includes two nationally accredited green skills training programmes for young people in Aswan to support workforce development in the renewable energy sector.

Nefer Benban is owned 51 percent  by Infinity Power Holding and 49 percent by HAU Energy. Infinity Power Holding is a joint venture between Abu Dhabi Future Energy Company Masdar and Egypt’s Infinity Energy.