EBRD backs 258.5 MWp Benban solar plant with storage

Contents

A new project from Benban’s first developer
How the financing is structured
Shifting daytime solar output to the evening peak

The European Bank for Reconstruction and Development (EBRD) announced on 9 November 2026 a financing package of up to USD 63.5 million (EUR 54.0 million) for a 258.5 MWp solar photovoltaic plant paired with a 120 MWh battery storage system in Benban, near Aswan in Egypt. The bank describes the project as one of the first solar plants in Egypt to include battery storage.

A new project from Benban’s first developer

The financing goes to Nefer Benban for Renewable Energy, a special-purpose vehicle owned by Infinity Power and Hassan Allam Utilities Energy (HAU Energy). Nayer Fouad, Co-founder and CEO of Infinity Power, recalled that the company entered the Benban Solar Park in 2017 as its first developer and described the support of the EBRD and its financing partners as a strong endorsement of the project’s strategic importance.

According to the EBRD, the plant’s output will be sold to the Egyptian Electricity Transmission Company (EETC) under a 25-year power purchase agreement. The project is expected to cut carbon dioxide emissions by more than 349,000 tonnes a year and supply electricity equivalent to the needs of around 310,000 homes.

How the financing is structured

The package combines up to USD 56 million (EUR 47.6 million) from the EBRD’s own funds with up to USD 7.5 million (EUR 6.4 million) of concessional financing from the Climate Investment Funds’ Clean Technology Fund (CTF) under its Accelerating Innovation in Renewable Energy 2.0 programme. Separately, in April 2026 the EBRD agreed a USD 65 million (EUR 55.2 million) construction bridge loan with HAU Energy to finance the development and construction of the plant and storage system. According to the EBRD, DEG, the German development finance institution, is contributing an equal amount to the financing, as part of an aggregate debt package of up to USD 127 million (EUR 108.0 million).

Shifting daytime solar output to the evening peak

The storage system will hold surplus electricity generated during the day and release it during peak demand after sunset. Aida Sitdikova, Director of Sustainable Infrastructure for the Middle East and Africa at the EBRD, said battery storage will play an increasingly important role as Egypt expands renewable electricity generation. Dalia Wahba, CEO of Hassan Allam Investment Managers, called the project another significant milestone in the company’s commitment, highlighting that it pairs solar generation with battery storage. The EBRD holds an equity stake in Infinity Power, while HAU Energy is owned by Meridiam, Hassan Allam Utilities and the EBRD.

The project supports the EBRD-led energy pillar of Egypt’s Nexus of Water, Food and Energy (NWFE) initiative, launched at COP27 in Sharm El Sheikh, which aims to close 5 GW of inefficient fossil-fuel capacity and deploy 10 GW of new privately developed renewable capacity. CTF technical cooperation will also introduce two nationally accredited green-skills training programmes for young labour-market entrants in Aswan.