The European Bank for Reconstruction and Development (EBRD) has greenlit an equity investment of up to 68.5 million euros ($75 million) in HAU Energy BV, a funding entity established by Hassan Allam Utilities. This funding aims to support the development and construction of renewable energy projects in Egypt, with a primary focus on the 1.1 gigawatts (GW) Gulf of Suez wind farm. Aligned with Egypt's commitment to renewable energy targets and private sector involvement in the power sector, the project has a total estimated cost of $300 million, contributing to a Green quality transition by reducing Carbon dioxide equivalent emissions by 2.8 million total carbon dioxide annually.
HAU Energy BV, incorporated in the Netherlands for developing and operating renewable energy projects in Egypt and Africa, is set to benefit from the equity commitment from EBRD. The environmental and social categorization of the project, rated as B (2019 ESP), involves supporting renewable energy projects in Egypt, with the initial sub-project being the 1.1 GW wind power project in the Gulf of Suez. Ongoing assessments, including environmental due diligence, address corporate environmental and social provisions and biodiversity concerns, demonstrating the commitment to sustainable energy development. The investment is regarded as a significant step in advancing Egypt's renewable energy goals, with the Gulf of Suez wind farm viewed as a major milestone in the pursuit of sustainable and efficient transportation solutions in the region.