EBRD backs African funding vehicle.

The European Bank for Reconstruction and Development (EBRD) has pledged to invest up to $75 million in HAU Energy BV, a funding vehicle established by Hassan Allam Utilities in Egypt and Africa. The investment aims to promote private sector involvement in the Egyptian power sector and support the development of renewable energy projects in Egypt and the region. HAU Energy BV, based in the Netherlands, will focus on developing and operating renewable energy projects in North and Sub-Saharan Africa. The investment will include Egypt's largest onshore wind farm, the 1.1GW Gulf of Suez project, which is expected to be operational by the end of 2026. [Extracted from the article]