The European Bank for Reconstruction and Development (EBRD) is evaluating a financing package of up to $70 million for the Nubia Benban solar project in Aswan, Egypt, with board approval anticipated in mid-June 2026. The proposed funding would support the development of a 200-megawatt solar photovoltaic plant integrated with a 120-megawatt-hour battery energy storage system (BESS) — among the first such projects to combine utility-scale solar with grid-scale battery storage in the country.
The funding will be directed to Nefer Benban for Renewable Energy, a company jointly owned by Infinity Power Holding and Hassan Allam Utilities (HAU) Energy. The total project cost is estimated at $175 million, and it is projected to lower carbon emissions by nearly 280,000 tonnes annually.
The project falls under Egypt’s 10-gigawatt renewables target, set within the Bank-led Energy Pillar of the Nexus of Water, Food and Energy (NWFE) programme — a framework designed to address Egypt’s interlinked energy, water and food security challenges. The latest EBRD financing proposal follows a $65 million bridge loan the bank extended to HAU Energy in April 2026 to support construction activities for the Benban project.
Benban Solar Park, where the project is located, is one of the world’s largest solar complexes, covering 32 square kilometres in Aswan and comprising dozens of plots operated by different companies, with a combined capacity of approximately 1.5 gigawatts. Nubia Benban is one of the individual projects operating within the park.
Source: egyptoil-gas.com