The European Bank for Reconstruction and Development (EBRD) has approved a financing package of up to $63.5 million to support the development of a solar power plant with battery storage in Benban, near Aswan, Egypt.The project is owned by Nefer Benban for renewable energy, a joint venture between Infinity Power and HAU Energy.
The financing package included up to $56 million from the EBRD and $7.5 million in concessional financing from the Clean Technology Fund. The project will include a 258.5 MWp solar photovoltaic plant combined with a 120 MWh battery energy storage system. The electricity generated by the plant will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement.
Earlier, in October 2026, Scatec and the EBRD signed a share purchase agreement to establish a renewable energy investment platform in Egypt. Scatec will own 60 per cent of the platform, while EBRD will hold the remaining 40 per cent. EBRD has committed up to $221 million to the platform, including about $170 million in equity and the rest through project-level guarantees.