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A 120 MWh battery energy storage system (BESS) will be paired with a 258.5 MWp solar plant in Benban, near Aswan in Egypt. 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 the project, which it describes as one of the first solar plants in Egypt to include battery storage.
Storage role: evening peak and grid balancing
According to the EBRD, the storage system will store surplus solar electricity produced during the day and release it during peak demand after sunset. The bank says this will help balance fluctuations in renewable generation and strengthen grid stability. Output will be sold to the Egyptian Electricity Transmission Company (EETC) under a 25-year power purchase agreement.
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, said that by pairing solar generation with battery storage the project is an important step towards providing more reliable, efficient and sustainable power.
Concessional funding from a renewable innovation programme
The financing goes to Nefer Benban for Renewable Energy, a special-purpose vehicle owned by Infinity Power and Hassan Allam Utilities Energy (HAU Energy). Up to USD 56 million (EUR 47.6 million) comes from the EBRD’s own funds and up to USD 7.5 million (EUR 6.4 million) is concessional financing from the Climate Investment Funds’ Clean Technology Fund (CTF) under its Accelerating Innovation in Renewable Energy 2.0 programme. In April 2026 the EBRD also agreed a USD 65 million construction bridge loan with HAU Energy for the plant and storage system. According to the EBRD, DEG is contributing an equal amount to the financing, as part of an aggregate debt package of up to USD 127 million. The EBRD holds an equity stake in Infinity Power, while HAU Energy is owned by Meridiam, Hassan Allam Utilities and the EBRD.
A storage-backed chapter at Benban
Nayer Fouad, Co-founder and CEO of Infinity Power, recalled that the company was the first developer to enter the Benban Solar Park in 2017 and said Nefer Benban opens a new chapter by combining renewable generation with advanced battery storage. The EBRD expects the project to reduce carbon dioxide emissions by more than 349,000 tonnes a year and supply electricity equivalent to the needs of around 310,000 homes.
CTF technical cooperation will also help HAU Energy strengthen its human resources policies, embed gender equality in workforce management and expand women’s access to technical and leadership roles in the energy sector. The project forms part of the EBRD-led energy pillar of Egypt’s Nexus of Water, Food and Energy (NWFE) initiative.
Sources
- EBRD, “EBRD backs solar plant and battery storage in Benban”, 09.11.2026: ebrd.com
Image: EBRD
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