The projects, which include 720 MWh battery energy storage systems (BESS), will expand Egypt’s renewable energy capacity, which stood at 6.7 GW in 2023.

EAAIF, a private infrastructure development group company, announced yesterday a $40 million investment to support the development of 2.3 GW of renewable energy projects in Egypt. The investment will be made in a project development facility in Hassam Allam Utilities.

The investment will be used to develop the Suez 1.1 GW Wind Project, the 1.2 GW Benban and Wahat Solar photovoltaic (PV) plants and the associated 720 MWh battery energy storage systems (BESS). When completed, the projects will significantly increase Egypt’s renewable energy capacity which accounted for 6.7 GW in 2023.

The investment bolsters capital commitments from other developers and financiers to the Suez Wind Project, which is one of the largest renewable energy projects ever financed in Africa.

Dalia Wahba, CEO of Hassan Allam Investment Managers, said, “Initiatives such as the Suez Wind Project and the Benban and Wahat Solar Plants are bolstering our clean energy capabilities while contributing to global sustainability efforts.”

PV systems play an important role in Egypt due to the country’s high solar irradiation throughout the year. Increasing solar energy to the renewable energy mix could help diversify Egypt away from its reliance on fossil fuels, supporting the country’s renewable energy targets under its Sustainable Energy Strategy 2035.

Tidiane Doucoure, Director, Ninety One, the fund manager of EAAIF, said, “Our investment in Hassan Allam Utilities will support the development of multiple renewable energy projects that will significantly increase Egypt’s share of renewable energy production.”