In a significant move towards enhancing Egypt's green energy capabilities, the European Bank for Reconstruction and Development (EBRD) has joined forces with Meridiam and Hassan Allam Utilities to promote the advancement of renewable energy across the nation. This collaboration marks a pivotal step in encouraging private sector involvement in Egypt's power sector, playing a crucial role in supporting the government's decarbonization strategies by speeding up the implementation of renewable energy projects and aiding in the country's transition to green energy.
This initiative is part of the ambitious 10 GW renewables programme, a key component of Egypt's EBRD-led energy pillar within the Nexus on Water, Food, and Energy (NWFE) initiative. Launched at the COP27 in 2022, the NWFE initiative embodies a significant commitment to sustainable policy engagement, meticulously designed to meet the Egyptian government's goals. The projects under this partnership will adhere to the highest standards of environmental and social practices, leveraging the partners' renowned expertise in this domain.
Amr Allam, Co-CEO of Hassan Allam Holding, expressed enthusiasm about the partnership, highlighting the potential for this collaboration to advance Egypt's green energy ambitions significantly. "We are very happy with our partnership with the EBRD and Meridiam. Through our combined efforts, we look forward to progressing Egypt’s ambition to expand our green energy footprint," he stated. Allam also pointed out the expected influx of substantial foreign investment into Egypt, which would bolster economic resilience and promote sustainable growth.
Thierry Déau, CEO of Meridiam, shared similar sentiments, emphasizing the role of this long-term partnership in supporting and hastening Egypt's energy transition. "This long-term partnership and the renewable energy projects that will result from it will help support and accelerate Egypt’s energy transition programme," Déau remarked. He also mentioned Meridiam's commitment to drawing on its extensive experience in the renewable energy sector to ensure the success of these projects, aiming to set a benchmark in the region.
Nandita Parshad, EBRD Managing Director for Sustainable Infrastructure, reflected on the strategic importance of this investment. "We are very proud to partner with Meridiam and HAU to support Egypt’s scaling up of renewables and accelerating its green economy transition," Parshad said. She highlighted the investment's role in facilitating the delivery of the 10 GW renewables programme, a critical part of Egypt's energy pillar under the NWFE initiative.
This partnership represents a forward-looking approach to renewable energy development in Egypt, aligning with the country's broader objectives of sustainable growth and environmental stewardship.
