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, with board approval anticipated in mid-June, according to an EBRD press release.

The proposed funding will be provided to Nefer Benban for Renewable Energy, a company jointly owned by Infinity Power Holding and Hassan Allam Utilities (HAU) Energy, to develop a 200-megawatt (MW) solar photovoltaic plant integrated with a 120-megawatt-hour (MWh) battery energy storage system (BESS).

The overall cost of the project is estimated at $175 million and is expected to lower carbon emissions by nearly 280,000 tons annually (t/y).

The project will be among the first batch of battery energy storage system (BESS) projects in the country, developed under the 10 gigawatt (GW) renewables target set under the Bank-led Energy Pillar of the Nexus of Water, Food and Energy (NWFE) program, said EBRD.

This financing proposal comes shortly after the EBRD extended a $65 million bridge loan to HAU Energy in April to support construction-related activities for the Benban project.

Located in Aswan , Benban Solar Park is a massive solar complex covering 32 square kilometers, divided into dozens of plots operated by different companies. with a total capacity of about 1.5 GW, making it one of the largest solar parks globally. Meanwhile , Nubia Benban is one of the individual projects within the  Park.