French asset manager Meridiam has finalised a long-term strategic partnership with Cairo-based Hassan Allam Utilities (HAU) and the European Bank for Reconstruction and Development (EBRD) to develop and invest in greenfield renewable energy projects in Egypt.
Those projects will significantly contribute to the decarbonisation of electricity production in Egypt and to the country’s energy transition, the company said in a statement.
The first project to be developed under this agreement, alongside Saudi-listed ACWA Power, is a 1.1-gigawatt (GW) Suez Wind Project. It is expected to increase Egypt’s total wind capacity by 70 percent, accelerating its renewable energy goals to 42 percent of the generation mix by 2030.
The wind energy project has reached financial close and has an overall investment value of over €1 billion. Construction will start in January 2025 and is expected to achieve full commercial operations by 2027 over 25 years.
Meridiam has already invested more than €1 billion in renewable energy, totalling a production capacity of more than 500 MW in solar, wind, biomass and hydro.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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