HAU Energy BV, a funding vehicle under Hassan Allam Holding, the privately held engineering and construction group led by Egyptian tycoon Hassan Allam, has secured an equity investment of up to $75 million from the European Bank for Reconstruction and Development (EBRD).
This investment marks a significant step forward in the company’s strategy to expand its presence internationally while contributing to sustainable energy initiatives in the region.
Under the leadership of Allam, Hassan Allam Holding has been making strides in the engineering and construction sectors for over eight decades. The privately held firm, known for its expertise in various industries including utilities and building materials, has established itself as a key player in North Africa and the Middle East.
EBRD’s $75-million boost drives Allam’s green agenda in Egypt
The recent equity investment from EBRD is earmarked for advancing renewable energy projects in Egypt, with a primary focus on the 1.1 GW Gulf of Suez wind farm. This injection of funds aligns with Hassan Allam Holding’s commitment to promoting environmentally friendly initiatives, aiming to reduce CO2 emissions by an estimated 2.8 million tCO2 per annum.
The $75-million investment comes at a pivotal time for Hassan Allam Holding, following its announcement of plans to expand into the United Arab Emirates (UAE). This move signifies a significant milestone in the company’s strategy to diversify its geographical footprint and tap into new international markets.
Hassan Allam Holding’s $3-billion construction backlog reflects continued success
Hassan Allam Holding‘s reputation for delivering large-scale projects with precision and efficiency has been further underscored by recent developments. In September 2023, the company secured a $64-million contract with Eagle Hills Properties, a UAE-based developer, to oversee the development of the Soul Luxury Beach Resort on Egypt’s North Coast.
The contract, which encompasses parcels within Phase 1A of the resort, highlights the group’s continued growth trajectory and its ability to secure high-profile partnerships in the region. With a construction backlog exceeding $3 billion, the company is poised to continue its legacy of contributing to the economic development of the region through its diverse portfolio of projects.
As Hassan Allam Holding embarks on its ambitious journey to bolster renewable energy infrastructure in Egypt and expand its presence in international markets, the $75-million investment from EBRD serves as a testament to the company’s commitment to sustainability and innovation.