EBRD backs Egypt's first solar, battery storage project with $30mln equity bridge loan
The European Bank for Reconstruction and Development (EBRD) has announced a $30m equity bridge loan to Obelisk Solar Power, a special purpose vehicle owned by Scatec ASA, a global leader in renewable energy and a long-term strategic partner of the Bank.
The financing will support the equity requirements for the construction of a 1 GWac photovoltaic solar power plant and a 200 MWh battery energy storage system (BESS) in Nagaa Hammadi, Upper Egypt. This will be Egypt's first hybrid solar and battery storage project, and is expected to serve as a pilot model for integrating battery storage with renewable energy in the country.
The project plays a key role in supporting Egypt's green energy transition, helping maintain grid stability and reliability as electricity demand continues to rise. It is being developed under the energy pillar of Egypt's Nexus on Water, Food, and Energy (NWFE) platform, a flagship initiative launched at COP27 in Sharm El Sheikh, led by the EBRD. The NWFE program aims to unlock Egypt's potential to become a regional hub for renewable energy.
Once operational, the hybrid plant is expected to reduce CO₂ emissions by approximately 1.357 million tonnes annually, significantly contributing to Egypt's climate goals and international commitments.
Egypt, a founding member of the EBRD, has been a major focus for the Bank's investments since operations began in the country in 2012. To date, the EBRD has invested more than €13.8bn in over 201 projects nationwide.
The Bank's investments in Egypt span across a range of sectors, including financial services, agribusiness, manufacturing, infrastructure, and transportation, as well as critical utilities such as power, municipal water, and wastewater services.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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