BII signs $300mln deals to accelerate Egypt's green projects
These projects are a 1.10 gigawatt (GW) Gulf of Suez Wind Farm and a 1.10 GW integrated solar and battery storage project with Scatec, according to a press release.
The financing comes as part of BII's investment plan to boost Egypt's energy transition and build climate-resilient infrastructure that drives growth in North African countries.
Valued at $1.20 billion, the Gulf of Suez Wind Farm project marks Africa's largest onshore wind development, and it is expected to generate 4,500 gigawatt-hour (GWh) annually. This will contribute to eliminating 2.50 million metric tons of CO₂ emissions on a yearly basis.
BII's $190 million investment forms part of a broader $704 million in debt financing, with a consortium of development finance institutions (DFIs).
The European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), the German Investment and Development Company (DEG), the OPEC Fund for International Development, and the Arab Energy Fund participated in the transaction.
The project comes within the framework of Egypt's Nexus of Water, Food & Energy (NWFE) program and will create over 10,000 power-enabled jobs.
Moreover, BII signed an agreement to co-finance Egypt's first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD.
The $479.10 million project accounts for 80% of the total capital cost, producing 1.10 GW of solar PV capacity and 200 MWh of battery storage.
BII is securing a $100 million concessional loan and a $15 million grant to lower the cost of the BESS component, attracting private investment and developing a model for future deals.
The projects align with BII's North Africa climate strategy to enhance climate resilience for future generations.
Sherine Shohdy, Head of Egypt Office and Coverage Director of BII, added: 'Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs.'
'Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy,' Shohdy added.
Being a key partner for BII, Egypt has a portfolio size of over $708 million, reflecting its commitment to supporting the region's climate agenda.
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