Latest news with #SherineShohdy


Economic Key
5 days ago
- Business
- Economic Key
British International Investment (BII) Signs Over $300 Million Agreements
British International Investment (BII), the UK's development finance institution and impact investor, has signed over $300 million in agreements to support two pioneering renewable energy projects in Egypt – a new 1.1GW Gulf of Suez Wind Farm and a 1GW integrated solar and battery storage project with Scatec. The agreements reflect BII's investment plan to accelerate Egypt's energy transition and build climate-resilient infrastructure that stimulates growth in North African countries. The Gulf of Suez Wind Farm, a $1.05 billion project and Africa's largest onshore wind development, is expected to generate over 4,300 GWh annually, helping to avoid 2.2 million tonnes of CO₂ emissions per year. BII's $190 million investment forms part of a broader $707 million in long-term debt financing with a consortium of development finance institutions (DFIs) including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), DEG – the German development dinance institution (DFI), the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). The project builds on Egypt's Nexus of Water, Food & Energy (NWFE) programme and will create over 10,000 jobs, placing it in the top 30% of BII's power portfolio in terms of employment-to-cost ratio. BII has also 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 $475.6 million project – representing 80% of the total capital cost – will deliver 1 GW of solar PV capacity and 200 MWh of battery storage. BII is providing a $100 million concessional loan and a $15 million grant to reduce the cost of the BESS component, making the project more viable, attracting private investment, and setting a model for future deals. With an updated portfolio size of over $708 million, Egypt is a critical partner for BII with the latest agreements reflecting an ongoing commitment to the region's climate agenda. The projects align with BII's North Africa climate strategy, which underscores the role of innovative and scalable renewable energy technologies that enhance climate resilience for future generations. In Morocco, BII backs green hydrogen projects, while in Tunisia, the DFI is identifying opportunities to scale climate-smart agriculture. These efforts collectively promote climate innovation, enabling the private sector's ability to produce, export and share clean energy. Sherine Shohdy, Head of Egypt Office and Coverage Director, BII, added: 'Our latest agreements reflect BII's long-term commitment to Egypt's clean energy transition and our confidence in the country's ability to lead on climate innovation in the region. 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. تم نسخ الرابط


Al-Ahram Weekly
5 days ago
- Business
- Al-Ahram Weekly
BII commits over $300 mln to Egypt's renewable energy projects - Energy
British International Investment (BII), the UK's development finance institution and impact investor, announced on Wednesday over $300 million in new commitments to support Egypt's transition to clean energy, as the country seeks to position itself as a regional renewable energy hub. The funds will help develop more than 2 gigawatts of new renewable energy capacity, contributing to Egypt's target of generating 42 percent of its electricity from renewable sources by 2030. The financing supports two large-scale projects: the 1.1 gigawatt Gulf of Suez Wind Farm, set to be Africa's largest onshore wind installation, and a 1 gigawatt solar photovoltaic (PV) and battery energy storage system (BESS) being developed in collaboration with Norwegian energy company Scatec. Gulf of Suez Wind Farm: Africa's largest onshore wind project BII is investing $190 million in the $1.05 billion Gulf of Suez Wind Farm, which will produce over 4,300 gigawatt hours (GWh) of electricity annually and prevent an estimated 2.2 million tonnes of CO₂ emissions per year. The project is also expected to support more than 10,000 jobs, according to BII. The wind farm is part of a $707 million debt package backed by a group of development finance institutions (DFIs), including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), DEG – Deutsche Investitions- und Entwicklungsgesellschaft, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). The project is a core pillar of Egypt's Nexus of Water, Food, and Energy (NWFE) initiative, a government framework that aims to integrate climate-related investments across various sectors. Pioneering solar + storage: Egypt's 1st utility-scale BESS project BII is also co-financing Egypt's first utility-scale solar and battery storage project alongside Scatec, the EBRD, and the AfDB. The $475.6 million project, which accounts for 80 percent of the total capital cost, will deliver 1 GW of solar capacity and 200 megawatt-hours (MWh) of battery storage aimed at enhancing grid reliability. To support the battery component, BII is providing a $100 million concessional loan and a $15 million grant as part of a blended finance approach aimed at reducing costs and attracting private investment. With these deals, BII's total investment portfolio in Egypt now exceeds $708 million. The institution says it views Egypt as a key market in its broader North Africa strategy, which includes green hydrogen projects in Morocco and sustainable agriculture initiatives in Tunisia. 'Our latest agreements reflect BII's long-term commitment to Egypt's clean energy transition and our confidence in the country's ability to lead on climate innovation in the region,' said Sherine Shohdy, BII's Head of Egypt Office and Coverage Director. 'Through our capital partnerships, we are proud to deliver new infrastructure that provides affordable, reliable, low-carbon power and unlocks 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. Both projects support Egypt's Vision 2030 development strategy and highlight growing international interest in the country's energy transition. They also reflect the role that concessional finance is playing in making large-scale renewable projects viable in emerging markets. Follow us on: Facebook Instagram Whatsapp Short link:


Daily News Egypt
16-06-2025
- Business
- Daily News Egypt
BII, AfDB, EBRD to provide $479.1m for Egypt solar and battery project
A consortium of development banks including British International Investment (BII), the African Development Bank (AfDB) and the European Bank for Reconstruction and Development (EBRD) is providing $479.1m in financing for a 1.1 gigawatt (GW) solar power plant integrated with a 200 megawatt-hour (MWh) battery storage system in Egypt. The financing will be provided to Obelisk Solar Power SAE, a special-purpose vehicle owned by Norwegian renewable energy developer Scatec ASA, to develop the facility in the country's Nagaa Hammadi region. The project, which will be Egypt's first integrated solar and battery storage plant of this scale, is expected to enhance grid stability and help manage peak electricity demand. The total estimated capital expenditure for the project is $590m, with the blended financing package covering approximately 80 per cent of the cost. The plant is expected to generate around 3,000 GWh of clean energy annually, avoiding up to 1.4 million metric tonnes of carbon dioxide emissions per year and supporting Egypt's goal to have renewables constitute 42 per cent of its power mix by 2030. The facility will be built in two phases by Scatec. The first phase, comprising 561 MW of solar capacity and a 100 MW/200 MWh battery energy storage system (BESS), is scheduled to begin operations in the first half of 2026. The second phase, with 564 MW of solar capacity, is planned to start in the second half of 2026. Energy generated will be sold under a 25-year, US dollar-denominated power purchase agreement with the Egyptian Electricity Transmission Company, which is backed by a sovereign guarantee. The financing from the three development finance institutions includes a mix of loans, concessional funding and grants. The AfDB's financing package totals $184.1m. This includes $125.5m of ordinary resources, $20m in concessional funding from the Sustainable Energy Fund for Africa, and $18.6m from the Canada-African Development Bank Climate Fund. A further $20m will be channelled from the CIF's Clean Technology Fund through the AfDB. The EBRD is providing a financing package of up to $173.5m. Of this, $101.9m will be supported by a European Fund for Sustainable Development (EFSD+) first-loss cover guarantee for the initial 18 years. This is supplemented by a $6.5m grant from the EBRD Shareholder Special Fund. BII's contribution, subject to drawdown conditions, includes a $100m concessional loan and a $15m returnable grant intended to lower the cost of the battery storage component, making it more financially viable. Sherine Shohdy, Head of Egypt Office and Coverage Director, BII, said: 'Our financing in this landmark project reflects BII's commitment to pioneering the next generation of renewable energy infrastructure to power Egypt's sustainable future. By powering local businesses with clean, reliable energy, we are supporting economic growth and job creation at the heart of communities. This builds on our $190 million agreement to finance the 1.1 GW Gulf of Suez Wind Farm, highlighting our pivotal role in driving the energy transition in Egypt and North Africa.' Wale Shonibare, the AfDB's Director of Energy Financial Solutions, Policy and Regulations, noted: 'This project exemplifies the scale of renewable energy potential across Africa and demonstrates how strong partnerships and innovative solutions can advance the energy transition and foster sustainable economic development. It has a high demonstration and replication potential for similar initiatives across the continent.' Harry Boyd-Carpenter, EBRD Managing Director for Sustainable Infrastructure, said: 'We are delighted to work with our longstanding partners Scatec, the AfDB and BII to support this transformative project. It takes Egypt's green energy transition to another level by harnessing the power of the sun, not just during the day but also at night, thanks to the combination of solar and battery storage. The project addresses the growing demand for electricity and reduces the need to import expensive fossil fuels. It contributes to the goals of Egypt's flagship Nexus on Water, Food and Energy that was launched at COP27 in Sharm el-Sheikh, and for which the EBRD is Egypt's leading partner on the energy pillar.' Terje Pilskog, CEO of Scatec, commented: 'This project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. We are proud to partner with leading development finance institutions to support Egypt's clean energy ambitions, and we look forward to delivering this important project together with our partners.' Stefano Sannino, Director-General of the Directorate-General for the Middle East, North Africa and the Gulf at the European Commission, said: 'Today, the European Union (EU) launches the EU-Egypt Investment Guarantee for Development Mechanism, a strategic platform designed to fast-track a significant pipeline of investment projects to deliver large-scale financing solutions in Egypt. This is a major milestone in the implementation of the EU-Egypt Strategic Partnership. This particular project is a concrete example of a fruitful collaboration between the EU and the EBRD for supporting green transition in the country, through a large-scale investment. The EU guarantee allows the EBRD to provide a loan alongside other financiers to finance an innovative integrated solution which can attract private investors.'