Latest news with #batteryenergy
Zawya
a day ago
- Business
- Zawya
IFC, AMEA Power launch Egypt's first battery energy storage system
Arab Finance: The International Finance Corporation (IFC) has announced a $72 million investment to support Egypt's first utility-scale battery energy storage system (BESS), in partnership with AMEA Power and the Egyptian government, marking a major milestone in the country's transition to clean energy, as per an emailed press release. The financing package will support the integration of a 300 megawatt-hour BESS into the newly commissioned 500MW alternating-current solar photovoltaic plant operated by AMEA Power's subsidiary, Abydos Solar Project Company, in Kom Ombo, Aswan. The solar plant, also financed by IFC and international partners, began operations in November 2024. This is the first project of its kind under Egypt's fast-track 4GW Emergency Renewable Energy Program, designed to meet rising electricity demand through clean, competitive energy sources and reduce reliance on imported natural gas. The BESS is currently in the commissioning phase and is expected to be operational by July 2025. Once online, it will deliver approximately 100,000 MWh annually and is projected to reduce around 20,000 tons of carbon dioxide emissions each year, supporting Egypt's goal to cut emissions from the power sector by 37%. The project aligns with Egypt's Nexus of Water, Food, and Energy (NWFE) platform and the World Bank Group's Country Partnership Framework for Egypt (FY23–27), which prioritizes job creation, human capital development, and resilience to environmental and economic shocks. Since 2017, the World Bank Group and development finance institutions (DFIs) have played a key role in supporting Egypt's renewable energy sector, contributing to the development of 2.1GW of solar and 2.8GW of wind capacity, more than half of the country's projected installed renewable energy by 2027. IFC has backed several landmark renewable energy projects in Egypt, including the 1.4GW feed-in tariff program in Benban, the 252MW West Bakr Wind project, and the twin 500MW Abydos Solar and 500MW Amunet Wind projects. Since launching its operations in Egypt in 1975, IFC has invested and mobilized nearly $10 billion in development projects and maintains an advisory portfolio valued at $25 million. Its private sector engagement in Egypt spans fintech, climate finance, infrastructure, renewable energy, healthcare, gender, and manufacturing. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
IFC, AMEA Power launch Egypt's first utility-scale battery storage system
Egypt - The International Finance Corporation (IFC) announced on Sunday a landmark investment to support the development of Egypt's first utility-scale battery energy storage system (BESS), in partnership with AMEA Power and the Government of Egypt. The project aims to enhance grid resilience and support the country's transition to clean energy. The IFC is providing a $72m debt package to Abydos Solar Project Company, a subsidiary of AMEA Power, to finance the integration of a 300 MWh BESS with the recently operational 500 MWac Kom Ombo solar photovoltaic plant in Aswan Governorate. The solar plant, which began operations in November 2024, was also financed by IFC and international partners in 2022. The battery system, currently in the commissioning phase, is expected to be fully operational by July 2025. Once online, it will deliver approximately 100,000 MWh of energy annually and reduce CO₂ emissions by nearly 20,000 tons each year. This milestone marks the first BESS to be developed under Egypt's 4 GW Emergency Renewable Energy Program—an initiative designed to meet increasing electricity demand through clean, cost-effective sources while reducing reliance on imported natural gas. 'At AMEA Power, we are committed to transforming the energy landscape through innovation, speed, and local collaboration,' said Hussain Al Nowais, Chairman of AMEA Power. 'Achieving financial close for Egypt's first utility-scale BESS—following the successful launch of our 500 MW wind farm in the country—is a clear demonstration of our ability to deliver large-scale renewable energy projects. We're proud to support Egypt's energy transition and grid reliability.' Makhtar Diop, Managing Director of IFC, emphasized the significance of the partnership: 'Meeting Egypt's rising energy demand—especially during peak summer months—requires bold, forward-looking solutions. This project delivers sustainable infrastructure today while laying the foundation for a more resilient, cleaner energy future. It showcases how strategic partnerships and advanced technologies can accelerate energy transitions.' The BESS project aligns with Egypt's climate platform, the Nexus of Water, Food, and Energy (NWFE), and the World Bank Group's Country Partnership Framework for Egypt (FY23–27), which emphasizes job creation, human capital development, and resilience to environmental and economic shocks. Since 2017, the World Bank Group and other development finance institutions (DFIs) have supported Egypt's private sector in developing 2.1 GW of solar and 2.8 GW of wind capacity. These efforts are expected to account for over half of Egypt's installed renewable energy capacity by 2027. IFC has played a key role in landmark initiatives such as the 1.4 GW feed-in-tariff (FiT) program at the Benban Solar Park, the 252 MW West Bakr Wind project, and AMEA Power's twin 500 MW Abydos Solar and Amunet Wind projects. Since launching its operations in Egypt in 1975, IFC has invested and mobilized nearly $10bn in development projects and maintains an advisory portfolio valued at $25m. Its work in Egypt spans climate finance, fintech, infrastructure, healthcare, manufacturing, gender equity, and renewable energy. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
CBS News
21-05-2025
- Business
- CBS News
One of the nation's largest battery energy storage sites is coming to Staten Island. Here's why residents are concerned.
One of the country's largest battery energy storage sites set to be built on Staten Island One of the country's largest battery energy storage sites set to be built on Staten Island One of the country's largest battery energy storage sites set to be built on Staten Island One of the country's largest battery energy storage sites is about to be built on Staten Island. It's part of New York's push for renewable energy. But families there say by the time they learned of the plan, it was already a done deal. CBS News New York Investigates' Mahsa Saeidi looked into the potential risks the sites could pose, and the state's response to previous incidents. Read more: Brooklyn residents continue battle against lithium-ion battery energy storage systems How the site would work The state approved a plan to convert the land into one of the nation's largest battery energy storage systems. Gov. Kathy Hochul wants New York to get the majority of its energy, from clean sources like solar, by 2030. But since the sun isn't always shining, so-called "BESS" sites are critical for capturing surplus energy during the day and discharging it to the grid at night, or as needed Though vacant, the stretch of land along Victory Boulevard is near homes. The developer, Chicago-based Hecate, says its facility will store enough energy to help the governor meet 10% of her overall storage goal, by powering every single home in the borough. "It really has nothing to do with that. It has to do [with] the opportunity to buy electric cheap and sell it at a higher price," resident Mike Trollo said. Staten Island residents cite lack of transparency CBS News New York Investigates showed up to interview just a few homeowners but a roomful was waiting. Families said they understand the need for big batteries, but said the state didn't give proper notice, or make the process transparent. "There are some pros to having these buildings, but there's a lot of downside," Frank Saladis said. "I think the main concern was the complete lack of communication." "And if there was a fire, God forbid," Debra Bostwick said. "Who evacuates us? Where do we go?" "There's two types of lithium-ion battery sites -- those that are on fire, and those that are not on fire yet," Assemblyman Sam Pirozzolo said. "They keep putting them in residential areas. Don't you care about the citizens?" resident Angelita Rios-Kobryn said. California fire on the minds of many on Staten Island The community is more anxious due to a massive fire at a battery storage plant not operated by Hecate in Moss Landing, California. Four months later, the cause is still under investigation. The site was the largest of its kind, with a capacity of 750 megawatts, which is only moderately larger than Hecate's proposed 650-megawatt facility. Hecate, which has projects nationwide, said, "We have operated ... since 2019 without a single fire or safety incident, and are proactively meeting with elected officials, local residents ..." Pirozzolo said he and some residents are also concerned with the how the company communicates. "They're not responding to any of my emails, any of my phone calls," Pirozzolo said. "Nobody seems to want to come out and educate us as to what's going on," Linda Duane added. Saeidi called Hecate about the assemblyman's claim that the company is not responding to him. She got an email from the company saying, "Hecate Energy is committed to developing energy storage projects that incorporate local stakeholder feedback and community engagement is an important aspect of our development process. At this time, we are conducting studies that will inform the future of the project and we will engage with stakeholders as the project development progresses." New York state's role in the debate The Department of Public Service says the state held a public meeting online last year, with a notice sent to elected leaders, community groups, and the media. But some homeowners, directly impacted, claim they missed the meeting because there was no notice in their mailbox. CBS News New York Investigates asked DPS if the state would consider a second meeting, but the agency wouldn't answer that question. There have been similar concerns in other neighborhoods, including Brooklyn and Long Island. Saeidi took their complaints to Gov. Hochul. "Governor, New Yorkers say they're not getting any notice before battery energy storage sites pop up in their neighborhood. What are their rights, governor?" Saeidi asked. Hochul did not respond, but in a webinar we found online, that just happened two weeks ago, the state is talking. "We are in close communication with California regarding their incident," said David Sandbank, of the New York State Research and Development Authority. Read more: Lithium battery farm in New York's Hudson Valley getting pushback from homeowners over fire risk After a series of fires at BESS sites in New York's Jefferson, Orange and Suffolk counties in 2023 -- none operated by Hecate -- the governor took action. To enhance safety, she convened the Inter-Agency Fire Safety Working Group. "I wanted to explain to everybody who has concerns that we are taking this very seriously," Sandbank said. Eleven recommendations are set to go into effect by 2026, including requiring site-specific training for local fire departments. In the meantime, Pirozzolo says he's introducing a bill to require sites to be built 1,000 feet away from homes. He says right now they can be built anywhere. "There is no protection for us. There's no protection for our people. No protection for the land," Rios-Kobryn said.
