Russia's Lukoil says it plans to sell international assets due to Western sanctions
Russia’s second-largest oil company, Lukoil LKOH.MM, announced on Monday that it plans to sell its international assets following U.S. sanctions imp...
Egypt’s first integrated solar and battery storage plant will deliver dispatchable clean energy, enhance grid stability and manage peak demand. The project is expected to generate approximately 3,000 GWh of clean energy and avoid up to 1.4 million metric tonnes of emissions per year.
The project aligns with Egypt’s goal of reaching 42% renewable energy by 2030 and is part of the Nexus of Water, Food and Energy (NWFE) platform.
The European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII) are jointly providing US$ 479.1 million to Obelisk Solar Power SAE—a Scatec ASA-owned entity—to develop a 1.1 GW solar PV plant with an integrated 200 MWh battery energy storage system (BESS) in Egypt’s Nagaa Hammadi region.
The EBRD will contribute up to US$ 173.5 million, including a US$ 101.9 million first-loss guarantee under the EFSD+ and a US$ 6.5 million grant from its Shareholder Special Fund. The AfDB’s US$ 184.1 million package includes concessional funds from the Sustainable Energy Fund for Africa, the Canada-AfDB Climate Fund, and CIF’s Clean Technology Fund. BII will provide a US$ 100 million concessional loan and a US$ 15 million returnable grant to support the BESS component and attract private investment.
The financing covers approximately 80% of the total project cost (US$ 590 million). Developed by Scatec, the project will be built in two phases:
Phase 1: 561 MW solar + 100 MW/200 MWh BESS, operational by mid-2026
Phase 2: 564 MW solar, operational by late 2026
Electricity will be sold under a 25-year USD-denominated power purchase agreement with the Egyptian Electricity Transmission Company, backed by a sovereign guarantee.
This will be Egypt’s first large-scale integrated solar and battery project, expected to generate 3,000 GWh annually and cut CO₂ emissions by up to 1.4 million tonnes per year.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
As Hurricane Melissa barrels towards Jamaica as a powerful Category 4 storm, questions often arise about how these tempests get their names.
The U.N. weather agency plans to cut some posts and is reviewing its priorities as dozens of countries, including the United States, are late with their fees, a spokesperson said on Friday.
A general strike and mass demonstrations paralysed the southern Tunisian city of Gabes on Tuesday, as tens of thousands of people demanded the closure of a state-run chemical plant blamed for a worsening pollution crisis.
Global investors managing more than $3 trillion in assets have urged governments to halt and reverse deforestation and ecosystem destruction by 2030, according to a joint statement released on Monday ahead of next month’s U.N. climate conference in Brazil.
A team of Argentine paleontologists has uncovered one of the oldest known dinosaurs, a nearly complete skeleton of a long-necked herbivore that roamed Earth 230 million years ago in what is now La Rioja province.
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