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.
As the Ukraine war is highlighted by some leaders during the United Nations' 81st General Assembly meetin...
The 81st UN General Assembly returns for its third day in New York on Thursday, with world leaders delivering high-level speeches and holding diplo...
Shipping traffic through the Strait of Hormuz remained low on Thursday, as Iran reiterated that it will neither enter into new negotiations with th...
Shipping traffic through the Strait of Hormuz remained low on Thursday, as Iran reiterated that it will neither enter into new negotiations with the United States nor re-open the Strait as long as its conditions are not met, despite recent indirect talks in New York mediated by Qatar.
As the Ukraine war is highlighted by some leaders during the United Nations' 81st General Assembly meeting in New York, Russian forces attacked the Ukrainian capital Kyiv early on Thursday with ballistic missiles, killing two people and injuring six, Mayor Vitali Klitschko said.
U.S. Secretary of State Marco Rubio is set to meet Russian Foreign Minister Sergey Lavrov in New York on Wednesday, as Washington pushes for an end to the war in Ukraine and Kyiv and Moscow continue to strike energy infrastructure.
U.S. President Donald Trump said his team held a three-hour meeting with an Iranian delegation in New York that he described as “very good” and “productive”, with another round of talks scheduled soon.
The 81st UN General Assembly continues in New York on Wednesday, with another day of high-level speeches and diplomatic meetings. The wars in the Middle East and Ukraine, global security and international cooperation remain at the centre of discussions.
Türkiye’s COP31 presidency has unveiled an action agenda designed to turn climate commitments into concrete projects and measurable results, focusing on clean energy, waste reduction, resilient cities and industrial decarbonisation.
Greenland and Antarctica have shed a combined 11.3 trillion tonnes of ice since 1979, according to the most comprehensive satellite study of the planet's ice sheets to date, with researchers warning the pace of loss has accelerated sharply in recent decades.
The European Union will continue allowing large-scale plastic waste exports to Türkiye despite concerns over recycling rates, environmental damage and the risk of illegal waste trafficking.
Hundreds of thousands of deep-diving turtles, known as olive ridley sea turtles, have arrived on Mexico’s southern coast for one of nature’s most striking nesting events. But conservation officials warn that climate change is making it increasingly difficult for their eggs to hatch.
August 2026 tied as the hottest month ever recorded globally, pushing average temperatures above the critical 1.5°C threshold as extreme weather swept across several regions, the EU’s Copernicus Climate Change Service said.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment