Trump criticises Powell after Fed holds Interest rates steady
US President Donald Trump has sharply criticised Federal Reserve Chair Jerome Powell following the central bank’s decision to keep interest rates un...
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.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
European forests are absorbing significantly less carbon dioxide than a decade ago, putting the European Union’s ambitious climate goals in jeopardy, scientists from the EU’s Joint Research Centre (JRC) warned on Wednesday.
The United Nations' climate bureau have concerns that sky-high accommodation prices for this year's COP30 climate summit in Brazil could price poorer countries out of the negotiations, according to diplomats and a document seen by Reuters.
The Environmental Protection Agency has moved to erase the foundation of America’s climate regulations. On Tuesday, it unveiled a proposal to rescind the “endangerment finding,” the legal opinion that lets it curb greenhouse gas emissions.
They seem distant and frozen in time, but glaciers are melting fast, and the ripple effects are reaching every corner of the world. From rising seas to disrupted weather and water shortages, their disappearance is reshaping our shared future.
The United Nation’s climate chief says a delay in choosing the host for next year’s COP31 summit is causing problems. It's after Australia and Türkiye submitted bids in 2022 to host the high-profile conference in 2026. Sydney said it's received the most votes.
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