Putin accuses Europe of redirecting grain meant for poor countries under Black Sea deal
Russian President Vladimir Putin has accused European countries of taking grain originally meant for impoverished nations under the 2022 Black Sea Gra...
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.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
Israeli researchers have unveiled an artificial intelligence tool that can determine a person’s true biological age from tiny DNA samples with remarkable precision.
Hollywood star Sydney Sweeney is reportedly the top contender to become the next Bond girl, as director Denis Villeneuve and Amazon look to modernise the James Bond franchise.
China is battling an unprecedented power surge, as temperatures push electricity demand beyond 1.5 billion kilowatts. Officials warn the real test is still to come, with risks of power rationing looming.
Monsoon rains in northern India has pushed the death toll past 100, claiming the lives of 104 people in in Himachal Pradesh, injuring 189, and left 35 missing, according to officials.
The Brazilian government has responded to growing concerns over accommodation for participants of the upcoming UN Climate Change Conference, COP30, set to take place this November in the heart of the Amazon rainforest, in the city of Belém.
The International Air Transport Association on Wednesday stepped up criticism of the European Union's sustainable aviation fuel mandate as a costly initiative that is not helping the environment as regional supplies there remain low.
Brazil has announced the launch of a special electronic visa (e-visa) to facilitate international access for participants attending the 30th United Nations Climate Change Conference (COP30), scheduled to be held in Belém from 6th to 21st November 2025.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment