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.
Egypt and China stress the need for urgent de-escalation and diplomatic efforts to prevent further conflict in the Middle East. Egypt’s Foreign Minister Badr Abdelatty and Chinese Foreign Minister Wang Yi spoke on the phone.
Greece and Egypt have committed to preserving the historic and spiritual status of St Catherine’s Monastery after a court ruling raised concerns about its future use and surrounding land.
Egypt’s Minister of Tourism and Antiquities, Sherif Fathy, has announced that a pilot visa-on-arrival program will launch at Cairo International Airport in mid-June
Qatar, Egypt, and the U.S. continue coordinated efforts to negotiate a ceasefire in Gaza amid ongoing conflict and humanitarian concerns.
A fierce khamsin dust storm cloaked the Egyptian capital in a yellow haze on Wednesday, shutting schools and cutting visibility as winds gusting to 80 kph swept across Cairo and much of the country.
South Korea’s new administration proposed $14.7 billion in additional spending on Thursday to boost weak domestic demand, as President Lee Jae Myung pushes economic recovery as his top priority.
If the European Central Bank adjusts interest rates in the next six months, the move would likely be a cut, ECB policymaker Francois Villeroy de Galhau said on Thursday.
Iran's foreign minister is expected in Istanbul on Saturday for a key Organisation of Islamic Cooperation (OIC) council meeting as regional tensions rise over Israel's strikes on Iranian nuclear sites.
The US Embassy in Qatar has temporarily barred its personnel from entering Al Udeid Air Base due to rising regional tensions linked to the ongoing conflict between Israel and Iran.
Wizz Air Abu Dhabi, the UAE’s ultra-low-fare national airline, has officially launched flights from Gabala, adding a second Azerbaijani city to its growing network and becoming the only low-cost carrier to connect the region with Abu Dhabi.
Peace is no longer a dream. It is a discussion. On the streets of Baku and Yerevan, it is also a question, of trust, of foreign interests, and of who truly wants it.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
Azerbaijan Airlines (AZAL) has cancelled certain flights scheduled for 13th and 14th June amid recent escalation of situation in the Middle East and the closure of airspace in several countries for security reasons.
The 2025 G7 Leaders’ Summit was held June 15–17 in Kananaskis, Alberta, under Canada’s presidency. Prime Minister Mark Carney framed the meeting around priorities of protecting communities, energy and climate security, the digital transition, and future partnerships.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 17th, covering the latest developments you need to know.
UK Chancellor of the Exchequer, the Rt Hon Rachel Reeves, has announced a record £2.5 billion in additional funding this week to advance the development of the world’s first fusion power plant.
A historic May heat wave pushed Greenland’s ice melt to 17 times its average rate and sent Iceland’s temperatures soaring to record-breaking highs, raising urgent alarms about Arctic climate vulnerability.
Climate change could slash over 5% from Italy’s GDP by 2050 if no action is taken, according to the national budget watchdog, highlighting the urgent need for global emissions cuts.
At least seven people have died and several schoolchildren are missing after heavy rain and snow triggered flooding in South Africa’s Eastern Cape and southern regions, officials said Tuesday.
A new study warns that the emperor penguin population in Antarctica is shrinking faster than expected, with numbers falling by 22% over 15 years due to climate change and unstable sea ice.
South Korea’s new administration proposed $14.7 billion in additional spending on Thursday to boost weak domestic demand, as President Lee Jae Myung pushes economic recovery as his top priority.
If the European Central Bank adjusts interest rates in the next six months, the move would likely be a cut, ECB policymaker Francois Villeroy de Galhau said on Thursday.
Iran's foreign minister is expected in Istanbul on Saturday for a key Organisation of Islamic Cooperation (OIC) council meeting as regional tensions rise over Israel's strikes on Iranian nuclear sites.
The US Embassy in Qatar has temporarily barred its personnel from entering Al Udeid Air Base due to rising regional tensions linked to the ongoing conflict between Israel and Iran.
Wizz Air Abu Dhabi, the UAE’s ultra-low-fare national airline, has officially launched flights from Gabala, adding a second Azerbaijani city to its growing network and becoming the only low-cost carrier to connect the region with Abu Dhabi.
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