BAKU, Azerbaijan, May 12. The European Bank for Reconstruction and Development (EBRD) is backing Egypt’s renewable energy development with a $30 million equity bridge to Obelisk Solar Power, a special purpose vehicle owned by global renewable energy developer Scatec ASA, Trend reports.
The funds will support the construction of a 1-gawatt-alternating current (GWac) photovoltaic solar plant and a 200 MWh battery energy storage system (BESS) in Nagaa Hammadi, marking one of Egypt’s first hybrid renewable energy projects.
The project aims to contribute to Egypt's green energy transition and enhance the stability and reliability of the national electricity grid as the country faces increasing electricity demand. The initiative is part of the EBRD-led energy pillar of Egypt’s Nexus on Water, Food, Energy, which was launched during COP27 in Sharm El Sheikh. This program seeks to position Egypt as a leading renewable energy hub in the region.
The project is expected to reduce Egypt’s CO2 emissions by approximately 1.36 million tons annually. It will also serve as a pilot for the integration of hybrid renewable technologies in the country’s energy mix.
Since beginning its operations in Egypt in 2012, the EBRD has invested more than 13.8 billion euros in 201 projects across various sectors, including financial services, agribusiness, manufacturing, infrastructure, and transport.