The European Bank for Reconstruction and Development (EBRD) is evaluating a potential loan of up to USD 120 million (EUR 111.4 million) to support the construction and development of a 1-GW solar project, integrated with energy storage, by Scatec ASA in Egypt. The loan, which is in the “concept reviewed” stage, is set to be approved by December 11, 2024.
The project, located in Nagaa Hammadi, will feature a 1-GW solar farm supported by a 200-MWh battery energy storage system (BESS).
It already has a power purchase agreement (PPA) in place with the Egyptian Electricity Transmission Company (EETC).
This initiative marks a significant step for Egypt, as it will be one of the first utility-scale battery storage projects in the country, potentially leading to a broader adoption of renewable energy storage solutions.
