EBRD Considers USD 120 Million Loan for 1-GW Solar and Storage Project in Egypt

Credit: Scatec

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 project, integrated with energy storage, by in . 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 (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 storage solutions.

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