| Project Detail |
Location:
Egypt
Project number:
55885
Business sector:
Energy
Notice type:
Private
Environmental category:
B
Approval date:
11 Dec 2024
Status:
Concept Reviewed
English-language PSD published:
06 Nov 2024
Project Description
The provision of an equity bridge loan of up to USD 120 million to Obelisk Solar Power, an SPV wholly owned by Scatec ASA, to finance the construction and development of a 1 GW solar PV plant with a 200 MWh battery energy storage system (BESS) located in Nagaa Hammadi, Egypt. Scatec ASA will serve as the project sponsor. The loan will be composed of two tranches to support the projects funding requirements while adhering to the Banks Environmental & Social Policy and Access to Information Policy.
Project Objectives
The Project will enhance the reliability of solar power generation in Egypt by incorporating battery storage, enabling the country to meet its declared renewable energy targets. This project is significant for Egypt, as it introduces one of the first utility scale BESS in the country and its implementation will pave the way for a broader rollout of storage-integrated renewable projects, helping to address the challenges posed by the intermittent nature of renewable energy sources. It will also support the countrys efforts to increase its renewable energy share of total energy generation.
More broadly, the Project will be delivered under the 10 GW renewable programme under the Nexus Water-Food-Energy Programme (NWFE) country platform. EBRD leadership in developing the Energy Pillar under NWFE is a major policy engagement first announced at COP27. |
