EBRD Funds US$ 30 Million Solar and Storage Project in Egypt to Enhance Clean Energy Infrastructure

EBRD Funds US$ 30 Million Solar and Storage Project in Egypt to Enhance Clean Energy Infrastructure

(IN BRIEF) The EBRD is providing a US$ 30 million equity bridge loan to Scatec ASA’s Obelisk Solar Power project in Egypt. The loan will finance the construction of a 1 GWac solar plant and 200 MWh battery storage system in Nagaa Hammadi, Egypt. This project, part of Egypt’s Nexus on Water, Food, and Energy initiative, aims to reduce CO2 emissions by 1.3 million tonnes annually, strengthen the national grid, and contribute to Egypt’s transition to a green energy future.

(PRESS RELEASE) LONDON, 13-May-2025 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) is advancing its support for Egypt’s renewable energy sector with a US$ 30 million equity bridge loan to Obelisk Solar Power, a special purpose vehicle owned by Scatec ASA, a global leader in renewable energy development. This funding will enable the construction of a pioneering 1 GWac solar plant coupled with a 200 MWh battery energy storage system (BESS) in Nagaa Hammadi, Egypt.

The project, one of the first hybrid renewable energy plants in Egypt, will serve as a key pilot for the future expansion of such technologies in the country. The solar plant and storage system will play a crucial role in stabilizing Egypt’s energy grid while accommodating increasing electricity demand, contributing to the nation’s green energy transition.

This project falls under Egypt’s Nexus on Water, Food, and Energy initiative, launched at COP27 in Sharm El Sheikh, which aims to transform Egypt into the leading renewable energy hub in the region. The facility is expected to reduce CO2 emissions by 1.3 million tonnes annually, marking a significant step toward Egypt’s environmental and sustainability goals.

“Through this support for Scatec ASA’s project, the EBRD is contributing to Egypt’s goal of advancing its renewable energy infrastructure and securing its energy future,” said EBRD officials. “This is part of our broader strategy to support Egypt’s transition to clean energy, strengthen its grid, and foster sustainable development.”

Since its operations began in Egypt in 2012, the EBRD has invested more than €13.8 billion in 201 projects across various sectors, including financial services, agribusiness, manufacturing, and infrastructure. The bank continues to support key infrastructure projects in the energy, water, and transport sectors, helping drive Egypt’s growth and sustainability.

Media contact:
Nibal Zgheib
Email: media@ebrd.com

SOURCE: EBRD