Major Renewable Energy Milestone in Egypt: Securing 9.1 Million for the Obelisk Hybrid Solar Project
In an inspiring move towards sustainable energy, the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and the British International Investment (BII) have announced a remarkable fund disbursement totaling 9.1 million to the Obelisk Solar Power SAE. This funding marks a significant step following the successful Financial Close of the Obelisk Hybrid Solar and Battery Energy Storage System (BESS) Project, celebrated today. The initiative is backed by Scatec ASA, a leading provider of renewable energy solutions based in Norway.
This massive investment aims to develop a 1.1 GW solar photovoltaic (PV) power plant complemented by a cutting-edge 200 MWh battery energy storage system, situated in the vibrant Nagaa Hammadi region of Egypt. The project not only embodies a commitment to renewable energy but also significantly contributes to Egypt’s ambitious objective of achieving 42% renewable energy in its power generation mix by 2030.
Project Insights:
Project Name: Obelisk Hybrid Solar and Battery Energy Storage System
Location: Nagaa Hammadi, Egypt
Total Cost: Approximately 0 million
Capacity:
– Solar PV: 1.1 GW
– Battery Storage: 100 MW / 200 MWh
Funding Contributions:
– EBRD: The EBRD is set to offer up to 3.5 million, which includes a 1.9 million guarantee from the European Fund for Sustainable Development (EFSD+) for the first 18 years.
– AfDB: Contributing 4.1 million, the AfDB will utilize a mix of ordinary resources combined with concessional funds from various climate initiatives, enhancing the financial viability of the project.
– BII: The British International Investment will provide a 0 million concessional loan and million as a returnable grant to further improve cost efficiency.
A Strategic Vision:
The Obelisk project is poised to become Egypt’s first integrated solar photovoltaic and battery storage project of this magnitude, ushering in a new era for energy generation in the country. The plant’s operational phases are scheduled to begin in the first half of 2026, with the objective to deliver around 3,000 GWh of renewable energy annually. This renewable output is not just a number; it translates into significant benefits, stabilizing Egypt’s power grid and managing peak demand effectively.
Moreover, the project is expected to cut carbon emissions by up to 1.4 million metric tonnes per year, exemplifying Egypt’s strategic move towards an eco-friendly future. The energy generated will be sold under a long-term agreement with the Egyptian Electricity Transmission Company, ensuring a robust economic framework for sustainability.
Conclusion:
The successful financing and development of the Obelisk Hybrid Solar Project stands as a beacon of promise for Egypt, a defining step in its renewable energy journey. As other African nations look to Egypt’s example, this investment underscores the importance of international cooperation in combatting climate change and achieving sustainable development.
For more insights on this project and its contributions to Africa’s renewable energy landscape, stay tuned to Africazine.
Tags: #Egypt #RenewableEnergy #SolarPower #BESS #SustainableDevelopment #WorldNews #BusinessNews
