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Egypt’s first solar, battery storage project to cut CO2 emissions by 1.3m tons per year
Egypt’s first solar and battery storage project Obelisk Solar Power is expected to reduce the country’s CO2 emissions by 1.3 million tons per year.
The project, owned by leading global renewable energy developer Scatec ASA, will support the green energy transition in Egypt while helping keep the grid stable and reliable in the face of growing electricity demand. It is being developed under the energy pillar of Egypt’s Nexus on Water, Food, Energy (NWFE), which was launched at COP27 in Sharm El Sheikh with the aim of unlocking the country’s potential to become the leading renewable energy hub in the region.
The European Bank for Reconstruction and Development (EBRD) is supporting Egypt’s renewable-energy sector by providing a $ 30 million equity bridge to Obelisk Solar Power.
The funds will contribute to the equity commitments required for the construction of a 1 gigawatt-alternating current (GWac) photovoltaic solar plant and a 200 MWh battery energy storage system (BESS) in Nagaa Hammadi. It will be one of the first hybrid renewable energy projects in Egypt and is expected to serve as a pilot for uptake of the technology in the country.
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