The European Bank for Reconstruction and Development (EBRD) plans to lend up to USD 120 million (EUR 111.4m) to support Scatec ASA’s development of a 1-GW solar and storage project in Egypt.
The equity bridge loan is currently under a “concept reviewed” status, and December 11 has been set as an approval deadline. If agreed, it will be composed of two tranches.
The project is located in Nagaa Hammadi. The solar plant will be supported by a 200-MWh battery energy storage system (BESS). The solar farm already has a power purchase agreement (PPA) in place with the Egyptian Electricity Transmission Company (EETC).
The Nagaa Hammadi project is one of Egypt’s first utility-scale batteries, and its implementation will pave the way for a wider rollout of storage-integrated renewable projects, according to the press statement.
