EBRD Backs 1 GW Solar-Plus-Storage Project in Egypt With $30 Million Loan

Wedoany.com Report-May 15, The EBRD has provided a $30 million equity bridge loan for Egypt’s first major hybrid renewable energy project in Nagaa Hammadi, combining 1.1 GW of solar power with a 100 MW/200 MWh battery storage system. Construction has started, led by Norwegian developer Scatec through Obelisk Solar Power.

The first phase, targeting commercial operation by mid-2026, includes 561 MW of solar capacity and the full battery storage system. This setup ensures stable energy supply by storing excess solar power for use during peak demand, enhancing grid reliability.

The project supports Egypt’s shift to sustainable energy, leveraging solar resources to meet rising demand. It fosters local job creation and economic growth while reducing fossil fuel reliance. Scatec’s expertise ensures high standards in efficiency and sustainability.

The EBRD’s funding highlights its commitment to renewable energy in Egypt, with the project serving as a model for innovative, eco-friendly energy solutions in the region.