Norwegian developer Scatec ASA has commissioned the first phase of the 1.1 GW Obelisk solar and battery energy storage system project in Egypt, financed with multilateral development bank debt and equity from a Norwegian climate fund and a French energy company. The project, fully contracted with a power purchase agreement (PPA) to eliminate merchant exposure, includes 561 MW of solar and a 100 MW/200 MWh battery storage system in the first phase, with an additional 564 MW of solar to be added in the second phase. With the aim of accelerating the transition to renewable energy in emerging markets, the project is backed by a sovereign guarantee, highlighting a significant step towards climate solutions in the energy sector.
Tag: Egypt
-
China rolling into U.S. backyard
Canada is making significant strides in the clean energy transition by focusing on electric vehicles (EVs), with a goal for EVs to make up 90 percent of new car sales by 2040. Africa is experiencing a surge in solar growth, led by countries like South Africa, Egypt, and Nigeria. The industry is shifting towards supplier-led climate solutions, with India committing $2.4 billion to scale carbon capture solutions. A breakthrough in sodium-sulfur battery technology has made energy storage cheaper and easier to scale, while investment in next-generation geothermal energy has surpassed $2 billion. Vietnam has launched a $102 million climate finance initiative to protect forests and support climate-smart livelihoods.
https://speedandscale.com/newsletter/china-rolling-into-u-s-backyard/
-
Scatec secures PPA for Africa’s largest solar-plus-storage project
Norwegian renewables developer Scatec ASA has signed a 25-year power purchase agreement with the Egyptian Electricity Transmission Company for a 1.95 GW solar and 3.9 GWh battery energy storage project in Egypt. This project, Scatec's largest investment to date, will provide sustainable, around-the-clock power and grid stabilizing services, supporting Egypt's energy transition and economic development. The integrated solar-plus-storage system is expected to deliver 6 TWh of energy annually, making it the largest solar and battery energy storage installation in Africa. Scatec plans to act as the lead developer and is seeking additional equity partners for the project, which is anticipated to reach financial close in the second half of the year.
-
Amea Power begins construction on 1 GW/600 MWh solar-plus-storage plant in Egypt
Amea Power has secured financing and begun construction on Africa's largest single-site hybrid renewable facility in Egypt, integrating 1 GW of solar PV with 600 MWh of BESS and expected to be operational by June 2026. Located in the Aswan Governorate, the project is a key part of Egypt's clean energy journey, enhancing energy security, supporting local employment, and contributing to national development. The project's financing, led by the IFC and involving international partners, highlights the growing momentum towards sustainable energy solutions in the region.
-
AMEA Power and Kyuden partner with IFC for solar battery storage project in Egypt
AMEA Power, Kyuden International Corporation, and Hover Energy are leading the way in climate solutions with innovative projects and technologies. AMEA Power's 1GW solar PV plant in Egypt, in collaboration with IFC, aims to enhance energy security and reduce carbon emissions, creating over 4,000 jobs during construction. Hover Energy's AI-enabled Microgrid Management SystemTM has won three awards for its contribution to rebuilding the grid for a more flexible and resilient energy future. These initiatives are crucial in the transition to renewable energy and cutting down CO2 emissions.
https://www.power-technology.com/news/amea-power-kyuden-partner-ifc/