EBRD considers financing Scatec's 1GW solar storage project in Egypt

Benban project, Egypt. Image by Scatec (scatec.com)

The European Bank for Reconstruction and Development (EBRD) is considering providing a loan of up to USD 120 million (EUR 111.4m) to support the construction and development of a 1-GW solar project, coupled with storage, implemented and owned by Scatec ASA (OSL:SCATC) 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 represents one of the first utility-scale batteries in the country and its implementation will pave the way for a broader rollout of storage-integrated renewable projects, the press statement says.

(USD 1 = EUR 0.928)