EBRD Backs Egypt’s Nefer Benban Solar Project in Aswan with $70 Million
ASWAN, EGYPT – The European Bank for Reconstruction and Development (EBRD) has announced a significant financial commitment to bolster Egypt’s renewable energy sector, pledging up to $70 million in senior debt financing for the Nefer Benban solar project.
The project, located in the vast Benban solar park near Aswan, is being developed by Nefer Benban for Renewable Energy, a special purpose vehicle established for this initiative. The development is set to add a substantial 200 MW of solar generation capacity to the Egyptian national grid. Crucially, it will also incorporate a 120 MWh battery energy storage system (BESS), a critical component for enhancing grid stability and ensuring a reliable power supply.
The EBRD’s financing is a key part of the project’s total estimated cost of $175 million, with additional co-financing expected from other parties. This investment underscores the confidence of international financial institutions in Egypt’s clean energy transition.
This development marks a milestone for the country, representing one of the first battery energy storage system projects under Egypt’s ambitious 10 GW renewable energy target, a cornerstone of the government’s NWFE (Nexus of Water, Food, and Energy) program. The integration of battery storage is a pivotal step in modernizing the nation’s energy infrastructure to accommodate a higher share of intermittent renewable sources. The EBRD’s support for such large-scale infrastructure is consistent with its activities across the region, including a recent $116M deal essential for Uzbekistan wind power, showcasing a broad commitment to advancing green energy.
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Beyond its contribution to energy security, the Nefer Benban project is projected to have a significant positive environmental impact. Once operational, it is expected to reduce annual carbon emissions by up to 280,000 tons, directly supporting Egypt’s climate action goals and its transition away from fossil fuels.
The project not only strengthens Egypt’s position as a regional leader in renewable energy but also highlights the viability of combining utility-scale solar with advanced battery storage to power a sustainable future.
Sources on Nefer Benban Solar
- EBRD to back Nefer Benban’s solar project in Aswan with $70M
- Kahira Pharmaceuticals’ profits jump 17.3% in 9 months
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