EBRD Invests in Egypt Renewable Energy Investment
The European Bank for Reconstruction and Development (EBRD) has announced an investment of up to $221 million in a renewable energy platform established with Norway’s Scatec to support energy projects in Egypt. The Egypt Renewables Holdings B.V., which will develop solar, wind, and battery storage projects, will be owned 60% by Scatec and 40% by EBRD.
According to reports, the EBRD’s financial commitment includes around $170 million in equity, while the remainder will facilitate project-level guarantees. The platform is expected to include a preliminary portfolio of projects comprising 2.7 GW of solar capacity, 900 MW of wind capacity, and up to 4.2 GWh of battery storage. This initiative aims to generate approximately 11 TWh of annual electricity and achieve potential carbon dioxide reductions of up to 5 million tonnes each year.
The total estimated project costs for this initiative are approximately $550 million, and there are plans to potentially expand the investment into other Southern and Eastern Mediterranean markets.
Sources
- EBRD backs Scatec with up to US$221 million
- Scatec, EBRD partner on $221M Egypt clean energy platform
- Investment in renewable energy platform in Egypt
- Investment report on EBRD in Egypt
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