The European Bank for Reconstruction and Development (EBRD) is supporting Egypt’s first large-scale solar and battery storage project, which includes a 100 MW solar plant and a 60 MW/240 MWh battery energy storage system (BESS) in Kom Ombo, Aswan Governorate. The project is being developed by the Saudi-based company ACWA Power.
Egypt solar project financing and development details
The European Bank for Reconstruction and Development (EBRD) has announced its support for Egypt’s first large-scale solar energy and battery storage project. The project will be developed by ACWA Power, a Saudi-based company. It will include a 100 MW solar plant and a 60 MW/240 MWh battery energy storage system (BESS) in Kom Ombo, located in the Aswan Governorate.
The EBRD is financing the project with a loan of US$ 9.6 million. This funding is part of a larger financial package that totals US$ 114 million. Other contributors to the financing include the African Development Bank, the Green Climate Fund, OPEC Fund for International Development, and the Arab Bank.
The project marks a significant milestone in Egypt’s efforts to diversify its energy sources. The solar plant and battery storage system will help the country reduce its reliance on fossil fuels. Additionally, it will contribute to lowering carbon emissions and enhancing the stability of Egypt’s electricity grid.
Impact of Egypt solar project on the nation’s energy sector
Egypt’s energy sector is undergoing a major transformation. The country is moving away from traditional fossil fuels and focusing on renewable energy sources. The solar plant and battery storage project in Kom Ombo is a key part of this transition. It will generate clean energy and store it for use during peak demand periods.
The battery energy storage system (BESS) is particularly important. It will provide up to four hours of backup power. This will help stabilize the electricity grid and ensure a reliable energy supply. The BESS will also support the integration of more renewable energy into the grid, reducing the need for fossil fuel-based power plants.
The project aligns with the EBRD’s commitment to supporting green energy initiatives. It is part of the bank’s broader strategy to promote renewable energy in its regions of operation. The EBRD has been a long-time supporter of Egypt’s energy sector, providing financing and technical assistance for various renewable energy projects.
ACWA Power’s involvement in the Egypt solar project
ACWA Power is a leading developer of renewable energy projects in the Middle East and North Africa. The company has a strong track record of delivering large-scale energy projects. The solar plant and battery storage system in Kom Ombo is one of several projects that ACWA Power is developing in Egypt.
The company is also working on other renewable energy projects in the country, including wind and solar farms. ACWA Power’s investment in Egypt’s energy sector is helping to drive the country’s transition to a more sustainable energy system. The solar plant and battery storage project is expected to be operational within the next few years.
Once completed, it will provide clean energy to thousands of households and businesses in the Aswan Governorate. The project is also expected to create jobs and stimulate economic growth in the region. The solar plant and battery storage system in Egypt is an important step towards achieving the country’s renewable energy goals. For more details on Egypt’s growing renewable energy projects, check out Kom Ombo Solar Plant Begins 200 MW Operation.
Egypt is on a remarkable journey towards energy transformation, aiming to increase its renewable energy capacity to 12 GW by 2026, as highlighted in Egypt renewable energy 2026: Discover 12 GW of Stunning Projects.
